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The Critical Nature of Password Protection: Protect Your Business

Young geek hacker stealing password on futuristic background

 In today's digital-first world, one can't help but think about the security threats that threaten your business. How safe is your business from potential cyber threats? No, I'm not discussing just using 'password123' for your accounts. (Please tell me you're not doing that!). I'm talking about the essential practice of updating passwords and using password managers.

Why It's High Time to Change Your Passwords

Take a moment and think. When was the last time you changed the passwords for your business accounts? A month ago? A year? Ever? If you can't remember, it's probably been too long.

Businesses that don’t regularly update their passwords are like low-hanging fruits for cybercriminals. And it's not just about changing passwords, but also making sure they're strong. A recent survey found that a staggering 80% of data breaches result from weak or stolen passwords.

Real-life Blunders and Their Impact

We can tell you about all of the scary things that could happen if you aren't managing your passwords appropriately. But these real-life examples give you a glimpse into the dangers that exist.

Capital One experienced one of the largest data breaches in the banking sector in 2019. Their organization suffered a security incident where a former employee exploited a vulnerability, accessing the personal information of over 100 million customers. The incident resulted in the company facing a class-action lawsuit and paying an estimated $150 million in costs related to the breach.

With the world turning to video conferencing during the pandemic, Zoom became an instant hit. However, in 2020, over 500,000 Zoom accounts were reportedly being sold on the dark web and hacker forums. This was attributed to credential stuffing attacks, where attackers used previously breached usernames and passwords. The incident emphasized the importance of unique passwords for every account.

In 2020, the details of more than 10.6 million guests who stayed at MGM Resorts were published on a hacking forum. Among those affected were celebrities, reporters, and government officials. While the breach occurred earlier, it only came to light when the data was posted online. It underscores the point that even if you’ve taken precautions, it's essential to consistently update passwords and use multi-factor authentication where possible.

Each of these incidents, though varied in nature and impact, offers a crucial lesson: cyber threats are real, relentless, and continuously evolving. By updating passwords regularly, using a password manager, and opting for multi-factor authentication, businesses can significantly lower their risk.

Don't let your business be a cautionary tale. Taking action now can save immense costs, both monetary and reputational, in the future.

Enter: Password Managers

Updating passwords might sound tedious, especially when you have numerous accounts. But that's where password managers come to the rescue. These tools generate strong, unique passwords for each account and store them securely. You only need to remember one master password. It’s like having a sophisticated vault that only you can access with a single, super-secure key.

Learn How Security Awareness Training Can Protect Your Business!

Why Watchkeep?

Now, if you're thinking about which solution to go for, let us introduce ourselves. Not only does Watchkeep provide state-of-the-art password management solutions tailored for businesses, but we also offer comprehensive cybersecurity services. Our goal? To ensure you're safe online from every potential threat.

With Watchkeep's solutions:

  • A team of experienced engineers and security experts to work with your business
  • Options from password management, password automation and employee cybersecurity awareness training to cover your security needs.
  • Tailored solutions that match the goals of your company.

The Time to Act is Now!

Look, we're not trying to scare you, but we do want to convey the urgency. Cyber threats are real and evolving every day. But with the right precautions, like frequently updating passwords and using trusted password managers, you can drastically reduce these risks.

In the words of Benjamin Franklin, “An ounce of prevention is worth a pound of cure.” Don’t wait for a disaster to strike. Be proactive.

Ready to give your business the security it deserves? Click through to our landing page and dive deeper into how Watchkeep can shield your business against cybersecurity threats. Protecting your business is not just a choice, it's a responsibility.

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