In recognition of Change Your Password Day, Keeper Security is urging organisations to prioritize securing credentials to combat the escalating threat of cyber attacks. Without proper safeguards, compromised credentials can lead to devastating breaches, financial loss, and reputational damage.
Privileged accounts, often used by administrators or automated systems to access critical infrastructure, are prime targets for attackers because they provide extensive access to an organization’s most sensitive systems and data. Nearly 40% of data breaches involve these accounts, according to Verizon’s 2024 Data Breach Investigations Report. Breaches involving privileged accounts are also more costly, with the average breach costing $4.35 million, while those involving privileged accounts average $4.5 million, according to research from IBM and the Ponemon Institute. This highlights the critical need for strong credential security measures.
Darren Guccione, CEO, and Co-founder of Keeper Security, emphasized the importance of enforcing robust credential management policies. Weak or stolen passwords are often the first and easiest entry point for cybercriminals. Implementing tools like enterprise password management and privileged access management ensures credentials are stored and managed securely, minimizing the risk of unauthorized access that can lead to a damaging breach.
Recognizing that human error often plays a significant role in breaches, Keeper emphasizes educating employees about password security best practices. This includes training on identifying phishing attempts, avoiding password reuse, implementing MFA, and recognizing the risks of sharing credentials over unsecured channels. As businesses continue to navigate hybrid work environments, securing credentials is more critical than ever.
Keeper recommends that organizations implement strong password policies requiring unique passwords of at least 16 characters, including uppercase and lowercase letters, numbers, and symbols. They should also adopt a Privileged Access Management (PAM) solution to secure privileged accounts by enforcing strong password policies and limiting access to critical systems. Enforcing Multi-Factor Authentication (MFA) adds a crucial additional layer of security, protecting accounts even if a password is compromised. Monitoring for breaches, specifically through dark web monitoring, helps detect exposed credentials. Regular training for employees on secure credential management and best practices is essential.
On this Change Your Password Day, Keeper encourages all businesses to take proactive steps to secure their digital environments and protect their most valuable assets. By prioritizing strong credential management practices, organizations can reduce the risk of cyber attacks and safeguard their sensitive data.
Overall, the urgent need for robust credential security measures cannot be overstated in today’s evolving threat landscape. With cyber attacks on the rise and the potential consequences of compromised credentials becoming more severe, organizations must prioritize security measures to protect their assets and maintain trust with their customers. Change Your Password Day serves as a reminder of the ongoing importance of strong password policies, privileged access management, and employee education in mitigating the risks of cyber threats. Through proactive measures and continuous vigilance, organizations can enhance their security posture and defend against potential breaches in an increasingly digital world.