The Real Password Failure – Human Error

The Rise of Cyberattack Costs

According to the latest data breach report by IBM and the Ponemon Institute,  the cost of a data breach in 2021 is US$ 4.24 million, this is a 10% rise from the average cost in 2019 which was $3.86 million.

The global average cost of cybercrime is expected to peak at $6 trillion annually by the end of 2021, driven by the proliferation of ransomware attacks.

Human Error

CISO MAG noted that a joint study from Stanford University Professor Jeff Hancock and security firm Tessian revealed that nine in 10 (88%) data breach incidents are caused by employees’ mistakes. The study “Psychology of Human Error” highlighted that employees are unwilling to admit to their mistakes if organizations judge them severely.

Password Habits

Despite arguments to retire the use of passwords and all of the inconvenience that goes along with using them, they remain part of our online world.

The CyberNews Investigation team research reveals the most common password patterns everyday people use.

CyberNews analyzed 15,212,645,925 passwords, of which 2,217,015,490 were unique. People create passwords based on their favorite sports teams, cities, food, and even curse words. Investigators could even deduce the probable age of the person by looking at which year they use in their password.

The top 10 most common passwords worldwide:

Despite security experts recommending using strong and unique passwords, along with two-factor authentication and password managers, people continue using weak, vulnerable passwords on multiple accounts.

Here is the list of the 10 most common passwords worldwide:

123456

123456789

qwerty

password

12345

qwerty123

1q2w3e

12345678

111111

1234567890

Drilling down further, CyberNews analyzed 15.2 billion passwords according to different categories:

• The most popular years in passwords are 1987 and 2010.
• The most popular names in passwords are Evan and Alex.
• The most popular sports team in passwords are Suns and Heat.
• The number one city in the world used in passwords is Abu.
• The number one season used in passwords is summer.

Password Management

Since password-related mistakes are a main human error risk, distancing your users from passwords can help reduce risks.

Password manager applications allow your users to create complex, strong passwords without having to remember them or risk writing them down on post-it notes.

Two-Factor Authentication (2FA)

Have you considered mandating the use of 2FA across your business? It will add an extra layer of protection to your accounts and valuable assets.

Communication

The entire organization needs to be aware of cyber risks. Then, train people at all levels on password hygiene as part of their cybersecurity plan. This is not merely an IT problem when your bottom line is at stake.

The Privilege of Online Access

Why should we be inconvenienced? It matters – for your identity and information security and the critical data of your organization.

We have the privilege of many conveniences. Online access is one of them. The task at hand involves awareness, training, and action.

Success is that simple.  

Featured image (top) by Darwin Langanzon from Pixabay.