More usernames and passwords will be created in the coming years. The number of passwords will grow from 90 billion to 300 billion by 2020, according to a research conducted by Cybersecurity Ventures.
As the number of people going online increases, the cyber security risk is also growing. More human and machine accounts means more password will need to be protected from cybercriminals who are just waiting for the perfect timing to victimise people.
The research reveals that more than 3 billion user credentials and passwords were stolen last year. Cybersecurity Ventures predicts that the hacking incidents will rise every year as password growth continues due to increase in the number of IoT devices and social media usage. As a result, annual cybercrime damage will reach $6 trillion by 2021.
Joseph Carson of Thycotic Software states the significance of the result of the study to the tech industry. He warns unprotected passwords can damage businesses. The cyber security expert encourages everyone to educate themselves about the possible risks.
“It is a very scary truth that everyone, especially those running businesses, should aware of. Our passwords are not safe which is concerning as they are literally the key to some of the most important information that businesses hold. Privileged account passwords especially are prime targets for hackers for good reasons. One privileged account password breach can allow a hacker to access and steal the credentials and passwords belonging to every employee in a company.”
Many tech experts consider the elimination of passwords as the best solution. Using biometrics instead is said to be safer. However, replacing passwords with biometrics might not happen so soon.
This story, “Password Growth Increases Cyber Security Risk, Report Says” was originally published by Overpass.