February 27, 2024

Password is an entry point to everything we do online. It protects internet users from third-party interferences and exposure to security compromise. As such, having a strong password is so much more important than you can ever imagine. It is like using a strong security key to lock up the doors of your house. Surprisingly, we all know the importance of having a secure home, yet we use simple terms and words for our passwords. In a typical month, employees type out their login credentials 154 times. The average employee reuses passwords 13 times.

Notably, many use simple words and letters because they are easy to remember. While this might be convenient to you now, there is danger ahead. Look at the password reuse statistics below to better understand the gravity of this practice and why you should not do it. Let’s dive in.

Main Password Reuse Statistics 

Main Password Reuse Statistics 

  1. Up to 65% of people use the same password for multiple accounts.
  2. Virtually 13% of folks will use one password for every single one of their accounts.
  3. More than 50% of workers worldwide like to use the same password for all work-related accounts. 
  4. Poor passwords can be pointed out as the reason for almost 81% of company data breaches. 
  5. The word “Password” is used by more than 4 million people as the code word for their account. 
  6. Using one password over 13 times across various accounts comes naturally to the average worker. 
  7. 49% of workers will either create a new password or add something to the existing one they are updating.
  8. To rectify a data breach problem can cost a whopping sum of $100 million.

General Statistics (Password Reuse)

General Statistics (Password Reuse)

1. Up to 65% of People Use the Same Password for Various Accounts.

Using the same password for multiple accounts is a norm for 65% of password owners. Most persons in this category reuse their password for almost the same reason. Being forgetful is why 40% of people use the same password repeatedly. “I am not bothered if my account is hacked” is the thought pattern of 27% of people who reuse passwords. The adage “it is better to get it done yourself” is applied by 65% of people. These persons will rather create a password themselves than use a password manager.

One could wonder why an individual opts to personally create a password when there are tools that guarantee cybersecurity. A percentage of persons still use percentage generators to create a password. Even with the ongoing awareness, 30% of people have the same password for personal and work accounts. This act of using one password to serve multiple home and personal accounts is done by 20% of password owners. However, among all internet users, data shows that 34% have a distinct password for each account.

2. Nearly 13% of Folks Will Use One Password for Every Single One of Their Accounts.

Studies show that one-fifth of internet users have just a single password. Yes, there is a reason behind the act, but is it worth the danger it can pose? One can say the percentage is low, but the resultant effect from this small group can have a large impact. Users who use a single password for every one of their accounts put themselves at risk. 

They make themselves an easy target for internet monsters to devour. Cyberattacks are not new today, and those who fail to use a new password for each account usually fall easily into the attacks. When a hacker gets access to one account with your password, he will greedily gain access to others.

Studies show disturbing statistics of 54% of employees who repeat the same password for several work accounts. This act of employees is a cause for worry to many security experts. Moving ahead to business owners (44%), pen down their passwords on a notepad. C-level executives are not free from this act, as 32% pen down their passwords. 

42% of persons researched use work devices for self-needs while working from home—29% work from their homes, shop, and bank with a work device. Not to forget the 7% that use illegal streaming services with a work device. Moreover, 44% of entrepreneurs in a survey and 39% of those in top executive positions comprise the largest part of workers using work devices for personal use.

4. Poor Passwords Can be Pointed Out as the Reason for Almost 81% of Company Data Breaches.

Verizon gathered data that showed that 70% of employees are in the habit of reusing passwords. This act has caused many workers to fall into the hands of cyber hackers. Verizon report highlighted that 81% of hacking comes to those who have weak passwords. Even with the knowledge of the risk involved, 65% continue using the same password for all accounts. Interestingly, millennials between 18 and 31 years old are the highest offenders. Importantly, 87% of millennials practice password reuse.

5. The Word “Password” is Used by More Than 4 Million People as the Password for Their Account.

Despite the advice from experts and websites not to use overly easy passwords, many still do so. One of the major benefits of a strong password is that it prevents unauthorized access to your account. Reports from NorPass show that many people continue to use weak passwords. Some persons use passwords in numbers like “123456” or just a simple word like “quest.”

Like reading the ABC, a password like “Password” is easy to crack. Unfortunately, this password, cracked within minutes at the snap of fingers, is used by more than 4 million people. Some other persons use the number ‘123456″ as a password. It is so easy for hackers to crack such a password. Strangely, this is the choice for over a million people who use a password. Even with this awareness, many remain in the dark about the importance of strong passwords.

6. Using One Password Over 13 Times Across Various Accounts Comes Naturally to the Average Worker.

To the average worker, there is no big deal in reusing a password for different accounts. This negligence, or the unconcerned attitude of many workers, has delivered information into the wrong hands. Cyber hackers are always looking for persons who throw caution to the wind. One area that especially falls prey to hackers is small business employees.

According to research by Lass Pass, these persons will use the same password not once but multiple times. Another sector fond of password reuse is the advertising and media industry, with an average reuse of 22 times. Canada takes the top position as the country with the highest password reuse. This report can be tied to Canadians using one password for up to 15 accounts. Countries like Australia and Belgium are not left out of this risky practice, boasting an average password reuse of 14 times. 

