As a business owner or executive, you know that keeping your company’s sensitive data secure is a top priority. However, with the growing number of cyber threats and the increasing complexity of managing passwords, it can be challenging to ensure that your business is fully protected. That’s where a password manager for enterprise comes in.
Using a corporate password manager can simplify password management, improve access management, and protect your business from data breaches and other security threats. In this blog post, we’ll explore everything you need to know about enterprise password managers and how they can benefit your business. If you’re unsure how to get started with a secure password manager, call us now!
What Is a Password Manager for Business?
If you’ve ever used the same password among multiple accounts, then a password manager is for you! It’s always recommended to use unique passwords on different accounts to stay secure. A password manager for business is a tool designed to help organizations manage their passwords more efficiently and securely. It saves all the passwords for your accounts in one secure vault, and all you have to do is remember the master password. It will then auto-fill your logins, making it faster than searching an unsecured password list on a spreadsheet or piece of paper for your password.
Additionally, a password vault for businesses provides more cybersecurity protection than a piece of paper or even an encrypted spreadsheet. It typically features advanced reporting capabilities, automated team management, active directory integration, and other business-specific features. It can even alert you to phishing websites, so you do not fall victim to a data breach. These tools allow businesses to streamline access privileges and revoke access when necessary, reducing the risk of compromised accounts.
How Does a Password Manager Work?
A password manager stores all your passwords in a secure password vault. To access the vault, you only need to remember one master password. Once you’ve unlocked the password vault, the password manager will automatically fill in login credentials for websites and applications you use while ensuring that each password is unique and secure.
Cloud-based password manager software allows you to access your password vault on the go, so you are never without access to your enterprise accounts. They also sync across different operating systems and can be used for cloud apps. It also automatically generates new passwords for you when setting up new accounts that are highly secure. The password vault will then save the long, complicated passwords containing numbers and letters that are impossible to guess.
Why Does My Business Need a Password Manager?
Most data breaches are the result of human error. All too often, that error is using the same, easy-to-guess password throughout multiple accounts. Or it could be that a company will share passwords with a team on a spreadsheet. A corporate password manager takes away these risks for your business by storing passwords for all your accounts and suggesting new ones that hackers can’t guess.
So, using a password manager for enterprises is essential for businesses that want to reduce the risk of data breaches and other security threats. Using complex and unique passwords for each user and account minimizes the chances of compromised passwords or accounts. Plus, it simplifies managing passwords across multiple devices and users, saving time and improving productivity.
What is the Best Password Manager for Business?
The best password manager for a business varies depending on the size and needs of your organization. However, some top password managers for enterprise use include Dashlane, 1Password, and PassPortal. Features to consider when choosing an enterprise password manager include advanced two-factor authentication, browser extensions, hardware security keys, and unlimited password storage.
We use PassPortal at ImageQuest, and this password manager for enterprise works well for our business accounts. It’s worth the extra money to pay for the paid version of whichever password manager you choose for the additional benefits. It helps to keep up with the different passwords of your team, especially when you consider the average office worker has 17 different passwords just for work!
Are There Any Risks to Using a Password Manager?
While password managers are generally secure, there is always a small risk of data breaches or other security issues. The main vulnerability is that all your passwords are secured using one master password. So, if the master password gets compromised, all your accounts can be compromised. You can mitigate this risk by using a passphrase (a series of words that are easy to remember but hard to guess), enabling two-factor authentication, and using end-to-end encryption.
However, the benefits of using a password manager far outweigh the risks, especially when reusing passwords or using weak passwords. Additionally, password managers offer advanced features like dark web monitoring and automated team management, which make them superior to simply using a strong password and two-factor authentication.
Password managers have a good track record of keeping passwords secure, but LastPass did suffer a data breach in 2015. The cybercriminals got user emails but no passwords, thanks to their military-grade encryption to keep passwords safe. Giants like Facebook, Twitter, and Google have stored user passwords in plain, readable text without encryption! Though, Google did reset the affected password after discovering their mistake.
Why Can’t I Just Use a Strong Password and 2FA?
A strong password that is impossible to guess and two-factor authentication are a good start, but you’re still at risk. If a cybercriminal hacks a website that uses your password, they now have your account and password in their database. Now, they can access all your accounts. Criminals also have been known to issue multiple repeated demands for the authentication code. This wears down users who finally enter the code to get the notifications to stop. If that isn’t enough to convince you, consider these sobering statistics:
- Poor password security accounted for 81% of the data breaches in 2020
- 41% of employees have admitted to sharing their work login credentials with teammates
- Work passwords are more likely to be shared than personal passwords
- 34% of workers share passwords to reduce the cost of applications that only allow a limited number of users.
Your entire business is at risk if you or your employees are guilty of the above bad practices. Get a password manager for your enterprise that keeps your business safe!
Need Help with Your Password Manager for Enterprise?
In today’s fast-paced digital landscape, protecting your business from cyber threats is more important than ever. Using an enterprise password manager can simplify access management, improve security, and ensure that your business is always one step ahead of cybercriminals. Don’t wait until it’s too late – contact us to learn more about the best password manager for enterprise and how we can help you safeguard your business today.