October 6, 2016

Passwords Aren’t Enough To Protect Your Information

In a technology era where online frauds are becoming increasingly prevalent, passwords will no longer be enough to secure information. According to Forrester Research, an independent market research and technology company, firms will need to look into other measures of user authentication by 2019. Although passwords still remain the most common form of securing information, Forrester Research predicts that they won’t be so useful anymore. Read more below to find out why passwords aren’t enough.

What’s Wrong With Passwords?

There are two main reasons as to why passwords are insufficient in protecting your information. Firstly, there are simply too many passwords to remember. Most people nowadays use one for e-mail, online banking, social media and online shopping, just to name a few. On top of that, you also need to update your passwords often. Another study conducted by Forrester Research shows that 77% of companies require their employees to change their passwords every quarter. With so many passwords to remember, most people choose to use the same password for multiple accounts. They also tend to reveal personal information on social media, such as their pet’s name or the name of their high school, which can make it easier for hackers to guess their passwords and thus access their online accounts.

Secondly, passwords are simply becoming easier to decode. According to Symantec’s 2015 Security Threat Report, over one million web attacks were reported across the world. With improved computer processing power and overall technology sophistication, there is no doubt that it is easier for hackers to crack passwords. This puts at risk all individuals and companies.

What’s The Solution?

If passwords aren’t enough to secure private information, then what is? According to several security experts, the future of user authentication lies in two-factor authentication, more specifically the usage of mobile devices. Here’s an example of two-factor authentication: the first factor would be a password, while the second factor would require mobile-based authentication. What makes mobile-based authentication much more difficult to crack is that the hacker would have to use your own device in order to access your information. Another option that companies should look into in the near future is biometric authentication. While passwords are easy to decrypt, identity is not.

It’s important to be aware of such trends. Two-factor authentication would greatly benefit both individuals and companies, as everyone is exposed to web attacks and breaches. It would also be a feasible option to consider, given as 70% of Canadians have mobile phones, according to a 2015 survey conducted by Catalyst. Contact us today for more insight and advice on how you can better protect your business.