In modern day business passwords are the keys to the castle. Everything we now do in business is secured with them, from online banking, keeping in touch with customers via cloud systems, and even our marketing activity. It’s all accessed with a simple password.
As a business owner you can spend a lot of time and money ensuring that these passwords are protected, encrypted and secured from potential threat. But it was only last year that Hold Security discovered 1.2 billion stolen passwords acquired by a single group of hackers, showing that all forms of protection have a long way to go in keeping up with the current digital boom.
Whilst much investment is now being done to ensure businesses are safe from the online threats, many businesses are yet to think about what happens when the business owner passes.
Of course it’s not a topic that any business owner likes to think about, but the fact is if you become critically ill or suddenly pass, how will your business recover?
Insurance is the immediate thought and all businesses will have this, but what about those passwords that are held under lock and key? Is there a process in place to pass these on?
Not all businesses have an open policy when it comes to passwords so it’s a consideration that needs to be implemented if you don’t currently have a strategy in place.
A recent co-oprative study indicated that only around 25% of online account holders have arranged for their details to be passed on. Which is still a staggeringly high percentage considering the digital revolution we are currently in.
Digital assets are becoming just as important as the financial ones, but many start-ups and entrepreneurs are failing to see this. Leaving their business at a complete standstill until password or account recovery can take place. Weeks and months that are essential for a business and shouldn’t be wasted by small errors such as this.
Omar Choudhary a solicitor at Taylor Rose comments that, “more people should consider their digital legacy and plan ahead for any worse case scenarios. With the correct procedures in place it will ensure that the information does not get into the wrong hands”.
The biggest area concerning passwords which has come to light recently is social media passwords, as Facebook have now started the “legacy contact” option allowing users to designative someone to manage their pages under any unforeseen circumstances, many more social platforms are looking to join this scheme in order for businesses to continue without any delay.
When the digital age shows no signs of stopping, you have to future-proof your company in every aspect possible.