What are the risks of using weak passwords? 

Many organizations have ineffective password policies and, often, no password policy at all. Too many prioritize convenience over security, so their employees frequently use weak passwords to log in, opening themselves up to various security risks.

Increased vulnerability to brute-force attacks

A brute-force attack is a hacker technique that involves repeatedly trying different passwords until the attacker guesses the correct one and gains access to your system or account. This is usually accomplished using automated password-guessing tools.

However, weak passwords are not the only factor that increases your vulnerability to brute-force attacks. The remote access protocols that a remote worker may use provide opportunities as well as the use of cloud services.

Higher risk of credential stuffing and account takeovers

Credential stuffing is a cyberattack technique that uses information like usernames, email addresses, and connected passwords taken during a data breach. Hackers can use this stolen information to automate the logins for many accounts at once. If you reuse your login or password for multiple accounts, you risk all your accounts if your login data is stolen.

Once a hacker has accomplished an account takeover with your stolen information, they can steal your data, make purchases, drain your account, and change account details.

Financial consequences of compromised accounts

There can be direct or indirect financial losses. Direct financial losses can include:

• Fund withdrawals
• Fraudulent transactions
• Operational downtime
• Recovery costs
• Loss of intellectual property

Indirect financial (or reputational) losses can include:

• Reduced revenue due to declining sales from losing customer trust
• Loss of market share from not being able to attract new customers
• Damage to stock prices

Need help setting up an effective password policy? We can set up the software and training to ensure your organization’s data is secure. Contact TeamLogic IT today.