Your password is not safe: Deloitte

More than 90% of user-generated passwords will be vulnerable to hacking in a matter of seconds, according to Deloitte’s Canadian Technology, Media & Telecommunications (TMT) Predictions 2013 report.

“Passwords containing at least eight characters, one number, mixed-case letters and non-alphanumeric symbols were once believed to be robust. But these can be easily cracked with the emergence of advance hardware and software,” says Duncan Stewart, director of research, Deloitte Canada and co-author of TMT Predictions 2013.

“A machine running readily available virtualization software and high-powered graphics processing units can crack any eight-character password in about five hours.”

It’s human behaviour and a tendency for password re-use that puts password security at risk. Moving to longer passwords or to truly random passwords is unlikely to work, since people just won’t use them. Multifactor authentication using tokens, cellphones, credit cards or even biometrics are likely solutions.

The report also reassures us that the PC is not dead. More than 80% of Internet traffic measured in bits will continue to be generated on traditional personal computers (desktops and laptops). And of the total time spent on PCs, tablets and smartphones combined, more than 70% will be using PCs. This includes both work and home usage.

Also read:

Know your cyber criminals

Banks enlist cyberspy agency to prevent attacks

Cyber bullies target major U.S. banks

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.