Passwords have become a part of our daily lives at work and at home. Even as new identification tools have gradually entered the marketplace, the password has remained a constant for many websites and applications.
Unfortunately, password best practices have not evolved to match sophisticated cybercrime operations.
Weak and stolen passwords accounted for 50% of hacking-related breaches – and a stunning 77% of basic web application attacks – in the 2024 Data Breach Investigations Report conducted by Verizon. Further, the Identity Theft Resource Center (ITRC) found more than 1,800 breaches in the U.S. in 2022, just 60 events short of the all-time high of 1,862 set in 2021.
Since it began tracking incidents back in 2005, ITRC has identified 19.7 billion records that were exposed by data breaches, impacting more than 11.8 billion victims. In many cases, investigations determined that the password was the weakest link. These findings have unleashed widespread scrutiny around authentication practices.
Companies develop their data authentication practices based on standard-setting organizations like the NIST, which sets guidance for U.S. government agencies. Although its guidelines for passwords and authentication have seen minor revisions since NIST first released them in 2017, their main themes remain the same.
After analyzing what makes an effective password (and what doesn’t), the institute argues for a more flexible, simpler approach to password management. However, these standards still aim to maintain effective authentication and robust security controls to prevent unauthorized access to data and resources.