Password Security for Businesses

Password Security for Businesses

Cyber Security is an increasing risk for both consumers and businesses as cyber-attacks are on the increase.  Weak passwords are the root cause of a significant portion of most data breaches.   Including password management best practices is necessary to protect your data, and your business.  Here are some ways to incorporate stronger password security for your business.

 Use a Password Manager

Storing a list of passwords in a Word document, Excel file or Plain Text document on a server or on individuals machines leaves you open for having your entire list of passwords taken in the event of a network breach.  A Password Manager is a safe and secure way for businesses to manage and store passwords so all employees can access them. 

The majority of the password managers have tools for helping you create complex/long passwords, easily update your passwords and more. 

 Do not Reuse Passwords

Using the same password for multiple websites makes it easier to remember, but if one website is hacked and your password is exposed, it makes it easier for the hackers to try that password on commonly used websites to gain access to those as well.  Each website that you use should have a unique password.

 Set up Two-Factor or Multi-Factor Authentication

This adds an additional layer of security for your accounts.  You can use apps, email or text to get a PIN for accessing websites and accounts. 

 Passwords should be unique and complex

Instead of using words, use a combination of letters, numbers, and symbols instead.  By not using words found in the dictionary, password-cracking tools and brute force methods are much less efficient.  Using the word Password or User as part of the password should never be done.   Also, avoid using anything that contains birthdays, birth months, names, pet names, or phone numbers of employees.  Password length is also important. The longer the password, the harder it will be to crack.  Some security firms suggest lengths of between 10-14 characters.

 Create a Password Management Policy

Creating and implementing a password management policy is vital. It should include password practices such as no password sharing, password compliance with the above, changing passwords when an employee leaves the company, and which employees have access to what passwords. 

 Strong passwords and a management policy will help secure your business.  Data breaches are increasingly common, and businesses of all sizes are targeted.  Cyber Liability insurance will help keep your business safe from the high costs of a cyber claim.  The average cyber claim can be complex and costly, often upwards of $300,000 for a small business.  Cyber Liability insurance will help with forensics, incident response, credit monitoring, notification services, and PR/crisis response.  Every business should have at least a minimal amount of cyber coverage as part of their insurance.

Here at Fixated Financial and Insurance Solutions, we have a wide variety of Cyber Insurance Products.  Many companies will include this vital coverage in a BOP or Package.  A Stand-Alone policy will provide the most benefit, with higher limits and more coverage.  We will work with the carriers to find the solution that fits your business the best.  Call or email us today for a no-pressure quote for Cyber Liability.