There are often data breaches where companies have not stored data such as usernames and passwords securely. This data becomes public knowledge, and it could contain your username and password for certain sites. One website that tracks the publicly available data from this type of breach, Have I Been Pwned, currently has records for 7.8 billion accounts. (On this site, you can enter your email address or any usernames you have used to see if your credentials have been compromised.)
When this type of data becomes available, hackers and cybercriminals perform credential stuffing attacks, using stolen usernames and passwords to attempt to log into various other accounts: these may be bank accounts, email accounts, and services such as Facebook, Twitter, or Instagram. They do so by simply trying the many combinations that they have discovered: they automate the entry of a username and password until they find that combo being used on other sites.
Remember that if a hacker knows your password, in many cases they can change your password and lock you out (and lock out other hackers), so you may never be able to regain access to your account. That can be a major inconvenience, especially if they break into your e-mail account (because then they could take advantage of “forgot my password” links to break into the rest of your accounts) or a banking or other sensitive account.
If you do currently use the same password on multiple websites, we strongly recommend that you change your password on every website where it is used.
And since that likely means you’ll have a lot of unique passwords, the best way to keep track of them is to use a trusted password manager (secured by a long, strong password that only you know and will remember).
Check out our related articles with additional information on these topics:
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Image of girl holding “change your password” sign based on Wikipe-tan holding sign cropped by Kasuga~enwiki (CC BY-SA 3.0).