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One password hacked and your business could pay $5.4 million

Created: 27 Jun 2013 • Updated: 27 Jun 2013 • 1 comment
MelanieLopez's picture
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You’ve probably heard about spear-phishing – a hacker finds some information about you, poses as a friend or trusted business to get personal information from you via an email, and uses the information to login to a desired account. This could potentially cause some major financial harm, either to you personally or to your business. In the 2013 Cost of a Data Breach study, U.S. businesses paid an average of $5.4 million per data breach last year. Malicious and criminal attacks accounted for 37% of those breaches, and were the most costly of all breaches in each of the nine countries surveyed. See the infographic

Even if you have what you consider to be a strong password to hack, your accounts could be at risk. In “One password cracked and your business is history” at ZDNet.com, Matt Baxter-Reynolds tells us that setting strong passwords is not enough, and recommends using two-factor authentication all the way up the security chain, including your business’s domain name registrar account. He includes a real-world example of registrar Name.com using Symantec VIP for two-factor authentication.

name-2fa-vip.png

Screenshot of Name.com's logon form with an overlaid screenshot of Symantec's VIP Access app. Source: ZDNet.com.

 

Learn more about strong authentication options to protect your business’s “front door” of security – your passwords.

Don’t forget to follow us on Twitter: @SymantecVIP

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angelica.ivans's picture

$5.4M for one password breach. D*mn that's gotta hurt!  Password sometimes is just a pain.  I myself often times forget my password on some of my accounts.  Adding additional security code would be even more troublesome.  Although that's just me.  Still, the $5.4M damage makes everyone else think twice and stop complaining.

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