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Is it necessary to change or update your password regularly for your domain company account?
You should change your password occasionally as there will be less risk of being hacked. And, you might not think it's a big deal if someone finds out your password but you could easily lose your domain if that happens.
I have registered my domains with namecheap. I have enabled two factor authentication, which means every time I try to log into my namecheap account, I will be sent code on my phone which I have to enter on the site in order to get access. You should secure your domain registrar account properly otherwise, your domain might be stolen.