Passwords are an essential and foundational aspect of business cybersecurity. These hashed phrases of letters and numbers are vital to securing company data. If they fall into the wrong hands, they can put your business at risk of data protection and compliance failures. This is why a password manager is a good idea.
Passwords being stolen by malicious actors is becoming more and more common. Employees have many online accounts that they use for business and personal purposes and each of these accounts demands its own login credentials.
Your employee should create a unique and difficult-to-guess password for each of these accounts. However, this doesn’t usually happen. Research shows that 35% of employees use the same password across their accounts. More concerning is that almost half of employees have had at least one of their online accounts hacked.
Passwords: A Gateway for Malicious Actors
When employees use the same passwords across multiple websites and applications, the chances of exploitation skyrockets. It takes just one data breach (of which many happen daily) for an employee’s personal data and passwords to be exposed. If a hacker gets their hands on these details, they may then try to log in to all of your employee’s accounts. If your employee used the same password over and over again, the hacker will have hit the jackpot.
Armed with this password, they can compromise numerous employee accounts. This leads to data loss, cyber attacks and compliance issues for your business.
The stakes are undoubtedly high. You need to ensure that your employees are being smart about password usage. However, remembering dozens of unique and complex passwords is difficult for anyone to do. It is simply unfair to ask your employees to implement and remember that many passwords.
That is why password managers have become so popular. These software tools offer a secure way to empower your employees to use complex passwords without the burden of needing to remember a lot of different codes and phrases.
Here are the benefits of using password managers for organizations like yours.
No Need To Remember Different Combinations
Password managers are designed to tackle the challenges of using numerous passwords. One of the main ways they do this is through storing all of your employees’ passwords in one secure vault that is connected to their internet browser.
When your employee visits a website or application for which they have an account, the password manager will auto populate the login form with the correct login details. This means your employees don’t need to fret about remembering different passwords anymore!
Implement Complex and Strong Passwords
Password managers are intelligent software tools. The best-in-breed solutions don’t just store passwords for your employees. They also make suggestions too. Rather than your employee using variations of the same phrase over and over again, a password manager suggests unique and random password combinations that are extremely difficult (if not impossible) for hackers to guess. This is great for boosting your cybersecurity resilience as an organization.
Since password managers do all the login work for you, your employees can work more quickly and efficiently. They no longer need to type in different passwords and try to remember the right one to login to an account or click the ‘forgot password’ option. The password manager makes logging in to different applications truly seamless and leads to boosted productivity.
Easily Manage Shared Accounts
Many organizations make use of shared accounts for certain applications and tools. This can be challenging when numerous employees need to use the same account. A password manager makes this process much easier by creating a centralized interface for accounts with multiple users.
Enhanced Cybersecurity and Compliance
Password managers are designed to enhance cybersecurity. Many of the leading tools feature components like dark web monitoring that alerts you to any incident in which a password has ended up on the dark web. When this happens, the solution mandates that you change the impacted password immediately before the bad guys can use it for their own gain.
This drastically reduces the likelihood of your organization suffering from a credentials compromise attack. That means that your data is more secure and your compliance posture has improved.
Which Password Manager Is Right For My Business?
There are numerous password managers out there (such as Lastpass) that range from free to subscription plans. The option you choose for your business depends on a variety of factors (such as the number of employees you have, your compliance requirements and your budget).
Choosing the right option can be overwhelming, We are here to take the strain away. At Sound Computers, we have a deep knowledge of business cybersecurity and IT efficiency. We can help you to implement a highly-secure and easy-to-use password manager at the right budget for your business.
Improve Your Password Security Today!
In today’s business environment, being able to secure your organization’s information and infrastructure is a crucial variable in maintaining the level of company productivity necessary to achieve growth. With Sound Computers’ security services, you can keep your users, network and computing infrastructure secure from threats present all over the Internet.
Contact us today to learn more!