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The threat of hackers stealing valuable information is a growing danger for businesses, as cybercriminals become more sophisticated and prolific in their attempts to access sensitive data. With password protection being one of the most common ways hackers try to break into systems, IT professionals must stay up-to-date on their latest techniques.
In this article, we’ll identify different ways hackers steal, the associated risks of theft for businesses, and password security best practices you can implement with your team. Here’s everything you need to know:
How Do Hackers Steal Passwords?
Phishing Scams
One of the most common ways hackers steal passwords is through phishing scams. These emails or text messages are designed to look like legitimate communications from a reputable business, but actually contain malicious links or attachments used to gain access to accounts. It’s essential for employees to be trained on how to spot and avoid these kinds of attacks, as well as how to report a suspicious email if one is received.
Malware
Malicious software, such as keyloggers or Trojans, can be installed on a computer without the user’s knowledge to track keystrokes and collect sensitive data. Keeping anti-virus software up-to-date and running regular scans can help protect against this attack. It’s also key for users to only download software from trusted sources to minimize the risk of infection.
Brute Force Attacks
In this type of attack, the hacker uses an automated process to guess a large number of potential passwords until one works. To prevent this, users must use strong passwords of at least eight characters long and include numbers, symbols, and upper and lower case letters. Multi-factor authentication can help protect against brute force attacks by requiring additional information beyond just a password to gain access.
Risks of Hacked Passwords for Businesses
In today’s digital world, password protection is a crucial security component for businesses of all sizes. However, with the increasing frequency of cyber-attacks and data breaches, the risks of hacked passwords for companies are higher than ever. Let’s take a deeper dive into a few of these risks:
Data Breaches
One of the most significant risks of hacked passwords for businesses is data breaches. When hackers gain access to an employee’s password, they can use it to infiltrate the company’s systems and steal sensitive data. This data includes anything from customer information, financial records, and intellectual property.
A data breach can severely impact a business’ finance and reputation both in terms of financial losses and damage to reputation. The costs can include investigating the breach, fixing security vulnerabilities, and compensating customers for any damages. The loss of reputation can also decrease customer trust and, ultimately, a loss of business.
Identity Theft
If a hacker gains access to an employee’s login credentials, they can use them to impersonate that employee and carry out fraudulent activities. This can include stealing sensitive information, making unauthorized purchases, and committing financial fraud.
Identity theft can be devastating for both the affected employee and the business. The employee may suffer financial losses and damage to their credit score, while the company may be held liable for any damages caused by the fraudulent activity.
Ransomware Attacks
In a ransomware attack, a hacker gains access to a company’s systems and encrypts its data, making it inaccessible to the business. They then demand a ransom in exchange for the decryption key.
If a hacker gains access to an employee’s password, they can use it to access the company’s systems and launch a ransomware attack. This can result in significant financial losses for the business and damage to its reputation.
Regulatory Compliance Violations
Hacked passwords can also result in regulatory compliance violations for businesses. Many industries have strict regulations to protect sensitive information, and companies that fail to comply can face fines and legal action.
If a business experiences a data breach or other security incident due to hacked passwords, it may be found to be in violation. This can result in significant financial losses and legal penalties.
Password protection is a must in today’s digital climate. Especially since many companies have shifted to remote schedules as a result of COVID-19, check out this article to learn more about security techniques when employees aren’t in the office.
Password Security Best Practices
Understanding current password theft methods and taking proactive data protection measures is essential for preventing hackers from stealing valuable business information. By educating employees about password security best practices, or hiring a managed network security provider, you can ensure that your network’s infrastructure is safe from malicious actors. Let’s check out a few password protection techniques:
Employee Security Awareness
Educating employees is one of the simplest password security best practices you can provide for your business or organization. This includes teaching them how to create strong passwords, why they should not share their login credentials with anyone else, and why they should regularly change their passwords every few months. Setting up computer policies such as automatically locking idle machines after a certain period can help keep unauthorized individuals from accessing company systems even if they somehow manage to get hold of an employee’s password.
Cyber Security Phishing Awareness Training
A third-party provider, like First Class Connection, can offer various cyber security phishing awareness training services to help organizations combat attacks effectively. Third-party partners provide customized training programs tailored to an organization’s needs, ensuring that employees receive the most relevant and up-to-date information on the latest techniques. Your business or organization can also receive simulated phishing attacks to further educate employees and peers.
Password Protection Management Tools
Password management tools can make it easier for users to keep track of all their different account credentials without having to remember them all manually. Businesses can ensure that all accounts have strong password protection incorporated, while still making it easy for authorized users.
First Class Connection: Your Source for Password Protection and All Other Safety Security Measures
Our security awareness course at First Class Connection equips your team with the knowledge to tackle threats and secure your cyber systems with password protection guidance. We offer top-notch materials that ensure effective learning, plus custom solutions tailored to you. Count on us for reliable protection, and contact us today to get started.
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