Poor password practices are rampant across businesses of all sizes, leaving companies vulnerable to costly data breaches. This concerning trend rings true for many local companies as well, says Jason Monroe, Director of Solution Consulting at Bit-Wizards, a leading managed IT services provider in Fort Walton Beach. 

• “If you’re not taking password protection seriously, you’re leaving your business completely exposed,” Monroe said. “With just one bad password, a hacker could gain access to your entire network and view sensitive information like financial data and bank account numbers.”

In 2022 alone, the average cost of a data breach for U.S. businesses was $9.44 million, with stolen credentials being the primary cause in 81% of incidents, according to Bit-Wizards. Major companies like PayPal, Reddit, and Activision have already been impacted by password-related breaches this year. And while larger corporations take the biggest financial hits, small local businesses are equally at risk.

To help local companies avoid becoming the next victims, Bit-Wizards outlines password security best practices that every business should have in place:

• Require Password Complexity – Using upper/lowercase letters, numbers, symbols, and long passphrases makes passwords difficult to crack. 
• Change Passwords Regularly – Cyber experts recommend changing important passwords every 3 months, especially after a breach.
• Avoid Redundancy – Reusing the same passwords is extremely risky but done by 66% of people. Unique passwords should be required across all employee logins.
• Get a Password Manager – These services generate and store strong credentials for every login, taking the memory burden off employees.
• Use Multifactor Authentication – Requiring multiple authentication methods like texts or tokens prevents unauthorized access with just a password.

“A managed service provider like Bit-Wizards can help implement and enforce these best practices company-wide through a password management policy,” said Monroe. “We offer the paid version of LastPass already included with our services, so clients get an enterprise-grade password manager without added costs. Overall, our goal is to fully handle IT security so businesses can focus on their operations and growth.”

With data breaches on the rise, now is the time for local companies to evaluate their password habits before paying the price. Implementing proper password protocols with help from experts like Bit-Wizards can prevent compromised logins from ever occurring in the first place.

Ready to stop wasting money on bad IT and get started with our Managed IT Services? Contact Bit-Wizards today.