There's a school of thought that the benefits of different complex passwords for every use are more inclined to make you record them in an unsafe manner such as writing them down or using an unprotected file on your computer. The old chestnut of the password stuck to the bottom of the keyboard because someone in security decided that the most secure option is to have a 16 character password comprised of special characters and which must be changed once a month comes to mind. Multi factor authentication is a very good addition but has its shortcomings as well (try logging on to the Qantas web site from the other side of the world when you have left your phone at home and are using a work one).
I use a tiered system where many sites such as parts suppliers have a similar passphrase to log on and I can live with the risk of someone ordering Land Rover parts on my behalf. Most e-commerce sites such as Amazon and Ebay that store card details have a different passphrase and I can remember all those, similarly Bank accounts have separate passphrases. Other higher importance and less frequently used passwords are managed by an offline password management system on my server which is backed up regularly. I quite like the look of the Dashline manager and might investigate it further, implementing that gives me protection against losing the offline password manager but comes at the cost of transferring that risk to the company who makes the product.
Passphrases are better than passwords and are easier to remember than a random string of numbers. They give a longer and more complex password that is more resistant to brute force attacks and as long as you don't choose something that is obviously related to your life/history/hobbies is hard to guess. For example I doubt that someone would guess if I were to use "0hWh@taFeeling" as a passphrase although it might not be as effective for a Hilux driver :-)
Regards,
Tote
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