Forgetting a password might cost you millions

Bitcoin owners are getting richer with cryptocurrency soaring to a newer high. But what happens when you forget the password to your digital wallet? In case you have invested into cryptocurrency, and you must be closely watching the rollercoaster happening over the past several months. Bitcoin and other cryptocurrencies have become wildly popular in recent years, and many early investors have made fortunes. A recent article in the New York Times highlights, for some investors, a simple forgotten password stands between them and their inaccessible fortunes.

The significance of employing secure passwords is subsequently more important than ever. Hackers are hungry for passwords, as they have substantial monetary value. Data breaches and password leaks easily leave thousands of accounts vulnerable to being accessed by cybercriminals. With two-factor authentication you get an extra layer of security that hackers can’t easily access, because the criminal needs more than just the username and password credentials.

Nothing is 100% secure, and your account can still be vulnerable via hacking through password recovery options. Lost password recovery usually resets your password via email, and it can completely bypass the two factor authentication. This can leave you vulnerable if the attacker has gained access to your email account associated with the account you use 2FA with. Be sure to monitor your email account for messages requesting password changes.

Stefan Thomas, a German-born programmer living in San Francisco, has two guesses left to figure out a password that is worth, as of this week, about 220 million dollars. The password will let him unlock a small hard drive, known as an IronKey, which contains the private keys to a digital wallet that holds 7,002 Bitcoins. The problem is that Mr. Thomas years ago lost the paper where he wrote down the password for his IronKey, which gives users 10 guesses before it seizes up and encrypts its contents forever. He has since tried eight of his most commonly used password formulations — to no avail.

There is a need for a password manager or any good password management to store and remember passwords securely to use a tool that stores your list of usernames and passwords in encrypted form. The password manager offers security and peace of mind. It also comes with additional security options like multifactor authentication and backup options like mobile account recovery ensure your cryptocurrency coins are safe while remaining within reach.

A lost password can fall prey to breaches, wallet thefts, and other scams. However, Dark Web Monitoring in LastPass Premium will spot potential security issues for you. By notifying you when your personal information is at risk of being used by cybercriminals, you can proactively change passwords and lock down accounts. Security is no longer a one-machine affair. You need a security suite that helps protect all your devices – your Windows PC, Mac, Android smartphone or your iPad.

S Mohini Ratna, Editor, VARINDIA