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Why Businesses Should Implement Password Management Technologies Post-COVID

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The world ground to a halt this spring, but that didn't stop the cybercriminals who capitalized on the pandemic. As businesses closed their doors, and more people worked from home, these criminals exploited the coronavirus — and passwords were their biggest target. Now, as the world slowly reopens, the World Economic Forum (WEF) is making the case for identity and access management tools that improve security, increase usability, and lower costs.

The world has changed these last few months, and now businesses have to manage two threats: A new health emergency and an ongoing cybercrime crisis. One in four organizations predicts that more than 80 percent of their workforce will be "digital" post-COVID, so companies need to utilize password authentication technologies to implement successful and seamless work-from-home programs. 

Cybercrime During a Pandemic

                                                                                                         

Cybercrime has always been a significant threat to business owners. Before COVID, experts predicted that cybercrime would cost $6 trillion worldwide every year by 2021, while the average cost of a data breach totaled an estimated $3.92 million. Business leaders believed cybersecurity risks were on the rise, with data theft and cyberattacks among the top 10 biggest risks for CEOs in the short- and long-term, according to the WEF's 2020 Global Risks Report.

Post-COVID, the problem has got worse. It seems nothing stops cybercriminals. Certainly not even a global health crisis. 

During this crisis, passwords have been extremely vulnerable to cyberattacks. Research shows that criminally-funded attacks on passwords around the world have increased by a massive 667 percent. It's no wonder, then, that the WEF is urging businesses of all sizes to take action now and implement "critical applications that will streamline productivity and collaboration while enhancing security."

Recommended reading: 6 Steps to Using a Team Password Manager for Your Small Business

Why the Problem Will Get Even Worse

                                                                                       

With government restrictions still in place and millions of people working from home, cybercriminals will continue to exploit the pandemic. The problem is, many workers at home lack the infrastructure and critical programs that protect data, which creates new opportunities for cybercriminals who want to steal passwords and other sensitive information.  

"The increased numbers of employees working remotely presents an opportunity for cybercriminals," says the WEF. "Companies must be vigilant and maintain proper controls on their data and finances. Leaders, IT departments, and staff must work together to prevent vulnerabilities."

The WEF hopes that new password technologies will allow businesses to scale and integrate various business processes as the world recovers from the economic fallout of COVID-19. In particular, the organization recommends password management technologies that support widely-accepted security protocols such as Security Assertion Markup Language (SAML). 

Recommended reading: Why All Businesses Should Use A Team Password Manager

The Benefits of Password Management Post-COVID