The Greatest Weakness in Online Security is Passwords
The cyber security space is one that has evolved and transformed alongside the tech industry — as technology has become more advanced, we have had to take extra precaution when securing our personal information. Even though users of technology are becoming more and more tech-savvy, hackers have also been able to adapt to the current environment and even defeat improvements in the cyber security space. This is evident in the sheer volume of attacks witnessed by the general public: 1 every 39 seconds, translating to 1 in 3 Americans who experience being hacked or scammed every year.
The statistics in cyber attacks are sobering to say the least, but the reality is that as much as businesses can invest in sophisticated security measures, the most vulnerable part of almost all digital transactions still lies with the user — those who are unaware of how secure their devices and networks are. Even when an online platform employs the most dependable security, it is impossible for them to control how their users access their platform. Whether it be through an unsecure network, a weak password, or a previously shared password, there are many points at which a user can unknowingly grant an attacker access to their account.
Passwords have long been the standard for securing online accounts, nevertheless, they create a false sense of security for many users.
Here are the top reasons why passwords are often not secure:
- Users use similar or the same passwords — According to research done by the Pew Research Centre, 39% of people indicate that many of their passwords are similar or the same. This is a significant amount of people considering how simple and easy it is to implement this technique.
- Users often share their passwords — The same research indicated that 41% of adults have shared their password to one of their online accounts with family members or friends. With the widespread hacking that goes on in the current digital economy, this hugely increases one’s risk of losing control of his/her accounts.
- Passwords are often obtained during phishing attacks — Verizon’s 2018 Breach Investigations Report stated that 92% of malware is being delivered by email, which enables scammers to trick users through phishing attacks. Here, users often unknowingly give out valuable information along with their passwords.
Evidently, using passwords as the sole layer of protection provides a single point of failure that leaves the general public vulnerable to experienced hackers. While password protection is a great foundation for securing digital accounts, it is simply not enough in today’s digital climate.
In an environment where businesses have the responsibility of guaranteeing online security despite most people ignoring the best practices for password protection, it is important for businesses to make sure that they are providing dependable and easy-to-use security processes for their clients.
BidiPass hopes to provide a solution with a blockchain-based technology that adds a much more sophisticated layer of security to any existing platforms using biometric data, something that is virtually impossible to be stolen or copied. This is to ensure that even if a user’s passwords are somehow compromised, attackers are not able to gain access to their accounts.
