Crypto Owners, Third in 2018 Password Offender list

Dec 14, 2018 at 22:23

Cryptocurrency owners placed third in the annual list that ranks high-profile individuals, organizations and sectors who demonstrate weak password management.

“As the value of cryptocurrencies reached record levels at the beginning of the year, scores of crypto owners had the potential to cash out—if they could remember their passwords. The news cycle was rife with reports of people resorting to desperate measures (including hiring hypnotists) to attempt to recover/remember the forgotten passwords to their digital wallets,” the American-based surveyor Dashlane said in its blog as it announced “its so-called 2018 “Worst Password Offenders” list.

The findings may also somehow reflect why hacks have been prevalent in the cryptocurrency space.

“Passwords are the first line of defense against cyberattacks,” said Emmanuel Schalit, CEO of Dashlane., adding that” weak passwords, reused passwords, and poor organizational password management can easily put sensitive information as risk.”

The report aims to highlight the weakness of the passwords in fully protecting accounts that serve as storage for sensitive information. However, it elaborated neither the scope nor the methodology it adopted to come up with its findings.

Topping the list was Kanye West who was captured unlocking his iPhone with six zeroes as passcode. The artist was followed by the United States Department of Defense’s The Pentagon.

Tracking “cryptocurrency owners” were Nutella, United Kingdom-based law firms, Texas, Whitehouse staff, Google, United Nations and the University of Cambridge.

Dashlane found that the average internet user has over 200 digital accounts that require passwords, a figure it projects will double to 400 in the next five years.

“The sheer number of accounts requiring passwords means everyone is prone to make the same mistakes as the Password Offenders,” Schalit was quoted.

“We hope our list serves as a wake-up call to everyone to follow the best password security practices.”

Dashlane recommended that each individual account have a different password and that the password used are not easy to guess or contain names, proper nouns, or things people can easily research about you. Eight-character passwords will suffice to provide security as long as they include a mix of random letters, numbers, and symbols.

A generator which creates random and unused passwords can also be of help when forming your own, according to Dashlane.