The Need for Comprehensive Password Policies in Your Business

*Numbers will adapt over time as computing power improves.

Businesses should mandate a minimum length to their password and the use of a mixture of upper-case and lower-case letters, numbers, and special characters in passwords. Using a complex password mitigates the risk of brute-force attacks, wherein attackers use automated software to guess passwords.

Regular Password Changes
The common practice of changing passwords periodically offers an extra layer of security, although it should be approached cautiously. Requiring overly frequent changes could lead to 'password fatigue,' where employees resort to simpler, easily rememberable — and hence, easily crackable — passwords. For example, employees may only change the numbers of a password from Pa$$worD123 to Pa$$worD456. Implementing rules to ensure that passwords can not contain similar phrases or characters can overcome this, however, it is much more important to add an additional layer of authentication to prevent brute-force access.

One Password, One Service
The rule of "One Password, One Service" cannot be emphasised enough, especially in the business world. Using a single password across multiple platforms/accounts magnifies the risk of an account breach exponentially. If one service suffers a breach and details are leaked on the dark web, all accounts with the same password are put at immediate risk.

No Password Sharing
While it may seem convenient in the short term, for example, when employees go on holiday or are out of the office, password sharing among employees poses a grave risk where passwords can grant access to confidential or sensitive information. Businesses must discourage this practice vehemently and should provide secure password management solutions such as Multi-Factor Authentication to business accounts and devices, and temporarily elevated access levels to avoid the need for sharing.

Employee Training and Awareness
Human error is often the weakest link in your business's cyber security. Businesses must regularly educate employees by providing professional training centred around the risks associated with a wide range of cyber security topics, including, weak passwords and recognising phishing and social engineering attacks that aim to steal credentials.

The Significance of Dark Web Password Monitoring
The dark web is an anonymous segment of the internet that lives under the surface of what most internet users use, where illegal activities, including the sale of stolen passwords and other data, are rampant. It's recommended that businesses utilise dark web monitoring services that scan the dark web for stolen credentials such as usernames, email addresses and passwords associated with your business.

Early Intervention
Identifying compromised credentials before they are found by threat actors to be used maliciously against your business, allows businesses to take preventive action quickly. Whether that means initiating password changes, quarantining accounts, or investigating potential malware, cyber threats or potentially other internal threats, early intervention is invaluable.

Regulatory Compliance
In an era of stringent data protection laws (such as GDPR), showing due diligence by actively monitoring the dark web for compromised credentials could serve as evidence of compliance with regulatory bodies such as those associated with GDPR or HIPAA.

The Essential Role of 2FA/MFA
We have an entire article dedicated to this topic, which speaks to the importance of 2FA/MFA for businesses, and how the use of these essential business tools can protect your devices and online accounts.

Added Security Layer
Two-factor authentication (2FA) or Multi-Factor Authentication (MFA) introduce an additional verification step in the login process to online accounts or business devices such as Desktops, Laptops or Servers, via solutions such as a temporary code or prompt sent to a mobile device. This makes it exponentially more difficult for attackers to gain access to your accounts or devices, even if they have the password and is essential when paired with Dark Web Monitoring.

Versatility in Authentication Methods
MFA offers the flexibility to choose various factors for authentication, such as biometrics, smart cards, or mobile apps, allowing businesses to customise their security protocols and even stack multiple of these together as part of the authentication process to give enhanced protection.

Why is all of this essential for Businesses?

Financial Repercussions
The cost of a data breach through access to your accounts extends beyond immediate financial loss. Long-term implications include legal and regulatory expenses, customer attrition through a lack of trust, and a decrease in share value, to name a few.