Passwords act as a key to protect devices and online accounts from any unauthorized access. However, a majority of people still reuse the passwords, leading to data breaches.
The latest password statistics highlight that over 80% of data breaches result from weak or repeated passwords.
The organizations focused on their data safety and password security reported using two-factor and multi-factor authentication.
Let’s explore further surprising facts about passwords, poor passwords, security, and more.
Password Statistics 2024 (Top Highlights)
- 30% of global data breaches result from weak passwords, with a notable 81% of company data breaches specifically attributed to poor password practices.
- 34% of users change their passwords once a month.
- Employees use the same password an average of 13 times.
- More than 6 million data records were exposed in the first quarter of 2023.
- 30% of internet users use Password Managers to track their passwords.
Password Usage Stats
Regular password updates play a crucial role in reducing the risk of unauthorized access. That is why 3 in 10 people change their password once every month, and 15% do so multiple times a week.
34% Of The Users Change Their Password Once Every Month
Meanwhile, 15% of the users prefer to reset their passwords multiple times a week, and 6% change them daily.
It is advisable not to retain the same password for over three or more months. Not updating passwords regularly may lead to various consequences.
6% of the US adults reported that they still have access to the accounts that belonged to their former romantic partners, roommates, or colleagues.
Source: Get Astra.
84% Of People Reuse Password Across Platforms
A Microsoft study found that 44 million Microsoft users were reusing passwords.
Another survey by LastPass estimated that 62% of the workers reuse passwords or prefer a close variation.
The major reason for these high password reusages is end users have more passwords to remember than before.
Sources: Forbes, Last Pass, Bitwarden.
64% Of Americans Have Passwords Between 8 And 11 Characters Long
Six out of ten Americans said that they have passwords with a length of 8 to 11 characters, while two in ten said their password length was more than 12 characters.
The average length of the passwords is 9.6 characters, consisting of an average of 1.1 uppercase letters, 6.1 lowercase letters, 2.2 numbers, and 0.2 special characters.
The following table displays the average number of characters used in passwords by Americans.
| No. of characters used in password | Share of Americans |
|---|---|
| Up to 8 characters | 16% |
| Between 8 to 11 characters | 64% |
| Over 12 characters | 20% |
How Many Passwords Does The Average Person Have?
An average person has between 70 to 80 passwords.
According to LastPass, advertising and media people have to remember 97 different passwords. However, government workers have to keep track of just 54 unique passwords.
Source: Newswire, LastPass.
Weak Password Statistics
75% of people globally don’t stick to the widely accepted password best practices. This exposes their credentials to different vulnerabilities and attacks. Most people use passwords that are easy to remember over strong passwords.
The Most Commonly Used Password Is “123456”
According to Nordpass’s study, “123456” is used more than 4.5 million times by users online. It has been one of the most common passwords worldwide for five years in a row. The password requires less than one second to crack it.
Further, 24% of Americans use some variation of “abc123”, “123456”, “111111”, “Password”, “Iloveyou”, “Qwerty”, “Admin”, and “Welcome” as their passwords.
Here is a list of the top 10 most common passwords that require less than 1 second to crack:
| Sr.No. | Password | Count |
|---|---|---|
| 1 | 123456 | 4.5 miillion |
| 2 | admin | 4 million |
| 3 | 12345678 | 1.37 million |
| 4 | 123456789 | 1. 21 million |
| 5 | 1234 | 969,81 |
| 6 | 12345 | 728,414 |
| 7 | password | 710,321 |
| 8 | 123 | 528,086 |
| 9 | Aa123456 | 319,725 |
| 10 | 1234567890 | 302,709 |
Source: Nordpass.
59% Of US Adults Use Birthdays Or Names In Their Passwords
Strong passwords include a combination of letters, characters, and numbers. This makes it harder to guess and crack.
Despite this, most Americans use easy-to-guess names and birthdays in their passwords, exposing their accounts to online breaches.
Here are further details about the inspirations that Americans use for their passwords.
- 22% use their own name.
- 33% use a pet’s name.
- 14% use their children’s names.
- 15% use a spouse or partner’s name.
Source: Google.
How Many Passwords Are Stolen Each Year?
Hackers exposed over 24 billion passwords in 2022. 6.7 billion of them were unique paring of usernames and passwords.
Besides, more than 6 million data records were exposed in the first quarter of 2023.
According to recent password hacking statistics, One million passwords are stolen in a week.
Note: the latest data about the data breaches in 2023 is not yet available. We will update the figures as soon as they are released.
Source: Norton, Arizona State University, Statista.
Corporate Password Statistics
Employees use the same password an average of 13 times. This exposes the company’s data to high risks, leading to data theft.
Poor Passwords Cause 81% Of The Company’s Data Breaches
Over 8 in 10 hacking-related breaches are caused by weak or stolen passwords.
Dropbox’s data breach resulted in 60 million users’ credentials being stolen due to an employee reusing the password at work. Carelessness in a simple security patch cost Equifax a loss of somewhere between $450 and $600 million and a downfall in its reputation.
Besides, 63% of the employees admitted that they also use company mobile for personal usage. At times, even employee negligence can lead to data breaches, which may cost millions to the company.
Source: Bank of North Dakota.
30% Of IT Professionals Have Experienced A Data Breach Due To Passwords
Weak passwords are usually easy to guess and crack. Goodfirm’s study found that 3 in 10 IT professionals reported witnessing a data breach because of a weak password.
Meanwhile, 47.1% of the respondents said they had not experienced any data breach due to a weak password.
