By Aman Jain
The struggle to fight against cybersecurity breaches is real. There has been a concerning increase in data breaches of late. Since the onset of the pandemic, the FBI reported a 300 percent rise in cybercrimes like spear-phishing.The Role Of Password Protections
Humans, and machines worldwide, store approximately 300 billion passwords to log into confidential digital information. But, here’s the problem. Many people use the same password for multiple accounts.That’s why it may come as no surprise to hear that some people are opting to use password managers instead, thereby keeping their passwords different but storing them all in one place for easy recall. Unfortunately, this is somewhat akin to ‘putting all of your eggs into one basket’—it is never a good idea to keep all of your sensitive data in one, hackable place.
Cybercriminals can easily hack password managers if your device becomes infected with their malware. Once they gain access to your master password, they have access to every one of your accounts.
Remembering multiple passwords has been a problem for many for a long time now. While password managers may solve it from an organizational perspective, they do nothing to better protect your sensitive information from cybercriminals.
We can’t protect our sensitive data from every threat all of the time. For example, no matter how well we protect our financial authentication information, all bets are off if the bank we entrust our personal information with gets hacked.
Asymmetric Encryption
Many professionals use weak passwords. And, it has become far too easy for hackers to gain access to login credentials when stored on multiple online verification databases.Asymmetric encryption can help to mitigate this problem through passwordless authentication systems that use dual-key cryptographic technology. On-site databases do not store password data. But instead, they’re stored as a single lock that has two keys.
A Double-Edged Sword
Gartner predicts that the global information security market could surpass $170 billion by 2023. Technologies such as AI, machine learning, and the Internet of Things (IoT) have been pivotal in enhancing the speed and precision for companies to defend their data. But these advantages have come at a cost.AI-enabled tools allow hackers to leverage artificial intelligence and automate malware to avoid antivirus software detection. For companies, this is quite troublesome as it means that they will have to invest heavily into cyber risk mitigation—to evolve as hackers do.
One thing remains clear. Companies must take cyber threats seriously. If they don’t, then they run the risk of becoming the next Sony Pictures hack.