Cybercrime is rising faster than ever, and security experts at NordPass think that one of the reasons could be people deeming password management as a burden. A recent study revealed that 30% of people believe that password management is as stressful as retirement.
In addition, if people lose a vital password with no reset option, they are even more stressed. 68% of the respondents agree that this situation is as stressful as dismissal from work or changing jobs.
“With the continuous increase in time spent online, especially during the COVID-19 lockdowns, the risk of cybercrime carries on increasing. Nowadays, people create more online accounts than ever to pay for services remotely, and that doesn’t help. People are overwhelmed by the number of accounts they need to manage,” says Chad Hammond, security expert at NordPass.
“It’s understandable why people tend to worry about financial accounts more. But it’s important to remember that if you use weak or repurposed passwords, it doesn’t matter which account gets hacked. In essence, all accounts become jeopardized,” says Hammond.
However, even these most critical accounts are left insufficiently secured. For example, only half (56%) use a unique password to protect banking or other financial accounts. Similarly, only 47% protect their email account with a unique password.