Nowadays, most people own online accounts for almost everything: banking accounts, shopping accounts, credit card accounts and even business accounts. Because they contain sensitive financial information, online accounts pose major password security risks from cyber attackers. All it takes is to steal your password, identity and private credentials then they will be able to access your bank account.
Through gaining access to a business or website, hackers can exploit it to earn some advertising commission. They do this by adding spam ads to ensure they get money every time the ads are viewed. Or infect the site and its users with activity tracking malware (spyware) so they can use the data for advertising purposes.
Here are some common password security risks
1. Brute force
In brute force attack, hackers use trial and error to guess encryption keys to websites or guess login information. Basically, in it an excessively forceful attempt to get into personal private accounts. While this is an older cybercrime technique, it is still popular with hackers. Depending on the complexity and length of your passwords it can take them a few seconds to successfully login to your accounts.
There are simple brute-force attacks where the hackers will attempt to guess your credentials. This only works for them if you have set simple and predictable passwords for your account. For dictionary attacks, hackers will choose their target and run possible passwords that are common to crack your passwords. Hackers also use automated tools or software to enforce these attacks. The software sese rapid fire guessing to create possible password within seconds and uses them to attempt to login to the chosen accounts.
2. Phishing
In phishing attacks, the criminals pose as big organizations, people or trusted service providers to trick you into giving away personal information like your username and passwords. The scammers commonly contact people through emails, text messages or even phone calls.
The emails and messages contain a link that once you click, are prompted to enter password and username. In other cases, if you click on the link, it launches malicious software into your device and this gives the scammers access to your data.
One of the most common password phishing scams is the fake password reset message. They call or email you about account verification and once you click the link and enter your login credentials to change the password, you give them access to your real account. Fake package tracking alerts have become quite normal.
It is a phishing scam where the perpetrators send fake email accounts about tracking information for a package. They ask for personal information or payment in order to give you access to the details for the package delivery.
How to avoid password security risks
Learn about cybersecurity
The first step to curbing password security risks is to educate yourself on cybersecurity. Cyber attackers will obtain your email address or phone numbers through information you put online or in websites you visit. They can then use the information for phishing and brute force attacks. Always tread carefully when browsing the internet. Not all websites will act in your best interest.
Take hands-on cybersecurity measures like installing Anti-virus in your device, using a VPN, watching out for secure websites, streaming on legitimate sites, putting up a firewall and watching out for suspicious links online.
2 factor and multiple factor authentication
2FA and multiple factor authentication act as a second or third layer of protection for your accounts. They both require users to present another type of evidence, after the password to authenticate that they are the real account users. 2FA and multiple factor authentication may be in the form of a brief phone call from the service provider, an email, security question, a pin, biometrics, geolocation and source IP range, password and tokens among others.
Encourage use of strong, encrypted passwords
Ensure you create strong passwords for your accounts with the maximum character limits. When setting up your website, avoid making them too identical and do not use words that are easy to guess. Strong passwords use a combination of numbers, symbols, uppercase and lowercase letters.
If you find it difficult to manage your accounts when you use strong passwords, use password management programs to create them. Password managers create strong, encrypted passwords. This way, hackers will have a harder time guessing your password even when they are using automated tools to try and hack into your accounts.
Also read: Things You Should Familiar with the Mac Security Choices
