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Poor password management is hurting businesses hard

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Every year, businesses in the United Kingdom spend more than two months resetting different passwords, which costs them not just valuable time, but also – money.

This is the conclusion of a new analysis by Unified Access Management tool OneLogin.

The report also states that the majority of businesses don’t check their passwords against the list of most common (and weakest) ones, and they don’t check their employee passwords against complexity algorithms. All things considered, OneLogin claims UK businesses have “poor password management practices”, and that they’re neglecting them.

It was said that the most basic fundamentals are often lacking. Businesses rarely check their passwords against rainbow tables, they don’t require special characters, numbers or letters in upper / lower case.

Mandatory requirements could also use an upgrade. Roughly half require single sign-on integration, and a third have implemented password complexity policies.

“The benefits of innovative technology to facilitate modern business practices is clearly yet to be recognised by the average UK business overwhelmed by day-to-day password management processes. Trust must be built between businesses and B2B tech vendors, as a lot of businesses are stubbornly struggling in the dark and avoiding the topic of ‘digital transformation’ to free up employee and operational efficiencies.” Comments Thomas Pedersen, OneLogin's chief technology officer and founder.  

“UK businesses must streamline and simplify Identity and Access Management (IAM) processes by implementing Single Sign-On and Multi-Factor Authentication tools. By doing so they will be freeing up skilled IT professionals to focus on tasks that drive greater business value and connect dispersed workforces. Organisations that don’t, may not survive the next two to five years. The quick adoption of automated tools is key to business survival.” Adds Pedersen.

Proper password hygiene is one of the fastest and simplest ways to tighten up on corporate security. Employees are encouraged to avoid common passwords such as “Password”, “12345678” or “qwerty”, to use letters in both uppercase and lowercase, as well as to add special characters or numbers.

Hackers can often “brute-force” passwords, by guessing some of the most popular solutions.

Image Credit: / Shutterstock

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.