New
research by NordPass explores why are people still struggling with
password management

May
20, 2020.
Cybercrime is rising faster than ever, and security experts at
NordPass think that one of the reasons could be people deeming
password management as a burden. A recent study revealed that 30% of
people believe that password management is as stressful as
retirement.

In
addition, if people lose a vital password with no reset option, they
are even more stressed. 68% of the respondents agree that this
situation is as stressful as dismissal from work or changing jobs.

Why
is password management so stressful? The research highlights three
main reasons:

1.
People have too many accounts to manage. (66% out of the surveyed
people agreed, that this is what makes passwords stressful)

2.
People can’t remember which password is for which account (41%)

3.
People can’t remember their passwords because they use unique ones
for every account (38%)

“With
the continuous increase in time spent online, especially during the
COVID-19 lockdowns, the risk of cybercrime carries on increasing.
Nowadays, people create more online accounts than ever to pay for
services remotely, and that doesn’t help. People are overwhelmed by
the number of accounts they need to manage,” says Chad Hammond,
security expert at NordPass.

In
addition to these findings, the research also confirmed that people
tend to worry most about accounts related to money, such as banking,
email, and large online store accounts.

“It’s
understandable why people tend to worry about financial accounts
more. But it’s important to remember that if you use weak or
repurposed passwords, it doesn’t matter which account gets hacked.
In essence, all accounts become jeopardized,” says Chad Hammond,
security expert at NordPass.

However,
even these most critical accounts are left insufficiently secured.
For example, only half (56%) use a unique password to protect banking
or other financial accounts. Similarly, only 47% protect their email
account with a unique password.

Methodology:
Password manager NordPass anonymously surveyed 700 people in the UK
and 700 people in the US to find about consumers’ password habits
as well as understand how much of a burden password management is to
most people.

ABOUT
NORDPASS

NordPass
is a new generation password manager shaped with cutting-edge
technology, zero-knowledge encryption, simplicity, and intuitive
design in mind. It securely stores and organizes passwords by keeping
them in one convenient place. NordPass was created by the
cybersecurity experts behind NordVPN - one of the most advanced VPN
service providers in the world. For more information: nordpass.com.