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A Password Primer for Securing Your Secrets

Posted by Marbenz Antonio on November 1, 2022

There are two types of businesses: those that have been attacked by criminals and those that have already been attacked but are unaware of it. Criminals never give up.

Cyberattacks of today are very sophisticated acts of espionage carried out by important countries or criminal organizations. Enterprise data is more likely to be stored in the cloud than on-premises in the era of software as a service (SaaS). Criminals can easily attack a business system by using sophisticated cloud-scanning software. And a data breach can have very high costs.

Passwords have been used since the start of the internet as the important first line of security against hackers, and think that they will still be used long after you retire.

However, the majority of company-related passwords fall short of the minimum security standards, and it’s astounding how many businesses lack multi-factor authentication solutions or corporate controls.

As an expert in password cracking, it assists in leading IBM’s X-Force Red, an independent organization of expert hackers within IBM Security that aids companies in identifying important cybersecurity vulnerabilities. To “hack anything to secure everything” is the goal.

Your business system will be compromised, and that much is possible to say with certainty. The great majority of organizational breaches may be linked to weak password security, which is on the rise as password breaches. So, how can your company protect itself?

Your risk will be minimized if you apply good password hygiene and use an enterprise password manager, all supported by corporate policy and multi-factor authentication. Additionally, zero trust security must surround every connection, every device, and every user at all times in the cloud market.

Reduce User Friction to Boost Password Security

Why are poor passwords so common? Password fatigue is increasing as internet accounts expand. Many people use the same, simple-to-remember password across multiple accounts to simplify their lives. Because of the ease with which these weak passwords can be broken, security flaws are created that provide hackers access to client, employee, and corporate data.

Passwords acquired by hackers through phishing, virus, or brute force attacks give them access to sensitive business and/or personal data. When sold on darknet markets, this stolen data can be used to carry out some ongoing attacks linked to the original breach.

By automating password resets and avoiding unnecessary active directory locks, a password manager can stop issues before they start, reducing user friction and wasted productivity. It can create actual company value when linked across systems and even made available outside of employees’ personal property. However, a small percentage of businesses choose to use enterprise password management, citing cost as a factor.

They believe that user productivity and associated losses from a breach must be taken into account when comparing the investment cost of a password manager. If users are locked out of their computers and cannot execute two-factor authentication (2FA) using a corporate phone, for example, there is an instant loss of productivity while they call the help desk and wait to be unlocked.

Start with Good Password Hygiene

A strong password is a quick and easy solution to defend against the vast majority of online threats. Let’s analyze some password practices that might lessen the negative effects of weak passwords and improve the security of your organization.

• Go long! Use a string of special characters and 12–16 numbers. Letters in upper- and lowercase, symbols, and words not found in dictionaries. A brute force attack would take years to break such a password.
• The best is a no-repeat rule. Internet users as a whole admit to using the same password over many accounts in 52% of cases. Your company’s security could be compromised by one incident.
• Update your passwords regularly, especially following a successful attack. And don’t put them on sticky notes or give them to anyone.
• A dedicated Authenticator software that can produce a one-of-a-kind, often changing code should be used in conjunction with two-factor (2FA) or multi-factor (MFA) authentication to add a layer of security. Although it can increase security as part of MFA, biometric authentication using fingerprints, retinal scans, or voice signatures isn’t error-proof. Biometric authentication will always require a strong password as a key element.

Use an Enterprise Password Manager for These 9 Reasons

One of the most important protections against compromise is the usual cycling of authentication secrets. Each account’s unique credentials are created using a trusted password manager like 1Password for enterprise, which then keeps them securely in a vault where they can be accessed by individuals, teams, or employees with a master password. There are nine strong business reasons to use a password manager.

1. Ease password overload: With cloud-based password managers, you can easily access your password from any device.
2. No more weak passwords: Password managers can generate unique, lengthy passwords that would be impossible for hackers to guess in a short amount of time.
3. Monitor password changer: By keeping track of how usually passwords are updated and that they follow corporate policies, a password manager supports business security policies.
4. Harder to hack: Because automatically created passwords are not linked to the user’s identity and do not contain personal information, password managers make it more difficult for hackers to steal identities.
5. Improve operational efficiency: Employee password reset requests are handled by your IT help desk for hours at a time, using up valuable business resources. These problems are resolved, and end-user and IT productivity are increased.
6. Protect against phishing and identity theft: If a user accidentally clicks on a phishing form, a password manager won’t automatically fill it up. It will not only detect the fake domain name, but it might also notify the security team of the incident.
7. Contain data breach: The password manager prevents the data breach domino effect when one account is compromised by creating a different password for each application.
8. Built-in two-factor authentication: Most business password managers require 2FA or MFA from users before giving access to your company’s applications or website.
9. Better security than browser password management: Passwords are usually saved in the browser memory so that they can be automatically filled in after login by users. Your business is not secure from this. Passwords may be taken if the device is compromised. The user of a password manager needs a master password to open the vault.

Protect Your Secrets From Criminals

There will always be a need for shared secrets, and there is no such thing as perfect security. In conclusion? Passwords will continue to be used despite the security risks. What importance are the creation, management, and protection of user secrets?

Yes, progress toward password-free authentication is being made. For instance, Fast Identity Online 2 (FIDO2) promises to provide a simple, secure method of online authentication. However, implementation will take time, and it is unlikely that adoption will reach 100%. What are your options in the meantime?

The good news is that firms can take precautions to stop and lessen password breaches. Businesses that regularly invest in penetration testing can easily find and improve weak passwords.

The truth is that people will keep forgetting their passwords, using weak credentials, and using the same one across multiple accounts. You don’t have to let poor password management raise your security risk, though.

Your company networks can be safeguarded against credential-stealing hackers by implementing a zero-trust policy, strong password regulations, secure password management systems, employee education on best practices, and regular penetration testing.

Here at CourseMonster, we know how hard it may be to find the right time and funds for training. We provide effective training programs that enable you to select the training option that best meets the demands of your company.

For more information, please get in touch with one of our course advisers today or contact us at training@coursemonster.com