Did you know there were 464 data breaches in Australia from July to December 2021 alone?
For World Password Day, we highlight the importance of multifactor authentication, which One Identity says is one of the best cybersecurity strategy.
As compromised log-in details continue to be one of the largest causes of data breaches, good password hygiene has never been more important.
While changing passwords regularly can be one part of a successful cybersecurity strategy, implementing multifactor authentication is critical not only for business but also personal passwords to help to reduce the risk of these malicious breaches.
Serkan Cetin, APJ Technical Director at One Identity said: “When discussing good password hygiene, we should also be focusing on ‘authentication’ and not ‘password’ by itself. Problems will arise if we’re relying on passwords alone for authentication. Compromised credentials continue to be one of the largest causes of data breaches, and for individuals it can be identity theft and fraud resulting in significant financial loss. Implementing multifactor authentication not just for business but also personal, alongside frequent changes to log-in credentials, helps to reduce this risk.
A common misconception is the belief that at only the large enterprises or governments are a target for attackers, and individuals or small to medium businesses are less at risk. This is not true, and attackers continue to use new methods such as sophisticated scams and other tactics against any size organisation and individuals. The Australian Competition and Consumer Commission has reported that Australians have lost over $323 million to scams in 2021.
In Australia, The Office of the Australian Information Commissioner has reported 464 data breaches from July to December in 2021. It is important to mention that human error caused 190 of those breaches, increasing by 43% compared to the previous period. 65% of the cyber security incidents reported involved the use of compromised credentials, which is a slight increase from the previous reporting period.
While passwords alone are not a particularly secure method of protection, and multifactor authentication other technologies are starting to gain wider adoption, good password hygiene is still very important as many systems today continue to rely on password-only authentication. It is vital to remember these password basics to ensure your personal and corporate data is secured:
- Never reuse passwords or derivatives of the same password
- Use complex and longer passwords, or use a passphrase
- Use a strong password alongside multifactor authentication where possible.