Weak Passwords Make Easy Work For Hackers

Retail and eCommerce employees use shockingly weak passwords, says research from NordPass. This alarms security experts as weak passwords make it very easy for hackers to access accounts. The top password in the retail and eCommerce industry is ‘password.’ Other top passwords include ‘123456,’ ‘unknown,’ company names, ‘abc123,’ and ‘default.’ The research analyzed data from public third-party breaches that affected Fortune 500 companies. The researchers looked into the top 10 passwords used in each industry, the percentile of unique passwords, and the number of data breaches affecting each industry. Simple passwords are very dangerous to all users, but businesses and their employees need to take extra care when it comes to cybersecurity, it says. According to an IBM report, an average global cost of a data breach is $3.86 million. The cost consists of things like lost business resulting from diminished trust or confidence of customers; costs related to detection, escalation, and notification of the breach; ex-post response activities, such as credit report monitoring. To improve their password hygiene, it says complex and unique passwords need to be created and update them regularly, and then stored in a password manager. Adopting a password manager for company-wide use is the best bet to maintain the security of business accounts. It’s also important to educate employees to avoid mixing their work and personal accounts. This ensures that personal identity is not only protected, but also any information related to an employer is safeguarded in the event of a breach.