This means some passwords will be the same for numerous users. One of their tools is knowing that the most common passwords are made up of things like pet names, birthdays, or a simple combination of letters. It’s true that your passwords are protected by encryption algorithms, but hackers have their nefarious ways of accessing your information anyway. We’ve been creating passwords since the dawn of the internet, with an added sense of security provided by that little lock in the address bar and the “https” in front of the website you’re visiting. Your Passwords Are Not as Secure as You Think Roughly 80% of data breaches in 2019 were caused by compromised passwords, so it’s important to know the best way to store passwords so you can keep your data safe. Hackers look for any opportunity to access valuable data, whether they intend to use it to steal cash or to get information that damages an individual’s or company’s reputation. The total monetary loss to consumers was $1.9 billion. About 14.4 million people in 2019 alone were victims of identity theft, which is the most common repercussion of a data breach and a practice that is on the rise. You might wonder who would possibly want your passwords and your data. Everything happens online today – bank accounts, social media, personal information, and work-related info – and all of it requires passwords that must be stored so they aren’t vulnerable to hackers. Passwords are meant to keep your valuable data secure and away from prying eyes and cyberthieves.
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