There is a password for everything on the internet in today's age. And with security threats lurking around every corner, you need different login credentials for each website.
Many organizations have a password policy that requires a unique password for each application, but employees still seem to reuse a single password. Why? Not only can creating these passwords get tricky but remembering multiple complicated passwords can be nearly impossible.
To remedy this, many use simple, easy-to-remember passwords or the same complex password everywhere. Neither of these options offers adequate protection against cyberattackers.
This is where a password manager comes in. Password management is a solution for storing any complex password.
What is a Password Manager (or Password Vault)?
A password manager is an app that generates new, random passwords for the sites you visit and stores them in a secure, virtual vault. The next time you visit a site that requires you to log in, the password manager will automatically fill in your credentials for you. Their features are not limited to username and password, as many password managers can save sensitive data such as name, address, and credit card information while others can save important documents, medical information, and safe codes.
High-level password managers will let you know if your existing passwords are weak, reused, or have appeared in a data breach.
A common ask in a phishing attack is to ask for login information, compromising the credential if given. Compromised passwords can be particularly dangerous if they are reused across multiple sign-ons.
A password manager is a great way to help you improve your password hygiene, as the password manager can suggest new, unique passwords.
Why Does Your Business Need a Password Manager?
We've covered how password manager software functions, but you may still be wondering why are password managers important for business? Personal accounts aren't the only place where passwords are necessary. In the digital age of business, this is truer than ever. Organizations need a password manager for the following reasons:
- Strong passwords. Each account your employees interact with should utilize strong login credentials. A password manager allows your employees to store and organize their passwords.
- Password sharing. There are times when companies need to share login credentials for a program. Utilizing a password manager allows the login credentials to be stored in a secure environment and updated as required.
- Increased security. Organizations are enticing targets for cyber-attacks. While many organizations have password policies, this isn't enough. Frequent password changes can incentivize employees to create weaker passwords or only make minor tweaks to passwords.
Utilizing a password manager adds an extra level of security to your business by encouraging employees to use complex passwords without requiring frequent password changes. A good password management solution will feature a single sign-in and storage for unlimited passwords.
How to Start Using a Password Manager
Now that you've decided to use a password manager, you have to implement one for your business.
- Select a program. You'll need to select a password management software for your business. You'll want to look for administrative capabilities for managing multiple users and applications; advanced authentication capabilities; audit logging, reports, and alerts; and support for accessing passwords.
- Set a master password. Once your password manager is selected, and you've created an account, you'll create a master password. This will allow you to log in and access your passwords. Each user within your business will do the same.
- Apply multi-factor authentication. In addition to traditional credentials, you can set multi-factor authentication, a boost from two factor authentication, such as a one-time code sent to a mobile device. The idea is that, by using multi-factor authentication, cracking the password will not be enough to gain access.
- Install browser extensions. Once the account is created, users can install browser extensions that allow users to store and insert login credentials. It will also help you create a strong password for each online account. There might also be a mobile app for use on multiple devices.
- Stay secure. A password manager should be easy to use and will keep you, and your business, secure.
How Anteris Can Help
At Anteris, security is a top priority. Password managers are one of the ways that we help our Clients maintain a secure business environment. They are a solution for security and management for all passwords.
