Your online accounts contain valuable assets and essential information that make up your digital identity. As passwords are often the first layer of defence against unauthorised access, ensuring online password security is crucial. This guide will outline techniques for generating strong passwords and describe secure storage practices.
Why are my passwords important when investing in crypto?
As the popularity of cryptocurrency increases, so too does cyber theft and cryptocurrency scams. Your passwords are extremely important when investing in crypto as they are the key to accessing your digital assets. In the world of crypto, if your account is compromised, you will lose your funds without a third party to bail you out.
Websites such as security.org can check the strength of your password by revealing how long it would take a computer to crack it.
Tips for creating a secure password
Let’s take a look at some of the most important things to consider when creating a password
Create a long and complex password
The longer the password, the harder it is to crack. Aim for a minimum of 12 characters and use a combination of characters.
For example, a super-strong password would be something like $uperStrong72! According to security.org, this password would take a computer two hundred million years to crack. Now that is a secure password!
Never use personal information
Don’t use information such as your name, birthday, pet name, or other personal information. This type of information is often publicly available, making it easier for someone to guess your password.
For example, if you have posted photos of your dog “Freckles” on Facebook and your date of birth is visible, it won’t take a genius to figure out your password might be Freckles92.
Do not reuse passwords
Always create unique passwords, using the same password for multiple online accounts makes it easier for hackers to gain access to all your accounts.
It is also important to never re-use an old password. NEVER re-use your email password (and change it frequently). Your email is the key to all your other accounts. If it is breached, consider everything compromised!
Complex passwords increase your online security, but they also make it hard for us to remember them. Using a secure password manager application can generate strong passwords for you, store them securely, and autofill them when needed.
This also comes with risk, however, as it is a single point of failure. Should someone gain access to your master password, they would have access to all your passwords and information. If you are going to use a password manager, only use a desktop version, and ensure to create a strong master password with MFA set up on it.
Multi-factor authentication (MFA)
A Multi-factor authenticator (MFA) is an additional layer of security that helps protect your accounts and personal information by requiring a second form of verification in addition to your password. Hackers often use automated programs to guess passwords.
With MFA, even if they guess your password, they still won’t be able to access your account without the second factor. Be sure to use an app-based MFA rather than your email.
Malware can access your saved passwords stored in your web browser or on your computer. Next time that little pop-up asks you if you would like to save your password, don’t do it. Only utilise password managers to store your login details.
This article has explained the importance of password security and given some key recommendations for how to keep your passwords safe to ensure the protection of your crypto. It is always best practice to activate all the security measures offered by the exchange you are using. If you would like to learn more about safely storing crypto, blockchain technology, or anything else crypto-related, there is a range of informative guides, courses, and quizzes on Swyftx Learn.