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WHAT BUSINESS LEADERS CAN LEARN FROM THE POOR PASSWORD HABITS OF CONSUMERS

Edward Segal
Senior Contributor
Opinions expressed by Forbes Contributors are their own.
Leadership Strategy
I cover crisis-related news, issues and topics.

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Easy Password concept. My password 123456 written on a paper with marker.
Business leaders should ... [+] pay attention to the results of a new survey
about the poor password habits of consumers. It found that 70% of breached
passwords are still in use; 64% of consumers repeat passwords across multiple
accounts, which is a four-point increase from the year before.

getty

It’s always better, faster and more affordable to learn from the mistakes of
others than to make those same mistakes yourself.

That’s why business leaders should pay attention to the results of a new survey
about the poor password habits of consumers. It found that 70% of breached
passwords are still in use; 64% of consumers repeat passwords across multiple
accounts, which is a four-point increase from the year before.



This is according to the 2022 SpyCloud Identity Exposure Report, which examined
trends related to exposed data. SpyCloud noted that, “Despite increasingly
sophisticated and targeted cyberattacks, consumers continue to engage in poor
cyber practices regarding passwords, including the use of similar passwords for
multiple accounts, weak or common passwords and passwords containing
easy-to-guess words or phrases connected to pop culture.”

“Reused passwords have been the leading vector in cyberattacks in recent years,
and the threat of digital identity exposure is a growing problem,” said David
Endler, co-founder and chief product officer of SpyCloud, a data protection
company.




EXACT MATCHES

SpyCloud observed that, “The year over year increase in password reuse reflects
the ease with which attackers can use one stolen password to compromise multiple
accounts.

“More than 82% of the reused passwords analyzed consisted of an exact match to a
previous password, and 70% of users tied to breaches last year and in years
prior are still using an exposed password. Since 2016, SpyCloud has
recaptured more than 25 billion total exposed accounts with passwords.

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“The findings of our annual report show that users are still not taking password
security as seriously as they should. The threat of account takeover is not
enacting wholesale improvements to consumer cyber hygiene, and that’s an
alarming thought given the frequency of digital identity fraud.”




AVOIDING PASSWORD MISTAKES

CNBC reported that, “Lookout, which makes cloud security apps for mobile
devices, noted in a December blog post that, on average, 80% of consumers have
had their emails leaked onto the dark web...Those leaked emails often lead
hackers directly to your passwords for other online accounts and identity theft,
Lookout said.”

PLAY Forbes Leadership Video Settings Full Screen About Connatix V154310 Read
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Burnout And Stress,Apparently Women Aren’t Working Hard Enough

The company’s list of the 20 passwords most commonly found on the dark web, due
to data breaches are:



 1.  123456
 2.  123456789
 3.  Qwerty
 4.  Password
 5.  12345
 6.  12345678
 7.  111111
 8.  1234567
 9.  123123
 10. Qwerty123
 11. 1q2w3e
 12. 1234567890
 13. DEFAULT
 14. 0
 15. Abc123
 16. 654321
 17. 123321
 18. Qwertyuiop
 19. Iloveyou
 20. 666666




ADVICE FOR BUSINESS LEADERS

According to Security Intelligence, “Poor password security has plagued the
business world for as long as there have been more than one password to
remember. However, the mix of remote work and the increase of e-commerce and
online transactions add new levels of risk. One study found that one in four
people are re-using work passwords for personal transactions, from dating apps
to food delivery services.

“Having a different password on each system has long been the suggested solution
by security experts. In practice, this has been very difficult for users to
manage. There’s just too much friction and mental overhead to remember passwords
for dozens or hundreds of websites,” says Alan Krassowski, vice president of
technology at Acceptto.”


Follow me on Twitter or LinkedIn. Check out my website or some of my other
work here. 
Edward Segal



I am a crisis management/communication expert, consultant and bestselling author
of the award-winning Crisis Ahead: 101 Ways to Prepare for and  Bounce Back from

... Read More



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