We tend to wax poetic about what would happen if your passwords got into the wrong hands. Hey, it’s our job.
But money speaks louder than any of our dire warnings.
LinkedIn spent up to $1 million so far to fix a security breach. When hackers stole about 6.5 million passwords and posted them online, LinkedIn scrambled with their wallets open to figure out what happened and increase security. Read the full story.
Cleaning up after a password breach is shockingly expensive, but it’s not just the clean-up you have to pay for. You could also get sued. And everyone knows, court cases are a money pit. There’s the legal costs, lawyers fees, and the actual money you can get sued for.
Take Yahoo for example. They leaked as many as 450,000 usernames and passwords from a site. Now they’re getting sued for negligence by a customer whose password was stolen. The court case is still developing.
The point is these companies are paying good money to clean up after themselves. It would’ve been infinitely cheaper to secure access to their company infrastructure from the get go and avoid these problems.
If you’re reading this and you don’t have strong password management practices in place like AuthAnvil Password Solutions, then consider how getting sued for negligence would damage your reputation and cost. Remember, Errors & Ommisions (E&O) insurance doesn’t cover you when you knowingly put customers at risk, such as neglecting to change passwords when technicians leave your organization, or letting existing techs share credentials openly so they cannot be tracked or audited.
Don’t wait to get exploited before taking action to enhance your password management process. If you hedge your bets on hoping for the best, you might just find yourself with empty pockets.