The Importance of Password Security

By
June Adams
May 10, 2021
Share on:

Weak passwords can compromise the best security tools and controls. With a never-ending list of applications and services that users and consumers access, people may have dozens of passwords to maintain at any given time. Often, the temptation to use familiar terms such as pet names, favorite teams or the names of children or friends can cause risk since much of those details can be discovered by a simple examination of social media.

Creating strong passwords offers greater security for minimal effort. Weak passwords can compromise the best security tools and controls. With a never-ending list of applications and services that users and consumers access, people may have dozens of passwords to maintain at any given time. Often, the temptation to use familiar terms such as pet names, favorite teams or the names of children or friends can
cause risk since much of those details can be discovered by a simple examination of social media.

Under Lock and Key
You can buy a small padlock for less than a dollar—but you should not count on it to protect anything of value. A thief could probably pick a cheap lock without much effort, or simply break it. And yet, many people use similarly flimsy passwords to “lock up” their most valuable assets, including money and confidential information. Fortunately, everyone can learn how to make and manage stronger passwords. It is an easy way to strengthen security both at work and at home.

What Makes a Password ‘Strong’?
Let’s say you need to create a new password that’s at least 12 characters long, and includes numerals, symbols, and upper- and lowercase letters. You think of a word you can remember, capitalize the first
letter, add a digit, and end with an exclamation point. The result: Strawberry1!

Unfortunately, hackers have sophisticated password-breaking tools that can easily defeat passwords based on dictionary words (like “strawberry”) and common patterns, such as capitalizing the first letter.
Increasing a password’s complexity, randomness, and length can make it more resistant to hackers’ tools. For example, an eight-character password could be guessed by an attacker in less than a day, but a 12-character password would take two weeks. A 20-character password would take 21 centuries. You can learn more about creating strong passwords in your organization’s security awareness training. Your organization may also have guidelines or a password policy in place.

Why Uniqueness Matters
Many people reuse passwords across multiple accounts, and attackers take advantage of this risky behavior. If an attacker obtains one password—even a strong one—they can often use it to access other valuable accounts.

Here is a real-life example: Ten years ago, Alice joined an online gardening forum. She also created an online payment account and used the same password. She soon forgot about the gardening forum, but someone accessed her payments account years later and stole a large sum of money.

Alice did not realize the gardening forum had been hacked, and that users’ login credentials had been
leaked online. An attacker probably tried reusing Alice’s leaked password on popular sites—and
eventually got lucky.

Guarding Your Passwords & PINS. Passwords and PINS protect sensitive data and it's critical to keep them safe. Try these best practices to stay protected.

1. Do not write them down – Many make the mistake of writing passwords on post-it notes and
leaving them in plain sight. Even if you hide your password, someone could still find it. Similarly, do
not store your login information in a file on your computer, even if you encrypt that file.
2. Do not share passwords – You cannot be sure someone else will keep your credentials safe. At
work, you could be held responsible for anything that happens when someone is logged in as you.
3. Do not save login details in your browser – Some browsers store this information in unsafe
ways, and another person could access your accounts if they get your device.
4. Use a password manager – These tools can securely store and manage your passwords and
generate strong new passwords. Some can also alert you if a password may have been
compromised.
5. Never reuse passwords – Create a unique, strong password for each account or device. This
way, a single hacked account does not endanger other accounts.
6. Create complex, long passwords – Passwords based on dictionary words, pets’ names, or other
personal information can be guessed by attackers.

 

 

 

You may also like:

By Trilogy Financial
June 26, 2024

Introducing Financial Advisor Woburn

 

In Woburn, Massachusetts, financial advisors at Trilogy Financial Services, such as Tom Elkins, Dale Sarpard, and Mohammed Siddiqui, are guiding clients towards financial success with personalized investment strategies. Leveraging their collective expertise and local market understanding, these advisors offer unique insights into maximizing investments.

 

Understanding the Woburn Investment Landscape

 

The economic landscape of Woburn offers diverse investment opportunities. Advisors like Tom Elkins, an Accredited Investment Fiduciary, emphasize the importance of understanding local market trends and how they can impact investment choices. With their finger on the pulse of Woburn's economy, these advisors tailor their strategies to leverage local strengths. Some of these Key Strategies and Insights from Trilogy Financial Advisors include:

  • Collaborative Strategy: Emphasizing a team-based approach, Trilogy Financial ensures clients benefit from diverse expertise and financial planning woburn.
  • Comprehensive Solutions: By pooling the knowledge of various advisors, the firm can offer more holistic financial plans.
  • Enhanced Understanding: This approach leads to a deeper comprehension of each client’s unique financial situation.
  • Complex Situation Management: The collaborative effort of the team allows for effective management of intricate financial scenarios.

 

Tailored Investment Strategies

 

Each investor's journey is distinct, and advisors at Trilogy Financial Services recognize this. Dale Sarpard, with his extensive experience, illustrates the importance of creating investment plans that align with individual goals and life stages. From retirement planning to wealth management, their strategies are as unique as their clients.

