LastPass by LogMeIn today released findings of its fourth Psychology of Passwords global report, which revealed that while 92 percent of people know that using the same password or a variation is a risk, 65 percent still re-use passwords across accounts, drastically increasing the risks to their sensitive information. While consumers have a solid understanding of proper password security and the actions necessary to minimize risk, they still pick and choose which information they apply that knowledge to, according to the report.
Strong cybersecurity habits are more important than ever this year, given the sheer volume of time individuals have spent online in the last 18 months and the corresponding spike in cyber-attacks. Yet the survey revealed that despite 71 percent of people working wholly or partly remote and 70 percent spending more time online for personal entertainment during the pandemic, people were still exhibiting poor password behavior. Most data breaches – a staggering 85 percent – involved a human element through phishing or human error according to the 2021 Data Breach Investigations Report, and the need for password security remains critical as attacks rise.
Key findings from the Psychology of Passwords Report include:
- There’s a lot of awareness, but not enough action. Most users are creating passwords that leverage personal information that has ties to possible public data, like a birthday or home address. Seventy-nine percent of respondents agreed that compromised passwords are concerning, but over half rely on their memory to keep track of passwords. Eighty-three percent of respondents would not know whether their information was compromised on the dark web showcasing the many blind spots and overall apathy when it comes to password management.
- COVID-19 has increased the amount of time we spend online. The pandemic has greatly expanded our digital lives over the past year, with 91 percent of respondents reporting that they’ve created at least one new account this year and 90 percent indicating that they have up to 50 online/application accounts.
- Support behind personal and work behavior overlap. Over the past year, 47 percent of respondents did not change their online security habits while working remotely and 44 percent admitted to sharing sensitive information and passwords for professional accounts while working remote. Meaning almost half of employees engage in risky password behavior while working remotely, which is causing IT admins to rethink security strategies in a hybrid work environment.
- Consumers are selective in what they protect. Coupled with the cognitive dissonance in consumer awareness of the need for security versus action, the report also found that the type of information being protected impacts consumers’ likeliness to use good password practices. While 68 percent of respondents would create stronger passwords for financial accounts, only 32 percent noted they would create strong passwords for work-related accounts.
“Our latest report showcases the impact of the COVID-19 pandemic amid the increased time we spent online – which has in turn, increased our vulnerability to potential hackers,” said Dan DeMichele, VP of Product Management for LastPass. “As we continue to grow our online presence, we need more robust protection for our online information. One way to combat this is by investing in a password manager which can be used to store your personal and digital information safely. As a business or IT lead, adding an additional layer of security, including multi-factor authentication or single sign-on options, will help to ensure that your employees are the only ones accessing their information.”
For more information and to read the full paper, visit: https://www.lastpass.com/resources/ebook/psychology-of-passwords-2021
LastPass commissioned the market research firm Lab42 to reveal the current state of password behaviors in the new era of remote work. The responses were generated from a survey of 3,750 professionals at organizations across a variety of industries in the United States, United Kingdom, Germany, Australia, Singapore, France, and India. The survey asked respondents about their feelings and behaviors regarding online security. The result? Despite an increase in time spent online, respondents continue to practice poor password behavior.
LastPass is an award-winning password manager helping more than 30 million users organize and protect their online lives. For more than 85,000 businesses of all sizes, LastPass provides identity and access management solutions that are easy to manage and effortless to use. From single sign-on and enterprise password management to adaptive multifactor authentication, LastPass for Business gives superior control to IT and frictionless access to users. For more information, visit https://lastpass.com. LastPass is a trademark of LogMeIn in the U.S. and other countries.
About LogMeIn, Inc.
LogMeIn, Inc.’s category-defining products, such as GoTo, LastPass, Rescue, LogMeIn Central and more, unlock the potential of the modern workforce by making it possible for millions of people and businesses around the globe to do their best work simply and securely—on any device, from any location and at any time. A pioneer in remote work technology and a driving force behind today’s work-from-anywhere movement, LogMeIn has become one of the world’s largest SaaS companies with tens of millions of active users, more than 3,500 global employees, over $1.3 billion in annual revenue and approximately 2 million customers worldwide who use its software as an essential part of their daily lives. The company is headquartered in Boston, Massachusetts with additional locations in North America, South America, Europe, Asia, Australia and thousands of home offices around the globe.
Media: Jen Mathews 617-279-2443