According to the World Economic Forum, cybercrime-related activities cost an estimated $2.9 million per minute, with password cracking accounting for roughly 80% of these activities. Microsoft is one of the companies leading the transition away from passwords and toward alternative means of authentication, particularly in their cloud computing technology.
According to a survey conducted by the UK's National Cyber Security Centre, many people still prefer to use simple passwords with predictable patterns of numbers and alphabets, such as 123456. Those passwords come at the cost of being easy to hack using brute force techniques, allowing a potential hacker to assume the user's digital identity and commit fraud, among other crimes. According to one study, more than half of respondents use an average of five passwords across multiple services.
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