- Newslink Global Insurance Trends-Editor's Weekly Overview
- Global insurers unite to tackle climate risk with launch of Geneva Association Task Force
- Insurance Europe responds to publication of the EC’s new EU strategy on adaptation to climate change
- AXA CEO Buberl comments on resilient 2020 financials
- RSA reports "excellent results" for 2020
- Munich Re posts 2020 profit of E1.2bn despite high COVID-19 losses
- Beazley announces new digital business unit expired
- Next-generation claims benchmarking by Willis Towers Watson sets new standard for UK personal lines market expired
- Newcastle Unversity pioneers Hyper-Resolution Flood Risk Modelling using Bluesky 3D Aerial Survey Data expired
- thinkWhere wins contract to open up access to European mapping expired
- PartnerRe improves in fourth quarter expired
- Pool Re completes £2.475bn terrorism retrocession placement expired
21st February 2021
Password faux pas leave companies at risk of cyberattacts
Two in three companies risk cyberattacks as a result of not having password rotation policies in place. 63% of employees admit to using the same passwords on rotation.
All computer related devices now come with a password protection facility to ensure data and information is kept safe, but a new study has revealed that many businesses may still be leaving themselves vulnerable to cyberattacks.
A study of 1,247 workplaces by VPNOverview.com, cybersecurity experts, found that two thirds of businesses (66%) leave themselves at risk of cyberattacks due to their lack of having(or enforcing) password rotation policies.
Of the companies that do have password rotation policies in place, 45% of employees confess that they didn’t know these policies actually existed.
A staggering 57% who did know about their company’s password protection policies revealed they do not adhere to them by regularly changing their password, and of those who do adhere, 63% will simply use the same passwords on rotation.
For the companies without password rotation policies, only 7% of employees bother to regularly rotate or change their passwords.
The main reasons workers cited for not changing their passwords were: they are worried they will forget their password(57%), regularly changing passwords is annoying(48%) and they don’t see the point (45%).
Surprisingly, the research also found that managers and `C-suite staff were more likely to not follow password rotation policies(38%), with entry level employees not far behind(34%).
The types of businesses leaving themselves most vulnerable to cyberattacks by not regularly rotating passwords are accountancy and finance(34%), construction(31%) and education(26%).
David Janssen, security researcher and founder at VPNOverview.com comments “Password rotation is such a simple policy that both businesses and employees can put in place to safeguard and protect their work. Changing your password every 2-3 months is a really effective way to deter cyberattacks, and although yes, some may find it frustrating, it could save a lot of heart ache down the line.
“It was shocking to see that so many workers didn’t realise what the point in regularly changing their password is, and it’s clear from our research that companies and employees alike need to be educated on the importance of implementing policies such as these.”
Cyber Trends(1,068 articles)