The Importance of Password Protection for Your Business

With the business world now strongly present in the digital world, the use of technology in your business is inevitable. But it’s not all fairy tales and success stories when it comes to technology use in business. Over the past few years, interest in cybersecurity has grown as companies look to secure their internet and computers from digital attacks.

One way you can get started on boosting your cyber security is through password protection. Below we explain what password protection is and why it is essential for your business.

What is Password Protection?

Password protection involves setting a password to secure a company’s data in computers, networks, or online accounts. Once a password protects the data, only the person with passwords will access the information or accounts. The need for passwords in everyday life means some people blur their importance and thus make avoidable mistakes.

As such, businesses should put plans in place to sensitize employees on password protection and safe practices while using these passwords. Some ways in which you can make the most out of your password protection include:

• Don’t share your password or relevant usernames with anyone. If anyone may need access to your data, be present and allow them access.
• Don’t use one password for all your various data accounts, be creative and have different passwords. Also, sharpen your memory and remember all of them.
• A stronger password is not only one that contains numbers, letters and symbols. Make your password even stronger by creating a passphrase unique and crazy enough to you.
• Strengthen your password using the multi-factor authentication, which will require your permission from another device to grant access.

Multi-factor authentication goes hand in hand with password protection, the two protection techniques help strengthen your security. The MFA uses two or more steps of verification for someone to access information or an account.

OneLogin has an MFA system; the OneLogin Protect protects your company’s data and makes management easier. The system requires a person to provide a username and password and afterward allow access from the MFA app on your android or iOS phone. The second authentication process uses the one-time password method to grant access.

Why You Need Password Protection

Without a password, all your information will be open and available to anyone who tries to access it. In a business setting, this leaves critical data such as finances or client information exposed. Passwords are the first secure entry point to your information; therefore, anyone without it can easily experience a breach their security system.

Businesses need to encourage and ensure password protection policies are part of their cyber security. That is important as employees rarely create strong passwords or manually write down their passwords which is unsafe.

However, as passwords hold the foundation to cyber security over the years, hackers and other cybercriminals have found ways to get around passwords. Here are some risks to your password protection to be aware of:

Phishing/Keyloggers

The top password practice is not sharing your password, which is also the easiest way to allow someone else access to your account. Cybercriminals are trying to always come up with ways to trick you into sharing your password with them. This can be through scam calls, phishing, sniffing, and keyloggers.

Phishing is done by urging you to type your password or login to use other malicious websites or files. On the other hand, sniffing is when cybercriminals access networks with no encryption. Keyloggers install software or hardware on your computer or phone and use it to access your information, such as passwords.

Brute Force Attacks

Cyber attackers can also use some software to generate possible passwords with millions of combinations. They, in turn, use the passwords on your account until they can gain access. Most security systems can detect such attacks and block them; however, they pose significant risks.

Weak Passwords

We can be our own insecurity trigger when using password protection. That can happen if you create a weak and easily guessable or crackable password. Passwords are vulnerable if you make an easily memorized password based on your interests or special dates such as your birthday.

Recycling Your Password

Given the different accounts that require passwords, you can find yourself reusing/recycling one password on a majority, if not all, of your accounts. That puts all your accounts at risk in case your password is cracked. To avoid this, a company should push its employees to have different work and home life passwords.

Password Recovery Systems

The forgot your password element on password protection systems can present a way for attackers to get your password. If the password recovery method is weak and liable to attacks, hackers can pretend to be you and access a new password to log in to your data or accounts.

Benefits of Using Password Protection for Your Business

Passwords can be very beneficial for your company when implemented in the best ways. Here are some benefits of password protection for your business:

• With password protection and MFA, you allow instant, user-friendly and secure access to accounts or data. You won’t have to look for that piece of paper you wrote our password on for hours.
• Instead of risking valuable business information, coming up with passwords keeps everyone’s work well protected beyond the administrators.
• Use of passwords and MFA have also reduced the possibility of hacking and brute force attacks on companies’ data.

Password protection means employees can handle more work online or via computers as the systems are already secured. Cheers to more security and productivity.

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