7. 49% of Workers Will Either Create a New Password or Add Something to the Company Password They are Updating.

Passwords are vital to our lives but can cause sorrow when breached. With this in mind, HYPR worked alongside 500 employees in Canada and the United States to see the password reuse rate. It was discovered that 72% of these persons reuse passwords when it is for personal purposes. For 49% of workers, adding a symbol or digit is as good as a newly updated company password.

8. Rectify a Problem of Data Breach Can Cost a Whopping Sum of $100 Million.

One could say, why not prevent an issue rather than applying cost control? The above question best suits the case of anyone who chooses not to pay heed to password reuse. Data breach control can be tiring and cost up to 100 million dollars. As the experts say, avoid damage control and create a strong password for all accounts.

Password Management Statistics

Management Statistics

9. Barely Over 30% of People Try to Use a Password Manager.

Data released by BitWarden show that barely 34% of people try to use a password manager. Among this group are 25% who do so because it was an order from bosses above. The adoption of a password manager by people is not the same in numbers across various locations. For Americans, 44% solely rest on the security of password managers, and in Japan, we have only 22% who use it.

When asked, the majority said they were unsure of the password manager’s ability to protect their information. For 34% of the people, there are concerns about possible hacking of the password manager. And for the other group of 30.5 % in the survey, it was more of an issue of no trust in a password manager. However, 20.1% of all the people asked said they had no idea what password manager stands for.

10. Over 50% of People Change Their Password Due to Being Forgetful. 

A report by ZDNet proves that more than 50% of users need to change their passwords every month of the year. The reason is that most people in this category find it difficult to keep their passwords in their memories. Among this group are 6% of people who use passwords to authenticate accounts. Notably, just 51% of persons who partook in the survey changed their password every month. Out of them, 15% are committed to doing so weekly.

 Asia Pacific region, by all indications, has quite a good number of people aware of the importance of password management and security. 41% of users change their password every new month, and around 10% do the same each week in Asia. When it came to the issue of preference between password or biometrics, 75% of respondents went over to biometricsThis meant that over half the survey participants opted for biometrics, and a third chose passwords. However, a small percentage of people who decided on biometrics, representing 16%, expressed concern about the support system of their device.

Consequences of Password Reuse

Consequences

11. About 50% of People Have Recorded Experience of Account Hacking.

Statista was able to analyze, to a good extent, the volume of accounts hacked in October 2018. The research institute was able to dig out some information revealing that 14% of people in its survey have had their accounts fell a couple of times. Notably, 51% of the surveyed group claimed their account was never hacked. However, 12% of the respondents did not know whether their social media accounts had been tampered with.

12. Resolving a Data Breach Issue Will Cost an Average of $4.35 Million in 2022.

IBM reported that the average number of data breaches globally will cost as much as $4.35 million in 2022. This was on the high side as it represented an increase of 2.6% of the global cost in 2021. It was also way higher than what it was in 2020 by 12.7%. The research also found that 83% of companies have experienced cyber breaches a couple of times. Also, just 17% of companies in the survey had a single violation.

It is another ball game for finance, healthcare, and transportation companies as they spent an average of $4.82 million on a data breach fix. Firms with well-developed AI security systems face less expense on data breaches and can save up to $3.05 million. Saving costs have driven the number of companies that adopt AI security and automation support systems from 59% to 70% by the end of 2022. 

13. Solving One Data Breach Issue Can Cost Up to $100 Million.

The growing attention to data breaches has skyrocketed the cost of resolving a data breach. We believe spending $100 million on a data breach is enough to make any company cautious of password security. Such an expense has an immediate and ripple effect on an organization’s finances. Therefore, a company should integrate appropriate cybersecurity policies and detect any form of cyber invasion. All of these are to keep a company in check and perfect financial health. 

14. It Takes Most Companies About 197 Days to Discover a Breach.

Data breaches cause much harm to a company as it takes days for management to discover them. Taking a cue from an IBM report shows that it takes 197 days for companies to detect a data breach and another 69 days to solve it. A company that can contain a breach within 30 days can save over $30 million compared to firms that take longer. Customers can go as far as suing a company for losses when disclosing a breach takes longer than necessary.

15. Just a Single Case of Identity Theft Can Cost as Much as $20,00.

A lot of people are not aware of how expensive it is to solve one case of cyber breach. ITRC says it can cost as low as $500 for some persons or even more depending on the level of damage. For FTC, an average identity theft cost $800, but this wasn’t the case for 21% who lost over $20,000 in 2020. The younger generation is the easiest target but not the ones who suffer the most financially. We can’t say for certain that age comes with more money, but those who are over 60 years old face the harshest financial loss in identity theft. They can lose up to $1,100 on average, while those below 60 lose $300.

Conclusion

Every year, experts tell the public how important it is to create a strong password. Researchers try to be a step ahead of the game to reduce the rate of cyber hacking. The question that remains in the hearts of many cybersecurity experts is why there is low usage of password managers. Several reasons, which may seem like lame excuses, are the rationale behind multiple accounts using one password. These include a lack of trust in a password manager, forgetting, being too lazy to create, etc. However, we believe that the available data on the financial loss to individuals and firms will help reduce the incidence of password reuse.

Frequently Asked Questions



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