Top 5 Password Vulnerabilities That Lead To Severe Business Consequences

Businesses today try to keep their data safe from cybercriminals. Many companies have invested heavily in IT cybersecurity by purchasing the latest hardware, leveraging the best antivirus programs, and using the most secure encryption available.

However, a major weak point in any data security system is the access point where authorized users need to input their passwords. Hackers that get ahold of login credentials can easily gain access to vital company information that could result in financial and even legal problems for your business.

Common Password Vulnerabilities

Despite this concern, many users still tend to make fundamental mistakes that leave their passwords vulnerable to attack.

  1. Using simple sequences – Using passwords that are easy to remember may be convenient but it also makes it easy for hackers to guess them.
  2. Using your own personally identifiable information as part of the password – Adding a personal fact in your password, such as your name or date of birth, makes it very weak and easy for cybercriminals to hack.
  3. Making the password hint very obvious – Password hints are sometimes used to help people remember what password they used. However, making the hint obvious is one of the biggest mistakes you can make when setting up your password.
  4. Sharing passwords with colleagues – Strong passwords that use random combinations of lowercase and uppercase letters will still be wasted if you share them with others.
  5. Failing to revoke ex-employee access to passwords Leaving ex-employees with access to your business systems is an unacceptable risk that should be fixed as soon as possible.

Consequences of Passwords Falling Into the Wrong Hands

These five password mistakes all carry with them the risk that allows cybercriminals to break into your company’s system. They can gain full user access to your network, resulting in a data breach. Passwords that fall into the wrong hands can lead to stolen personal, customer, and company information.

How to Minimize the Risk of a Password-Related Data Breach

With that said, what can companies do to reduce the risk of losing passwords to hackers?

Security Measures You Can Follow Include:

  • Making sure that your passwords use a combination of numbers, letters, and symbols with random capitalization
  • Establish randomly-generated authentication tokens for each user who logs into the network
  • Limit access if incorrect password combinations are entered multiple times in a row
  • Using state-of-the-art security systems, like IDSync, can help provide stronger password security for your business by automating password federation between integrated platforms

These are some of the most common password mistakes people can make that can lead to problems for any company. Fortunately, there are also steps you can take to avoid being a victim of a data breach.

IDSync offers an automated password federation for your business that can eliminate the need for multiple passwords. If you want to learn more, click here!