Strengthen Your Digital Defense: The Power of Strong Passwords and 2FA
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In today’s digital age, protecting your financial, medical and email accounts online is more critical than ever. Cybercriminals are becoming increasingly sophisticated, using tools like artificial intelligence to crack weak passwords and exploiting breaches to trade stolen credentials on the dark web. Fortunately, there are straightforward steps you can take to significantly boost your online security.
The 15-Character Rule
When it comes to securing your financial accounts, a strong passphrase is essential. A passphrase of at least 15 characters—longer if possible—is much harder for hackers to break. Using a combination of words, numbers, and symbols can create a strong yet memorable passphrase. For instance:
- Example: RainyTuesdaysAre$trong!
Even better, ensure each important account (i.e. financial, medical, and email) has its own unique passphrase. Reusing passwords puts you at risk; if one account is compromised, hackers can easily exploit the same credentials to access others.
Password Managers: A Game-Changer
Remembering dozens of unique, long passphrases should sound overwhelming and even impossible, but it doesn’t have to be. Password management tools like Keeper, 1Password, and BitWarden can securely store and generate complex passwords for every account. These tools allow you to focus on creating strong, unique credentials with only a need to remember one password, your “master password”.
For less critical accounts—like your pizza delivery app—a simpler password might suffice. However, even those should still be unique to prevent overlap with more sensitive accounts.
Double Up: Enable 2FA
Adding two-factor authentication (2FA) to your financial, medical and email accounts is a must. 2FA requires a second layer of verification, like a code sent to your phone or generated by an app. This extra step ensures that even if your password is compromised, access to your account remains blocked without the second factor.
Stay Ahead of Cyber Threats
Cybersecurity is not a one-and-done task. Regularly check if your credentials have been exposed by using tools like Have I Been Pwned, and update your passwords as needed. Be vigilant about adding 2FA to all sensitive accounts and consider updating older passwords to meet the 15-character standard.
Investing the time necessary as the weather turns colder to secure your accounts can save you significant stress and potential financial loss later. By creating strong, unique passphrases, using a password manager, and enabling 2FA, you’re taking essential steps to protect yourself in today’s increasingly vulnerable digital landscape.
About the author. Rob Siegmann is a partner and chief operating officer of Total Wealth Planning, a fee-only fiduciary financial planning firm in Cincinnati (Blue Ash), Ohio. He is often quoted in industry publications such as The Cincinnati Business Courier, Wall Street Journal, Yahoo finance, Financial Planning Magazine, Cincinnati Enquirer as well as others. Rob is grateful to serve others, including his team of CERTIFIED FINANCIAL PLANNER™ practitioners and the clients they serve, so they can live their greatest life through well informed and prudent financial decisions. Rob can be reached at rsiegmann@twpteam.com.
