Your Passwords Are Useless!

Passwords are obsolete. Technology has far surpassed the level of protection passwords can offer. Abandon them!

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Just realized I never elaborated on the 1 - 6 percent of the global GDB costs. It's from estimates of damages cost by cybercrime that range from $1 trillion to $6 trillion annually.
Sources:
https://cisomag.eccouncil.org/cybercrime-will-cost-the-world-us6-trillion-by-the-end-of-the-year-study/
https://www.techradar.com/news/cybercrime-cost-the-world-over-dollar1-trillion-in-2020

Passwords have been the default authentication method for decades and not much has changed about that. Except, we went from counting computing power in megahertz to gigahertz. But we are still using them, only with a non-binding recommendation of “try to make them more complicated.”

Half of your password security depends on making sure you do everything right. Create and manage complicated and unique password for each of your accounts, that should periodically change every few months, store your passwords somewhere safe, with properly encrypted backups you should rotate every time you make a change in any of the dozens of your accounts. And you need to make sure that all of the devices and software you are using to store your password is up to date and your system isn’t compromised and that you never fall a victim of a phishing attack.

Sources
Cybercrime cost $1 trillion in 2020 https://www.techradar.com/news/cybercrime-cost-the-world-over-dollar1-trillion-in-2020

The password is dead https://securityintelligence.com/passwords-are-dead-we-need-a-better-system-now/
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