Password security trends in 2020

Cyber security is among the top topics people in companies discuss during final year wrap-up meetings and a priority one in building a strategy for the upcoming year. The better they ensure company’s online security in advance, the more prepared they are in times of frequent data breaches. But to do that, it’s critical to learn about and the prevalent password security trends in 2020.

And yet, even regular, non-business related internet users can be costly affected by cyber attacks on their personal data and unguarded passwords as cybercrime rates on private and public sectors are increasing annually. 

Let us cover 4 password security trends in 2020, that will be relevant for everyone, who have their sensitive data protected with passwords – whether in individual use, teams or larger companies. 

1. 300 billion passwords in the market 

By 2020, the passwords used among humans and artificial intelligence will reach a stunning number of 300 billion, as the Cybersecurity Ventures and Thycotic report predicts. That means, the average person will be managing around 60 to 90 accounts with various, ideally different passwords. This huge number should be considered as a warning that all the weak or reused passwords result in higher cyber vulnerability.

2. Cyber attacks among the fastest growing and most expensive crimes 

Cyber attacks, being the fastest growing crime globally, in 2020 will become a major concern for public and private sectors due to its cost. As 71% of sensitive data leaks are financially motivated and 25% – spying related, the cost of cybercrime in the next couple of years is expected to grow over 5 trillion dollars.

Therefore, as 81% of data breaches are caused by weak and repetitive passwords, poor password security in 2020 is likely to bring costly and very inconvenient outcomes.

3. Spam and phishing among the most popular types of cyber attacks

Attentiveness, skepticism and alertness will be few of the most crucial skills, when considering password security trends in 2020. In the last year, 76% of businesses declared being victims of phishing attacks – fraudulent emails sent to people with a goal to obtain sensitive information (such as passwords, credit cards, etc.). Besides, the number has grown by over 65% since the year before. 

And yet, although so many people are familiar with how a scammy email looks, they still tend to click on unknown links and put their data at extreme risk. 

4. Human mistakes require urgent attention

Human error is one of the hardest error to foresee and eliminate on time. According to statistics, human mistakes are responsible for 52% of data breaches. Mistakes can be in the overall lack of understanding of cyber security literacy, sharing passwords in plain text or even reusing the same, weak passwords across multiple accounts. 

2020 with its increasing number of cyber attacks, will require special attention to individual and team cyber and password security habits.

Expert opinion and suggestions for safe online presence in 2020

Considering this high number of passwords online in 2020, the ignorance of an internet user might bring considerable damage. As people keep reusing the same passwords in multiple accounts, store passwords in excel sheets or click on scammy-looking links, they put themselves and their sensitive data in a dangerous, open to a cyberattack position.

What can be done as soon as possible?

To make sure none of threats expose a person and his personal data, I can highly recommend to start using password management software that encrypts all the stored passwords, so they cannot be revealed, leaked or anyway else get damaged.

In bigger teams and companies, where members have access to sensitive information, I would encourage to have mandatory password security training, at the very least annually.

And finally, building the right password security habits on time either individually or in bigger teams, can not only save a great deal of money, but also can strengthen the image of a cyber secure, reliable partner – in working and personal life.

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