39% of Irish adults have failed to update their passwords in the past year

From: RegTech Analyst

While old and weak passwords continue to be a key weakness in companies’ cybersecurity, almost two in five Irish adults have not updated their passwords in the last 12 months.

OneLogin, the identity and access management company, has polled 1,000 Irish adults through YouGov. It found that 39% had not changed their passwords in the past year and 20% had not updated their logins within the past two years.

It also found that 27% write down their passwords on paper, 24% save them on a digital device and 16% use a third-party dedicated password management service.

“Today’s OneLogin research demonstrates a growing awareness of the dangers of cybercrime and points to an opportunity for Irish organisations and individuals to take a more stringent approach to their professional and personal online security,” said Elle Lathrop, head of EMEA at OneLogin.

The research comes on the back of Compliance Compendium’s chief business development officer Gareth Gadd explaining to RegTech Analyst’s readers why bad passwords is such a huge problem.

Essentially, bad password habits create bigger risks of being exposed to hack attacks.

Some RegTech startups have realised that this situation has created a big business opportunity.

One of them is the cybersecurity startup HYPR that recently closed a $18.3m Series B round with the aim to put an end to passwords once and for all.

Another is the password manager 1Password, which raised $200m in its Series A round in mid-November.

Copyright © 2019 FinTech Global

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