You Won’t Believe the Devastating Impact of Weak Passwords: Protect Your Business Now

As a business owner in New Zealand, you know that protecting your company’s assets is of the utmost importance. One aspect of business security that is often overlooked is password habits. It may seem like a small detail, but poor password habits can have serious consequences for your business.

First, let’s look at the financial cost of weak passwords. In 2018, cyber attacks in New Zealand cost small and medium-sized businesses an average of $15,000. This figure does not take into account indirect costs such as lost business and damage to the company’s reputation, which can significantly increase the overall cost of a cyber attack.

For example, in 2017, the New Zealand Red Cross Blood Service suffered a data breach due to an employee using a weak password. The breach resulted in the personal details of over 10,000 blood donors being accessed by hackers. The Red Cross ended up paying out over $300,000 in compensation to affected donors, as well as incurring other indirect costs such as damage to the organization’s reputation.

But the financial cost is only part of the story. A data breach can also seriously damage a business’s reputation, leading to a loss of customer trust and potentially damaging the company’s bottom line. In a worst-case scenario, a data breach can even put a business out of operation altogether.

So what can you do to protect your business from the consequences of weak passwords? The first step is to implement strong passwords. This means using a combination of upper and lowercase letters, numbers, and special characters. It’s also a good idea to regularly update your passwords and to avoid using the same password for multiple accounts.

Another important step is to educate your employees on the importance of strong passwords. Encourage them to use unique passwords for work-related accounts and to update their passwords regularly. You may also want to consider investing in password management software to help your employees keep track of their passwords and to ensure that they are using strong, unique passwords.

Don’t let your business become a victim of a cyber attack due to poor password habits. Take the necessary precautions to protect your business, your customers, and your bottom line. Strong passwords are a simple but essential step in safeguarding your company’s assets. Talk to us to learn more about how you can protect your company’s cyber security footprint.