In this article, we'll explain the risks of password sharing, explore the role that a password manager can play in this process, and teach you how to securely share passwords on any device.
The risks of password sharing
Password sharing is a popular topic right now because of the crackdowns from streaming(new window)giants such as Disney(new window)and Netflix(new window). People often share their streaming service logins to share a family account or save money by sharing a single account. These companies aren't cracking down on password sharing because they're concerned about their cybersecurity — they're trying to minimize lost revenue. But they're also inadvertently touching on a growing cybersecurity risk. Sharing passwords and not using two-factor authentication (2FA) increases the risk that you'll be affected by a data breach.
According to the Identity Theft cambodia phone number data Resource Center(new window), the most reported type of identity fraud in 2023 was existing account takeover: 52% of reported cases of identity crime(new window)were the result of an attacker maliciously gaining access to a person's account and taking it over (and removing the original owner's access in the process). Attackers rely on stealing or breached credentials, malware, or phishing to break into accounts.
Sharing passwords can increase the chances you'll suffer an account takeover, particularly if you're sharing weak passwords. Weak passwords are short, memorable, and common, like your pet's name or your birthday. We've written about the importance of creating strong passwords many times because it's one of your best defenses against being affected by a data breach.
When you share a password with another person, you increase the number of locations it could be exposed to an attacker. Your device might be secure, but there's no guarantee that your password recipient's device is. They might not use a password manager or leave your username and password in their messages. Attackers can access your information more easily if it's not stored in secure locations.
Every time you share a password, especially a weak password, you create vulnerabilities. Let's examine some of the most common use cases for password sharing.