LastPass by
LogMeIn released findings of its fourth Psychology of Passwords global report,
which revealed that while 92 percent of people know that using the same
password or a variation is a risk, 65 percent still re-use passwords across
accounts, drastically increasing the risks to their sensitive information.
While consumers have a solid understanding of proper password security and the
actions necessary to minimize risk, they still pick and choose which
information they apply that knowledge to, according to the report.
Strong cybersecurity habits are more important than ever this
year, given the sheer volume of time individuals have spent online in the last
18 months and the corresponding spike in cyber-attacks. Yet the survey revealed
that despite 71 percent of people working wholly or partly remote and 70
percent spending more time online for personal entertainment during the
pandemic, people were still exhibiting poor password behavior. Most data
breaches - a staggering 85 percent - involved a human element through
phishing or human error according to the 2021 Data Breach Investigations
Report, and the need for password security remains critical as attacks rise.
Key findings from
the Psychology of Passwords Report include:
- There's a
lot of awareness, but not enough action. Most users are
creating passwords that leverage personal information that has ties to
possible public data, like a birthday or home address.
Seventy-nine percent of respondents agreed that compromised passwords
are concerning, but over half rely on their memory to keep track of
passwords. Eighty-three percent of respondents would not know
whether their information was compromised on the dark web showcasing the
many blind spots and overall apathy when it comes to password management.
- COVID-19
has increased the amount of time we spend online. The pandemic has
greatly expanded our digital lives over the past year, with 91 percent of
respondents reporting that they've created at least one new account this
year and 90 percent indicating that they have up to 50 online/application
accounts.
- Support
behind personal and work behavior overlap. Over the past year, 47
percent of respondents did not change their online security habits while
working remotely and 44 percent admitted to sharing sensitive information
and passwords for professional accounts while working remote. Meaning
almost half of employees engage in risky password behavior while working
remotely, which is causing IT admins to rethink security strategies in a
hybrid work environment.
- Consumers
are selective in what they protect. Coupled with the
cognitive dissonance in consumer awareness of the need for security versus
action, the report also found that the type of information being protected
impacts consumers' likeliness to use good password practices. While 68
percent of respondents would create stronger passwords for financial
accounts, only 32 percent noted they would create strong passwords for
work-related accounts.
"Our latest
report showcases the impact of the COVID-19 pandemic amid the increased time we
spent online - which has in turn, increased our vulnerability to potential
hackers," said Dan DeMichele, VP of Product Management for LastPass. "As we
continue to grow our online presence, we need more robust protection for our
online information. One way to combat this is by investing in a password
manager which can be used to store your personal and digital information
safely. As a business or IT lead, adding an additional layer of security,
including multi-factor authentication or single sign-on options, will help to
ensure that your employees are the only ones accessing their information."
For more information and to read the full paper,
visit: https://www.lastpass.com/resources/ebook/psychology-of-passwords-2021