Keeper Security, the leading provider of zero-trust and zero-knowledge cybersecurity software protecting passwords, passkeys, privileged access, secrets and remote connections, released Fortifying Cyber Resilience: Insights Into Global Cybersecurity Practices.
The survey of more than 6,000 respondents globally finds that 62% of people are worried about managing too many passwords, accounts and logins. In Singapore, the percentage of respondents voicing the same concern rises to 70%, underscoring a growing concern about the complexity of password management. The report reveals critical insights into current security practices, highlighting both strengths and gaps that need to be addressed.
Overconfidence in Cybersecurity Habits
Many individuals exhibit overconfidence in their cybersecurity practices – particularly regarding password management. The report found that despite 9 in 10 Singaporeans believing their passwords are secure, 63% admit to sharing their passwords either verbally, with pen and paper, over the phone or via text messaging. Additionally, 84% of locals feel confident about their cybersecurity knowledge, but nearly half reuse their passwords across platforms.
Popular Password Management Practices
Risky password management practices further emphasise the disconnect between widespread cybersecurity confidence and the actual state of global cyber hygiene. Keeper’s research finds the most common methods Singaporeans use for managing passwords include:
- Relying on memory
- Writing them down
- Storing them in a browser or phone notes app
While many people think their passwords are secure, their behaviours indicate a critical need for advanced tools and comprehensive education. Adopting a password manager, creating strong and unique passwords for every account, and enabling Multi-Factor Authentication everywhere it’s available, can significantly enhance an individual’s personal cybersecurity.
MFA adds one more layer of security by requiring multiple verification methods before granting access to an account. This additional security step helps ensure that even if a password is compromised, cybercriminals will still be thwarted when trying to enter the account.
Password Sharing Still Prevalent
Despite crackdowns by streaming services, 1 in 3 Singaporean respondents admit to sharing passwords for streaming sites. Alarmingly, 15% partake in sharing of bank account passwords/PINs — a cause of concern amid the increasing rates of cybercrime. The other most commonly shared passwords include:
- Shopping accounts
- Personal emails
- Social media
- Work/school emails
- Work productivity platforms
Work To Be Done
The widespread challenges in bolstering global cyber hygiene demonstrate the need for education on the risks of insecure password sharing and management, as well as the adoption of solutions that will bolster cyber resilience. Despite leading industry experts and government cybersecurity agencies recommending the use of a secure password manager to store, generate and securely share passwords, Keeper’s research shows that only 12% of global respondents are doing so. These tools are crucial for managing online accounts and identities safely.
“The data reveals a cybersecurity paradox where people feel confident in their cybersecurity knowledge, yet are frequently targeted by cyber attacks and scams,” said Darren Guccione, CEO and Co-Founder of Keeper Security. “This disparity emphasises that knowledge alone cannot mitigate cyber risks; using tools like password managers and following best practices are vital for reducing cyber risks.”
Keeper’s Fortifying Cyber Resilience: Insights Into Global Cybersecurity Practices report underscores the ongoing challenges that security practitioners face in guiding people to take timely actions to protect themselves online. Empowering individuals through education and technology is critical to safeguarding sensitive data and defending against today’s sophisticated cyber attacks and online scams. By staying informed and adopting best practices, individuals can proactively defend themselves against the most prevalent cyber threats.