Brendan Hopper, general manager of the cybersecurity centre at Commonwealth Bank Australia, aims for better security to be put in place than rotating passwords regularly.
However, traditional passwords have not seen the last of their days just yet.
It’s good practice to keep passwords at least 8 characters in length, have them contain special symbols and capital letters.
Hopper, however, warns us that computers don’t have to struggle too hard to break passwords like these.
In addition to that, making them complex makes them harder for a human mind to remember.
Therefore, it’s easy to see why looking for a new approach to cybersecurity is on everyone’s minds.
Despite this, Commonwealth Bank still won’t be parting ways with traditional passwords, despite admitting it’s not the best approach out there.
To make it a bit more reliable, the bank enforces mandatory password rotation and requires their clientele to use complex passwords on top of that.
Hopper also revealed that the bank has a team of people who are working on coming up with a better approach.
However, given that the industry is what it is, there are certain standards to follow.
No matter how you put it, widespread industry change simply does not lie in the hands of a single entity, no matter how determined.
With that being said, no matter what the future may bring, the bank is determined to improve the customer experience and bring it to a whole new level.