The survey further states that 88.6% of people use two-factor authentication to secure their passwords.
Here are further details about the percentage of people who have experienced a breach due to a weak password.
| Experience with the security breach | Percentage of people |
|---|---|
| Experienced a security breach | 30% |
| Did not experience any breach | 47.1% |
| Not sure if they have experienced it | 22.9% |
Source: Goodfirms.
Employees Reuse One Password An Average Of 13 Times
Password sharing and reuse is a common practice in most businesses. They are a significant risk as someone can access their accounts with stolen credentials and hack their account.
Further, employees at small businesses have an average of 85 passwords to manage, where they use most of the repeated passwords.
Source: Last Pass.
Password Management Stats
This section will provide insights into password management tools, their usage, and market share.
The Global Password Management Market Is Anticipated To Reach $15.2 Billion By 2032
The industry was worth $2.4 billion in 2022. It is growing at a CAGR of 20.7% since 2023 and is predicted to reach $15.2 billion in 2032.
The need to safeguard passwords is increasing with the growth of the technology sector. Hence, as a result, the need for password management software increases as passwords are the defense for sensitive information.
A minimal error in managing the passwords can lead to a loss of millions and hundreds or thousands of leaked credentials.
Source: PR news wire.
30% Of Internet Users Use Password Managers To Track Their Passwords
Meanwhile, 55% said they had memorized their passwords. However, a person’s memory can be notoriously unreliable, and many people tend to forget their passwords.
One-third of the people said they noted their passwords on pen and paper.
The following table displays the methods used by internet users to manage passwords.
| Methods used to manage passwords | Percentage of Internet Users |
|---|---|
| Have memorized password | 55% |
| Written on Paper | 32% |
| Use Password Manager | 30% |
| Documented on Computer | 23% |
| Stored in Email | 20% |
Source: Bitwarden.
34% Of Americans Use A Password Management Tool
In a survey of 1,051 adults, over one-third of Americans said they are using some kind of password management tool. That’s a sharp rise from 20% using them in 2021 to 21% in 2022.
The most popular password managers are from Google and Apple, which are usually built into the devices and browsers. Though other password managers are available, 63% of people prefer not to pay for them, while 23% pay between $1 and $40.
4 in 10 surveyed Americans reported that they have their passwords memorized.
The following table displays the ways Americans manage their online account passwords.
| Ways to manage their online account passwords | Percentage of Americans |
|---|---|
| Have memorized passwords | 41% |
| Use a password manager | 34% |
| Write them down on paper | 30% |
| Save the password in the browser | 27% |
| Save the password in a note on computer or mobile device | 25% |
| Use the same few passwords on all accounts | 21% |
| Security passkey or other password device | 10% |
Sources: Security.org, Cyber News.
Last Pass Holds A 23.3% Share Of Password Management Software Worldwide
It has the highest share in the pass management market, with more than 2 in 10 password management software users preferring it.
There is a huge gap between the market share of 1Password, the second on the list, and LastPass. 1password holds just 4.5% of the password management market.
The following table provides further details on the market share of password management software.
| Password management software | Market Share |
|---|---|
| LastPass | 23.30% |
| 1Password | 4.50% |
| Dashlane | 3.96% |
| Keeper | 3.38% |
| RoboForm | 3.26% |
| Others | 61.6% |
Source: Statista.
Password Security Statistics (2FA and MFA)
Password security has become one of the major concerns today, and most organizations are shifting towards using 2FA and MFA. This section will provide you with further details on their usage.
46% Of IT Professionals Use Two-Factor Authentication (2fa) To Log Into Their Work Accounts
2FA adds an extra layer of protection to online identification. It neutralizes risks that are associated with compromised passwords. This means if a password is hacked, guessed, or phased, two-factor authentication prevents the fraudsters from logging into the account.
However, 54% of IT professionals feel that SMS authentication disrupts their workflow, while 47% find it irritating.
Some of the methods used for two-factor authentication are:
- Text Message or Email
- Physical Token
- Authenticator App
- Biometric Authentication
Source: Hypervault, BU TechWeb.
75% Of The Professional Services Have Adopted Multifactor Authentication (MFA)
The highest adoption is witnessed in the tech industry, with 87% of the implementation of MFA. The insurance sector displays the second-highest adoption rates of MFA.
One of the reasons for these high adoption rates is these sectors preserve the data and credentials of millions of people worldwide, and even a small negligence can cost them millions.
The lowest adoption rates of MFA are in the retail and warehousing sector, with just 42% and 39% of adoption rates.
The following table displays the adoption rates of MFA in different sectors worldwide.
| Industry | MFA adoption rates |
|---|---|
| Technology | 87% |
| Insurance | 77% |
| Professional services | 75% |
| Education | 65% |
| Finance and Banking | 60% |
| Healthcare | 56% |
| Government | 48% |
Source: Resmo.
95% Of The Employees Use MFA Through A Software Program Like A Mobile App
Only 4% of employees utilize hardware solutions, and just 1% rely on biometric methods like fingerprint and facial recognition.
The likelihood of MFA usage increases with the organization’s size. 87% of businesses with over 10,000 employees use MFA, while just 27% of organizations with up to 25 employees use it.
The following table displays the adoption of MFA according to the organization’s size.
| Organization size | Adoption rate of MFA |
|---|---|
| over 10,000 employees | 87% |
| 1,001 to 10,000 | 78% |
| 26 to 100 | 34% |
| up to 25 | 27% |
Source: Resmo.
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