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Tips for Smart Password Creation and Management for Small Businesses

A favorite hacking technique among cybercriminals is simply to discover and use existing passwords. Weak or easy-to-guess passwords can be cracked in minutes using software, and stored passwords left unencrypted can easily be mined if the wrong person gains access to your computer or desk. As a small business owner, you must protect your interests not only by creating robust passwords, but also by managing those passwords safely. Let’s explore a few proven principles for creating and managing passwords effectively and safely.

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Bad password management risk

How Bad Password Management Can Put Your Small Business at Serious Risk

The most vulnerable part of every door is the key that unlocks it. We need our keys to get in and out, but we must also protect our keys to keep bad guys from getting hold of them. By the same token, your passwords—your online set of keys, if you will—represent the most vulnerable point in your online accounts. If you create passwords that are too easy to guess, or if you leave your passwords where people can access them, you could open your small business up to an online catastrophe.

Password mismanagement comes in many forms. Let’s look at a few of the most common.

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True Life Small Business Cybersecurity Horror Stories – Part 2

Many small business owners not only assume they are safe from hackers due to their size. Let’s continue exploring some true-to-life cybersecurity horror stories of small businesses that might convince you otherwise.

Go-Cart Racing Business Victimized by Phishing

Phishing scams can be very clever and can frighten business owners into giving out personal data under a false sense of urgency. Entrepreneur Rick Snow testified before Congress that he became such a victim, causing his Scarborough, Maine go-cart racing company to come up short on its payroll. As Fox Business reports, after receiving a fake email convincing him to update his banking passwords, Snow woke up one morning to find his business account completely drained—on a payday when his employees were expecting their checks. “We were supporting a number of families, many of which live paycheck-to-paycheck…” he said. “I was also very worried about our business’ reputation since a restaurant nearby had just bounced their paychecks and the company never recovered from the bad publicity they received…Phishing can happen to anyone, phishing attacks are meant to scare you and make you act without thinking.”

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