The Risks of Password and Account Sharing

The risks of password and account sharing can’t be overstated, especially with the growing use of technology platforms, remote users, and rising data breaches linked to poor identity and access management. Most companies operate complex digital systems, including mobile devices, desktops, and countless SaaS platforms, all relying on passwords to keep data secure.

Stolen or compromised passwords remain the top way hackers access systems. According to internet sources, over 11 billion accounts have had their passwords compromised, just the ones researchers know about.

That’s why keeping passwords safe should be a top priority for both businesses and individuals. A common risk is sharing accounts and passwords, whether for convenience or to cut costs, but it’s always risky.

Keep reading to explore the dangers of account sharing and key best practices for managing access more securely.

Password & Account Sharing Risks 

• Risk of Losing Account Access

Whenever a password is shared among several people, there’s always a risk that someone might take over the account and lock others out. This can happen when a frustrated employee leaves or accidentally shares the password.

The risk grows even more when the same password is used across multiple platforms. For example, if a bad actor uses a known password to access a related email account, they could reset passwords for all linked accounts, hijacking your entire online identity before you even realize it.

• Reputational Damage

The main purpose of passwords is to prevent unauthorized access to sensitive data and systems. If hackers gain access, they can cause serious harm to individuals or businesses, often just by pretending to be someone else.

A good example is the 2020 hack, where several high-profile Twitter accounts were taken over. The attackers used them to post a Bitcoin scam and stole over \$100,000. Those accounts were big enough to avoid lasting damage, but a similar attack on a small business or individual could have far worse consequences.

• Higher Risk of Hacking

Passwords are an efficient security measure if you can keep them safe from hackers who use methods like slow dictionary attacks to break in. But sharing passwords with multiple people creates more weaknesses. Hackers often rely on phishing and social engineering to trick users into giving up passwords. So, the more people who know a password, the more targets hackers have. If one person makes a mistake, everyone is at risk.

How to Manage Password and Account Sharing Risks?

Even though the above-mentioned account sharing risks show why it is best to avoid the practices beforehand, there are a few situations where that is impractical and oftentimes impossible. And when that occurs, the best you could do is to take some additional steps to keep your account safe. The best way to do that is:

• Use an Encrypted Password Manager

One of the best ways to make a shared account secure is to insist that all users keep the password in an encrypted password manager. Then it’s possible to make the password extra intricate because individual users do not necessarily need to recall it from memory. That helps the password resist dictionary attacks and makes it harder for the involved users to divulge the password in a phishing or social engineering attack. 

• Use Hardware Security keys

A great way to protect shared accounts is by using hardware security keys instead of just relying on passwords. They’re easy to use, economical, and can defend against almost all kinds of threats, helping you avoid the usual issues that come with passwords overall.

• Use Two-Factor Authentication

When dealing with a shared account, it is always advisable to allow two-factor authentication (2FA) when it’s available. This lessens the dependence on the password as the only line of defense against intruders. Common shared 2FA options involve security-related queries or single-use codes (sent to a shared email account or a distribution list).

Final Thoughts

At last, the best way to manage the risks linked with shared passwords is to not share them in the first place. But when that is impossible, there are a few simple and efficient methods to keep a shared account safe. By using one or more of them, you could greatly lessen the odds of falling victim to a data breach or other password-driven cyberattacks. 

How can Credentius help?

Credentius password manager is a simple, safe, and powerful way to manage passwords for both individuals and businesses. With encrypted storage, smooth device syncing, and user-friendly features such as auto-fill and password generation, it takes the trouble out of staying safe. For teams, it includes policy controls and centralized management to lessen the risk of breaches. Stop worrying about your password and account security with Credentius.

Author: Amna Shahid

Amna Shahid, a technical content writer, is an expert in simplifying intricate notions and composing captivating narratives to participate and convey technical information efficiently. With a devotion to brilliance in this dynamic technical writing field, Amna is open to collaborating and new possibilities in this succeeding tech realm.

Reviewed By: admin

Credentius is a reliable and user-friendly password manager designed to simplify and secure your digital life. Whether for personal or enterprise use, Credentius creates strong passwords, stores them securely, and provides seamless access across devices, ensuring enhanced security and effective password management.