Get Clued Up on Password Security
Today, the first Thursday of May, is World Password Day. And as cyber crime in the UK continues to rise in scale, we thought it apt to offer advice on keeping your passwords secure.
We talk to Mark Noble, our resident IT Director and cyber security expert about passwords and he provides three tips to maintaining a strong password.
Why it’s important to have a strong password
UK businesses have lost over £6.2 million to cyber scams over the past year – with a 31% increase in cases during the height of the pandemic.
The most common type of attack was hacking through email or social media, which accounted for 53% of attacks over the year, leading to a loss of £2.9 million.
The scams often involve inputting an email address, contact details and password. Unfortunately, many users replicate passwords across accounts, therefore meaning a singular breach can compound into many.
As Mark states in the cyber podcast, Romero Expert Insights: “Rogue employees are the single most dangerous risk to a business’s security.” Negligence and improper training can result in a trusted employees giving away precious information such as passwords and company data. This can lead to an interruption to business practices, a breach of personal data, catastrophic financial reparations and a loss of business due to the lack of trust.
“Because the threats are invisible, it’s easy to dismiss cyber crime as a significant potential problem. You might think it’s something that will happen to someone else. Which is possible, until it happens to you. And it’s at this time that you’ll feel the impact of not taking cyber threats seriously.”
How to create a strong password
1. “Each password needs to be made up of uppercase, lowercase, a symbol, and be over 8 characters long (preferably more).”
2. “Passwords should not be made up of your favourite cat, dog, football team, etc… I would highly recommend you use a phrase such as “ILikefish&Ch1ps” (but obviously don’t use my example).”
3. “Passwords need to be changed regularly. Networks will force you to do so every 60 days but this is as a minimum requirement.”
Cyber Security Training for Businesses
“Remember that your business is only as strong as your least informed employee!” says Mark, “Your business should make sure all employees follow documented procedures. Business systems and data should be protected thoroughly. All staff should receive regular training on spotting the signs of suspicious behaviour. Cyber security induction sessions, plus regular refresher sessions, should help to ensure every member of staff is looking out for your business.”
For advice on training and implementing procedure, contact Romero insurance Brokers. Our mission is to ensure partners are remain protected and knowledgeable at all stages.
And cyber attacks don’t just happen to big businesses, According to the FSB, small businesses are subject to 10,000 attacks per day, costing the sector almost £4.5 billion. So whichever sector your in, as your broker, we’re here for you. Read our information on cyber security to see how your business can stay secure:
ROMERO’S ULTIMATE GUIDE TO CYBER INSURANCE
A cyber attack is, by far, the most common risk a business will face. Our whitepaper covers all the essential need-to-knows as well as how to defend against the emerging threats.Read More