In 2017, reading about the latest data breach has become a daily occurrence. It’s something we’ve come to expect, and more than ever we’re faced with stark warnings about staying safe online.
The recent report from Shape Security highlights just how big this problem has become. In 2016 alone, 51 companies reported that their user’s login details had been stolen, totalling more than 3 billion credentials. To put this into perspective that’s more than 275 million details stolen in a month, over 9 million leaked each day, over 375,000 in an hour and more than 6,000 stolen per minute. These figures are staggering and show the harsh reality we now face.
Today, usernames and passwords are the keys to unlock and access many online services, including banking, retail, dating, and travel. But we can no longer rely on the password to secure these accounts and protect our personal data. Even Corbató, the man who invented the password, said it has become a nightmare. One of the key problems is that once a hacker has one set of login details they will use these elsewhere to try and access other accounts. And this tactic often works as many of us reuse the same username and password across multiple sites. Hackers also have the technology at their disposal to test more accounts than ever before. In fact, the report shows that the success rate of using stolen login details to take over other accounts is between 0.1% and 2%.
We’re giving our information to many different people and companies that it’s hard to recall who we’ve given our details to, and what information we’ve shared. It’s no surprise many of us choose convenience over security, and reuse the same login details.
With more of our lives spent online – we can shop, order food, book a taxi, talk to our friends, and plan a holiday – taking ourselves offline and not using online services is not a solution, it’s a sign of defeat. At Yoti, we’re on a mission to fix some of these issues. We want to make things easier for consumers and harder for fraudsters. It’s not an easy task but we feel we have the people, resources and passion to make things better and help people stay safe online. It’s the only way to ensure our digital economy doesn’t just survive, but thrives.