Yes, if you have opted in to Security Plus, then you are able to adjust the Password settings so that your Users will create more complex passwords, making the Formitize accounts much more secure.
To change the password options, in the Web Portal to go the Settings cog > Security > Password Options.
Below the 2 Factor Authentication options is Password Policy. Here, you have the ability to select a minimum length for passwords, whether you want users to reset their passwords after a certain amount of time, and what kinds of characters that must be used. Be sure to Save the changes made.