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Password Management Made Simple

May 29, 2020

According to research published by Juniper Research, cost of Cybercrime will “rise from $3 trillion each year to over $5 trillion in 2024, an average annual growth of 11%”.[1]

One of the key causes was password mismanagement.

The Identity Theft Resource Center[2] supports this statement and goes on to say that the majority of users (83%) assist cyber criminals by using the same password for more than one account. This enables the use of “credential stuffing” where data breach attempts are automated.

The reason why similar passwords are used is simple…it is almost impossible for any user to remember all of their passwords. Multiple user strategies to balance ease-of-use and risk reduction are employed from manual record-keeping to automated capture and storage.

Many users keep a password book, forcing them to pull it out whenever they forget or have to update their passwords. While this might sound like a reasonable approach, with the increased use of mobile devices, it is impractical.

Browser-based password management works to some extent, storing user id’s and passwords for browser-based applications from that device. However, this does not support stand-alone applications and the use of multiple devices.

There are more sophisticated password management solutions that use software, hardware or both. While many of these work satisfactorily, keeping track of user ID’s and passwords, they are not necessarily user-friendly.

Everykey provides a password management solution that directly addresses many of the short-comings stated above. They currently offer a single hardware/software solution that can be used on multiple devices (such as laptops, desktops and mobile phones), supports browser-based and stand-alone applications, is easy to transport (key fob), and is engineered to be 100% focused on the user experience.

For more information on Everykey, click here.

Harold Kreitzman, VP, Strategic Advisory Services

NYC Research Group, Inc.

[1] The Future of Cybercrime & Security: Threat Analysis, Impact Assessment & Mitigation Strategies 2019-2024, Juniper Research, August 2019.

[2] 2019 End-of-Year Data Breach report, Identity Theft Resource Center.

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