Ahead of the findings published by the City of London Police which reveals that cyber crime victims lost £28m between October 2017 and March 2018, Martin Tyley, cyber security lead at KPMG in the UK, highlights passwords are key to the success of these cyber crimes.
He said: "This research is a real example of the monetary loss that something as basic as a password can have. With social media and email accounts being the primary cause of the cyber crimes, it's important that consumers get used to the idea of holding different passwords, for different accounts. Better still, in an ideal world, a more sophisticated approach to authenticating people which blends the use of a two-step validation, behavioural analysis and contextual information, would be in place to access our online lives. Though unfortunately, passwords are still around and it looks like not enough is being done by businesses to enable and encourage other forms of authentication.
"We continue to see victims every week who are vulnerable because a single password has been used for several online accounts leaving them open to multiple breaches. The truth is that this type of crime is not going to go away and it remains too easy for organised crime to succeed. The only path to defeating this is get businesses to necessitate other forms of authentication that involves a two-step validation, to prevent future cyber breaches."