 

Tom Elkins' Approach:

  • Emphasis on understanding local market trends for informed investment decisions.
  • Advocacy for personalized financial planning tailored to individual goals.
  • Specialization in retirement planning and wealth management strategies.

 

 

 

 

Risk Management Techniques

 

Effective risk management is a cornerstone of successful investing. Mohammed Siddiqui, known for his client-focused approach, underscores the significance of a well-diversified portfolio. By balancing risk and return, these advisors help clients navigate market volatility with confidence.

 

Mohammed Siddiqui's Methodology:

  • Prioritizing client-focused risk management and portfolio diversification.
  • Adapting investment plans to changing market conditions and personal life changes.
  • Utilizing technology for real-time investment insights and efficient planning.

 

 

 

 

Future-Proofing Your Investments

 

Woburn's financial advisors are adept at adapting investment strategies to evolving market conditions and personal circumstances. They prioritize long-term sustainability, ensuring that clients' investments can withstand economic shifts and personal life changes.

 

Dale Sarpard's Expertise:

  • Extensive experience in developing comprehensive financial plans.
  • Focus on aligning investment strategies with life stage and financial objectives.
  • Expertise in navigating complex financial scenarios for diverse client profiles.

 

 

 

 

Leveraging Technology for Investment Success

 

In today's digital age, technology plays a crucial role in investment management. Trilogy Financial Services utilizes advanced tools and platforms to provide clients with real-time insights and streamlined financial planning processes.

 

Conclusion

The advisors at Trilogy Financial Services in Woburn are committed to guiding clients through the complexities of investing. With personalized strategies, expert risk management, and sophisticated technology, they are equipped to help you achieve your financial goals. For those seeking to maximize their investments, consulting with these local experts is an invaluable step towards financial prosperity.

 

Ready to Amplify Your Wealth today?

 

If you're ready to elevate your financial planning with our professional team, we invite you to schedule a meeting with us. At Trilogy Financial Services, our advisors in Woburn are dedicated to crafting personalized financial strategies that align with your unique goals. Don't wait to start your journey towards financial success:

Schedule a Meeting: Reach out to us to arrange a one-on-one consultation with our financial professionals.

Give Us a Call: Prefer a quick conversation? Feel free to give us a call to discuss your financial needs and how we can assist. Call Us To Get Started. (844) 356-4934

Schedule a No-Strings-Attached Portfolio Review today and embark on a path to financial success guided by professional advisors. For more information and to schedule your consultation, visit www.trilogyfs.com/yourmoneyamplified. With the right knowledge and professional guidance, the journey of investing becomes an exciting venture towards achieving financial security and growth. This way, you're not just dreaming of an ideal retirement but actively working towards making it a reality.

 

 

 

 

*There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

By Trilogy Financial
May 21, 2018

Your first thought, spend it! But how? Is it the house project you and your spouse have been discussing for the last several months? Should you pay down your credit card balance? Go on a trip? Wait, you’re excited about the refund, but in retrospect you should have adjusted your allowances so that you didn’t give the government an interest free loan over the course of the last twelve months. With that said, should you fire your accountant? Well, it’s too late now. Take a moment, and think through the best use of this money? What are your short-term priorities? How do those priorities align or even conflict with other priorities that are further down the road? Should the refund have just one focus?

Let’s first sort through what we need to consider. Is this refund enough to actually complete the house project or will you actually have to put the remaining balance of the project on a credit card? Do you have your three to six months of savings in your emergency fund? What are the interest rates of your current credit cards? What is the current state of the market? Are you comfortable with market risk if you were to invest your refund? How secure is your current career? How variable is your current income? These are significant questions and require more diligence than, quickly hiring the contractor to install heated floors in that master bathroom. Give some intentional thought to this prior to your refund arriving in your bank account. Meet with a Certified Financial Planner to not only consult about what to do with your tax refund, but also your current planning situation and existing investment accounts and risk management plan.

Prior to the receipt of your tax refund, create a pie chart, sort through your most important priorities and time frames, then allocate accordingly, without heavily weighting one priority over the next. Make your refund go further. Start with savings, then, make a larger credit card payment than the monthly minimum if a balance exists, assuming the interest is in the teens. Tuck a portion into the stock market. If you anticipate needing or wanting the money prior to retirement, establish or contribute a portion of the refund to a non-retirement investment account. Only after taking these steps should you allocate funds to a home project. Why? You have now considered long-term planning first, then addressed short term priorities. Life happens, homes need upgrades, and travel is always an option. These plans will ALWAYS be available and present. Retirement and long-term planning will not happen, if you don’t plan now. Meet with a Certified Financial Planner to sort through what to do with your tax refund. Finally, discuss this with your CPA in preparation for next year’s taxes to sort through how you can limit the refund and have more cash available over the course of the year.

Get Started on Your Financial Life Plan Today