World Password Day 2024 - Compromised Passwords and Identities

Every Year on the first Thursday of May World Password Day is celebrated. This year it occurs on 2nd May, 2024. It was created by cybersecurity professionals in the year 2013. With the rising concern over password protection and online security, World Password Day 2024 marks the importance of password protection and cybersecurity. 

As technology advances daily, so is the rise in cyber threats. Strong passwords hold utmost importance for users, as they store data ranging from personal information to financial transactions. Every tiny bit of information is stored online.

With multiple social accounts and apps, users can't keep tabs on different passwords. Here Multi-factor authentication, password managers, and OTPs play a significant role in keeping users' data secured.

Fabio Fratucello, CTO International, CrowdStrike Shared insights on this World Password Day, 2024 -

“Compromised passwords and user identities are as good as gold for today’s cyber attackers. According to CrowdStrike’s Global Threat Report 2024, 75% of attacks used to gain initial access are now malware-free. Adversaries are moving away from malware and malicious attachments and toward more subtle and effective methods such as credential phishing, password spraying, and social engineering. With stolen identities, the adversary can then log in with legitimate credentials. The market for stolen identities continues to grow: In 2023, CrowdStrike observed a 20% jump in access broker advertisements selling valid credentials."

Furthermore, he adds, "Additionally, as organizations increasingly move operations to the cloud, adversaries are exploiting gaps in protection, evidenced by a 75% increase in cloud intrusions last year. Attackers leverage identity-based techniques to gain access, persist, and escalate privileges in cloud environments. These trends highlight the fact that identities are primary enablers of modern attacks, and protecting them is crucial. Organizations are encouraged to adopt tools and solutions for multi-factor authentication (MFA), encryption, password managers, and advanced identity threat protection.”

Compromised passwords are a significant threat to online security and user identity. They occur when unauthorized parties gain access to passwords, often through hacking, phishing, or data breaches. The impact of compromised passwords can be severe, leading to unauthorized access, identity theft, financial loss, data breaches, and reputational damage.

How password hacking occurs: common techniques like phishing, brute force, and social engineering

Password hacking happens through various techniques, with phishing, brute force attacks, and social engineering being among the most common methods employed by attackers.

Phishing is a tactic wherein attackers impersonate some legitimate entities to trick users into revealing sensitive information such as usernames and passwords. This is often done through fraudulent emails, websites, or messages that appear authentic, luring unsuspecting users to enter their credentials into fake login pages.

Brute force attacks involve systematically trying every possible combination of characters until the correct password is discovered. Attackers utilize automated tools to rapidly generate and test numerous password combinations, exploiting weak or commonly used passwords that are susceptible to such methods.

Social engineering exploits human psychology to manipulate individuals into disclosing confidential information. Attackers may employ tactics such as pretexting, where they create a fabricated scenario to gain the trust of their target, or baiting, where enticing offers or rewards are used to entice victims into revealing their passwords.

These techniques highlight the importance of implementing robust security measures such as multi-factor authentication, regular password updates, and user education to mitigate the risk of password hacking. Additionally, employing strong and unique passwords, using password managers, and remaining vigilant against suspicious communications can help safeguard against these common attack vectors.

Here’s a brief overview of the issue:

Unauthorized Access: When passwords are compromised, attackers can gain access to user accounts, steal sensitive data, or perform malicious activities.

Identity Theft: Compromised passwords allow hackers to impersonate users, gaining access to additional accounts or personal information, which can be used for further fraudulent activities.

Financial Loss: Access to financial accounts through compromised passwords can lead to theft of funds or unauthorized transactions.

Data Breaches: A single compromised password can contribute to larger data breaches, potentially exposing the sensitive data of companies or organizations.

Conclusion -

This World Password Day, to safeguard sensitive information online, users must take proactive steps and be aware of managing their passwords. Using Multi-factor authentication, OTPs, and updating passwords regularly helps to protect digital identities against the backdrop of an increasingly complex cyber threat landscape. To keep scammers at bay secured passwords are the way to go.

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