10 Essential Password Security Tips

Learn about password best practices and how a password manager can boost your security and improve your user experience.

Key Takeaways

  • Enable Multi-Factor Authentication for your accounts as an extra layer of protection.
  • Use unique, lengthy and complex passwords for all your accounts, and never share your passwords with others.
  • A password manager can help you create strong passwords and store them securely so you don’t have to remember them all. 

The weakest link in your cybersecurity set up may also be the most overlooked aspect: your passwords. Think about it. When you open an account, how much time do you spend considering your password? A few seconds? Or, even worse, do you just reuse the same password for every account? Or write them down on a piece of paper under your keyboard or a note file on your phone?

 

Poor password management can derail all the other efforts you’ve made to safeguard your assets and information. It’s like leaving the key in your front door lock – you’re making it far too easy for intruders to gain access. 

I'm Rachel Wilson, and I’m Head of Cybersecurity for Morgan Stanley Wealth Management.

People often ask what steps they can take to strengthen their personal cybersecurity. And practicing good password security is the right place to start.

So what is password security?

It starts with keeping your passwords secret and not sharing them with anyone else.

You should also avoid using the same or similar passwords across multiple websites, because when you do, you run the risk that if your password is compromised somewhere, it can be used against you everywhere.

Unique passwords are especially important for any accounts associated with banking or investment activities.

You want to be sure that the passwords you use are complex and lengthy—like a phrase with multiple words that’s easy for you to remember, but hard for others to guess.

And use caution with how you store your passwords. A file called “passwords” on your home computer? A piece of paper under your computer keyboard? Not good places to store passwords.

Keeping track of so many different passwords can be tricky. We get it. So, you may want to consider using a password manager app, which help you create unique, complex passwords for all of your logins and then stores them in a cryptographically sound way.

If you go this route, I recommend that you do some research and select a reputable password manager that will work best for your accounts and devices.

At Morgan Stanley, we take great care to secure client assets and information, but practicing good password security is one way clients can also help protect themselves.

For more cybersecurity tips, visit Morgan Stanley’s Online Security Center. Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC.

© 2018 Morgan Stanley Smith Barney LLC. Member SIPC. CRC 2238234 9/2018

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Boost Your Password Security

Good password habits may not be flashy, but they’re one of the strongest defenses you have online.

Here are 10 password security tips:

  1. 1
    Don’t get personal:

    Your job is to make life difficult for a hacker. Using personal details in your passwords, especially details that cybercriminals can uncover through public records or social media – like your birthday, hometown or pet’s name – makes their job far too easy. 

  2. 2
    Try a passphrase:

    When possible, consider using passphrases that consist of a nonsensical collection of random words that are easy for you to remember, but hard for anyone else to guess.  

  3. 3
    The longer the better:

    Generally, longer passwords are less likely to be cracked. Focus on generating passwords that are at least 16 characters. 

  4. 4
    Use a unique password for each account:

    More than two in three people continue to use the same password across multiple accounts.1 Hackers know password reuse is rampant, which is why when a credential breach occurs, hackers will use stolen usernames and passwords from one site to attempt to log into many others.  

  5. 5
    Consider a password manager:

    Daunted by the prospect of remembering dozens of unique, 16-character passwords? That’s where a password manager comes in. It’s essentially a digital vault that securely creates, encrypts and stores unique, complex passwords for every account. You then only need to remember your master password or passphrase for your password manager app.

  6. 6
    Update compromised passwords immediately:

    As soon as you learn that one of your passwords has been compromised, be sure to update any accounts using that password. Many password managers will review your existing passwords for you first and tell you if they should be updated because they’re weak, reused or have been exposed in data breaches. If so, they’ll generate new passwords. 

  1. 7
    Update default passwords:

    Did your new Wi-Fi router come with a default username and password? Make sure to change both ASAP. Leaving default passwords on your hardware or networks unchanged could make you low-hanging fruit for an attacker. 

  2. 8
    Keep passwords confidential:

    In short, don’t share your passwords. That’s especially true when someone initiates a conversation with you and requests your password. This could be a phishing attempt to trick you into revealing your login credentials. In general, keep your password as private as your PIN numbers. It’s that important.

  3. 9
    Don’t login on shared devices:

    Public computers like those in a hotel lobby or business center are just that … public. These devices could be infected with malware that captures your keystrokes when you log into your sensitive accounts like your email or banking institutions.

  4. 10
    Enable Multi-Factor Authentication (MFA):

    Applying MFA in addition to the password best practices above will further protect access to your accounts. MFA makes it more challenging for hackers because they’ll need to supply more than your password to access your account, such as a one-time passcode sent via SMS or an authenticator app. 

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