Why You Need a Password Manager
Still using ‘password’ as a password? Even if you aren’t, some of your colleagues may be a bit lax with their password management. Considering 61% of data breaches involve login information being compromised, password security should be a top priority at a business.
Password security is sometimes an overlooked area at a company but can be easily addressed by incorporating a password manager into your IT best practices. Password management software can not only help reduce security risks but it can also decrease the amount of time your team spends on password recovery and downtime.
Let’s take a look at the risks associated with password security, the benefits and features of a password manager, and a few of our favorite password managers that can be implemented in a business setting.
Password Security Risks
Cybercrime is not just a hobby anymore for hackers sitting in a basement. Cybercrime is a lucrative career for hackers – they know if they can get access to company data, they can sell it for a hefty price. One of the most targeted assets for a hacker is user passwords.
Password security risks include:
- Phishing/Sniffers/Keyloggers: One of the easiest ways for a hacker to get your password is for you to simply tell them. Hackers try to trick users into typing their passwords into a website they control (phishing), infiltrate unencrypted networks (sniffing), and tracking keystrokes either through hardware or software loggers (keylogging). These strategies are clever – and easy – ways for someone to access your passwords.
- Weak passwords: People are predictable, but passwords shouldn’t be. When users choose predictable passwords that include public data like their children’s names and birthdates, or their middle name, or something easy to crack (password1234!), they are at risk for a cyber-attack.
- Reuse of passwords: A Google survey found that more than 50% of users reuse their same password across multiple – if not all – accounts. When a hacker finds one password that works on an account, chances are they will try it across other platforms.
- Compromised passwords: Once your password has been cracked by a hacker, there is a risk your password will end up online in a data breach. Once a hacker has your info, they can sell it on the dark web or include it in an intentional data leak. Compromised passwords should be changed immediately.
We understand choosing – and using – strong unique passwords can feel like a nuisance. After all, the average user has more than 100 different accounts that require a password for access which can be hard to manage without help. This is where the benefits and features of a password manager can be beneficial.
Benefits and Features of a Password Manager
A password manager is a cloud services software application designed to store and manage online logins and passwords, as well as other sensitive information like credit card numbers, frequent flyer information and private data. Passwords and other data are stored in an encrypted database and are only accessible to the user.
Features and benefits of a password manager include:
- One password for everything: When using a password manager, you only have to remember one password – the password you choose to access your database. This is one of the main benefits of using a password manager as you don’t have to rely on a notebook or your memory to be able to log in to websites or applications.
- Automatically generated passwords: Having a tough time thinking of a strong password that contains numbers, letters, and special characters? It can be tough to get creative with passwords! With a password manager, passwords are automatically generated in a way that avoids recognizable patterns. When utilizing this feature, it also prevents you from using the same password across multiple websites and applications.
- More secure than other methods: Storing your passwords in a spreadsheet on your computer? If someone gets access to that spreadsheet, they can really do some damage. Password managers provide extra security than every other way of saving passwords (especially the old ‘write it on a Post-It note’ method).
- Works across all devices: Depending on which password manager you choose, you can use your password manager across different devices including your computer, tablet, cell phone, and laptop. If you change your password for a website on your desktop, it will automatically replicate to the rest of your connected devices.
- Can share with a trusted person: While passwords are meant to be kept to yourself, there may be instances where you want to share your credentials with a trusted person. If you are injured or ill and unable to access your accounts on your own, a password manager can help. Some password managers can even limit what your “trusted person” can see. For example, employees can share only their relevant work credentials with their employer and still keep personal data private. For business owners, this can be important if you have an employee out on medical leave or away from work for an extended period of time.
Top Password Managers
There are many password managers available for both business and personal use with common and unique features. Here are our favorites for enterprise password management solutions:
- 1Password: 1Password makes it easy to store and sort your logins in a secure vault. 1Password offers secure sharing, custom groups and roles, account recovery, end-to-end data encryption, and customizable access polices for businesses. 1Password is also a good choice for personal use with family sharing plans available.
- Bitwarden: Bitwarden is an open-source password manager for both business and personal use. Business features help companies share private data safely with coworkers, across departments, or with the entire company.
- LastPass: LastPass is a good choice for organizations with team members who may be unfamiliar with password managers. Features include a comprehensive real-time reporting breakdown of employee password health for managers.
Put Our Cybersecurity Expertise to Work for Your Business
Not sure which password management solution is right for your business? We can help you identify which product will work for your specific needs. With more than three decades of combined experience, our team of IT experts understands the importance of password security as one part of an overall cybersecurity plan.
As a full-service managed IT services provider, we focus on your information technology needs, so you can focus on your business. Reach out today to start a discussion about your IT needs, including adding a password manager and password security program at your business.