You’ve taken every precaution when protecting your data and your business. You’ve invested in a password manager with a secure vault and even administered Multiple Factor Authentication (MFA). This means you can rest easy knowing that your data is hack proof, right?
Sorry folks, you’re still at risk, even with all you have implemented. Regardless, pat yourself on the back because all the steps mentioned above add more layers of protection and make it harder for hackers.
That said, you trusted your password manager, but even the best of the best experience security and data breaches. It happens more than you think. Hackers thrive on the big guys in the industry, and that’s why it’s so crucial to not only feel protected but also receive transparency and recovery services from your password manager.
Let’s recap the last few years. In 2021, Norton LifeLock and its members were victims of a data breach where hackers compromised its cloud storage, stealing millions of encrypted password vaults. Passwordstate also suffered a data breach in 2021, where hackers delivered a DLL file to users’ computers while an upgrade was running in the background. To make it even worse, users fell for another scheme when told to download an urgent fix for the hack.
If you’ve ever seen those creepy videos on social media about the dark web, you know it’s a scary place. Hackers sell your information there, including passwords. Norton password manager users experienced this only a few days ago. LastPass password manager encountered a data breach very recently as well, where customers’ encrypted password vaults were stolen, along with non-encrypted customer data.
If you’re asking how hackers figure out the vault passwords since they’re encrypted, that’s a great question. Using brute-force attacks, cybercriminals purchase a list of previously compromised passwords on the dark web or download a free list of common passwords and try them everywhere.
Multi-Factor Authentication will help protect you during these security and data breaches. Remember, you’re the only one receiving a one-time code as a second step to a password. Yes, it’s an extra step, but you know what takes much longer? Dealing with your stolen identity.
It’s hard to know what’s real and what’s not these days. Question everything and anything. Is it time to ditch password managers because of the vulnerability they expose during these breaches?
The answer is no. It’s still the most secure method for protecting your passwords and business. If you hear of a breach at your password manager company, change all your passwords immediately, including your vault password and ensure they are all different. Remember, all your passwords need to be different, and it is the Password Vault that keeps them secure. All you need is your Master Password, with Multifactor authentication of course.
Next up, we’ll be talking about how to choose a strong password.
