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Many companies use a generic login and share a single account with multiple employees, a team, or a department. Companies may have reasons; Perhaps purchasing separate accounts for each employee is costly. Your clients may be comfortable reaching you through your shared email account. Yet, most businesses are unaware that the dangers exceed the benefits.

According to Statista, 23% of recipients who share passwords with a second party got their credit cards accessed by a third party without their knowledge. Imagine getting your business’s account details accessed by a malicious third party because you use a generic login. 

Generic logins pose an increased risk to digital environments. When multiple people have access to a password, there is a tendency to have the passwords changed, making them a desirable target for hackers. With these, hackers can access your data, such as your bank account, credit score, and other sensitive information.

This article will discuss why you shouldn’t use generic login in your company and give tips on securing your login credential.

Why Your Company Shouldn’t Use Generic Logins

Below are reasons why your company shouldn’t use generic login:

  • Potential for account loss

When two or more individuals share an account’s password, there’s a danger that one of them will act to seize control of the account and lock everyone else out, especially when it is a financial organization.

That can happen when an employee leaves a position or gets promoted. The employee may still have access to your account and resources. That way, the risk of losing your account increases since they can modify your personal information, such as your company’s login credentials, email, phone number, and other sensitive data.

  • Increased vulnerability to hackers

When you share your credentials with your employees, you create more access for hackers to attack. That is because phishing and other hacking strategies are hackers’ most commonly used methods to deceive consumers into exposing their passwords.

As a result, the more people who know a password, the more targets those attempts have. If anyone makes a mistake, everyone suffers.

Moreover, suppose your employees’ computers are not protected, and your password is saved on their computers. In that case, anyone in the company can access your account. 

It is crucial to understand that if hackers can access even one point of your company’s system, it becomes much easier for them to access other network parts.

  • Reputational damage

Using generic accounts might result in considerable economic loss. When hackers gain access to your data and sensitive information, they can do all kinds of harm to the company’s account. All they have to do is compromise the customer account, and trouble begins. This act can damage your company’s reputation and risk losing potential customers and customer loyalty.

Managing Password and Account Sharing Risks

Below are some simple and practical methods to keep your accounts secure. Using one (or more) of them can protect your company and lower your chances of being a data breach victim and other cyber threats: 

  • Use complex password

Passwords allow access to personal information on your computer and online accounts. Using weak or short passwords can result in data breaches, banned accounts, identity theft, and other issues. But, employing strong passwords will make it difficult for hackers to access your system.

Strong passwords are vital for securing data and personal information. Create passwords that are difficult to guess by combining alphabets, symbols, numbers, and unique characters.

  • Use encryption

Encryption converts your password or login credential from a text format to an encrypted format preventing hackers from accessing the information on your computer and networks.

Once your computer system is encrypted, your data cannot be stolen and read by someone who wants to use it for malicious reasons.

  • Use Two-Factor Authentication

While using a generic account, setting up 2FA is always a good idea. Two-Factor Authentication (2FA) is an extra security layer that prevents unauthorized users from accessing an account. It prevents it by requiring the user to submit two forms of identification before accessing an account.

It enables enterprises to monitor and protect their most sensitive information and data.

Two-Factor Authentication increases security by reducing dependence on passwords as the sole line of defense against attackers. Security questions and single-use codes are common shared 2FA alternatives (sent to a shared email account or a distribution list).

  • Use hardware security keys 

Apart from using a strong password or two-factor Authentication to secure your account, another great option is to use hardware security keys. 

Hardware security keys prove that the person trying to access the account is someone you can trust, not a criminal. It is a physical device with a unique PIN to sign in to your work. It provides an additional security layer; no one can access your account unless they know your password and physical security key.

Use passwordless authentication

Passwordless authentication is a system that verifies user identification without requiring the user to enter a username and password. Instead, it employs additional forms of security, such as biometrics, an OTP token code, or a proximity badge. It is more secure, reduces user friction, and saves organizations time, effort, and money.

Are You Ready to Increase Your Business Account’s Password Security? Let B-Comp Services Help You!

Consistently updating your security procedures is one of the first rules for improving your company’s security practices. B-Comp Services can guide and help you set up IT security procedures that will help protect your data from the risks of cyberattacks. Contact us today!

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