The Essential Role of Password Managers in Today's Businesses
The cost of neglecting password security, complexity and the rule of “One Password, One Service” can be catastrophic, leading to not just financial losses but also an irreversible dent in brand reputation. However, in a modern business environment each employee may have 5, 10 or more different complex passwords that they may need to remember for different accounts that they require access to. Pair these complex passwords with comprehensive policies and two-factor authentication (2FA) or multi-factor authentication (MFA), and you have an indispensable security framework to protect you online accounts. However, the necessity for a large quantity of complex passwords can present its own issues and, in this article, we will cover how Password Managers can assist your business in protecting all your online accounts.
The Growing Complexity of Passwords
In an ideal world, every employee would conjure up unique, complex passwords for each account and remember them flawlessly. However, when employees may have to remember 5, 10 or more passwords and remember which account they associate with, this can be a complex task. As such, we live in reality where employees still use passwords such as "Password123" and "Qwerty8520". The simple truth is that humans are not adept at generating and recalling a multitude of complex passwords. This is where password managers come into play.
The Case for Password Managers
Centralised Security
Password managers serve as a secure encrypted vault, often locked behind its own master password, domain authentication and multi-factor authentication levels, storing all sensitive information in an encrypted form away from prying eyes. This level of centralisation is indispensable for businesses that operate a large variety of accounts across various platforms such as Business Banking, Online Ordering/Shopping, Email Accounts, Social Media and much more besides.
Streamlined Operations
Remembering a large variety of complex passwords is a complex task for employees, leading to wasteful time spent on guesswork and account lock-out and recovery procedures. A password manager eradicates this issue by securely storing credentials, login URL’s and even Multi-Factor Authentication codes, and auto-filling them on the relevant site on authenticated and logged-in devices.
Enhanced Accountability
With the integration of a password manager, businesses can monitor who has access to what, assign access to shared accounts, and keep an audit of who accesses what credentials, when and where, thereby bolstering accountability and traceability within the business.
The Synergy with 2FA/MFA and Comprehensive Password Policies
While a password manager forms the cornerstone of secure credentials, it should be complemented by other security protocols like 2FA/MFA and comprehensive password policies within your business, see our articles about these security processes for more information. Password Managers can help your business by storing Multi-Factor Authentication codes within the Manager, allowing you to easily access these from any authorised device that is logged in.
Comprehensive Password Policies
Password policies enforce rules that require the use of strong and unique passwords. When used in conjunction with a password manager, they make it almost impossible for hackers to crack your credentials via brute force attacks. Find out more here: [Link]
Two-Factor and Multi-Factor Authentication
Even if a password does get compromised through a Dark Web leak/data breach, 2FA or MFA adds an extra layer of security to all your online accounts. These methods require a second form of authentication beyond just the password, making it markedly more difficult for unauthorised users to gain access. Find out more about 2FA/MFA here: [Link]
How can TwentyFour secure your online accounts through Password Management?
Password managers, when paired with robust password policies and 2FA/MFA, create an impregnable fortress around your data. It's not merely an option; it's an essential requirement for any business committed to securing its digital assets in today's constantly evolving cyber security threat landscape. Ignoring these password security measures is the same as leaving your front door wide open in a neighbourhood known for burglaries. Secure your business now; the cost of regret will be much higher.
At TwentyFour IT, we provide Password Management, Multi-Factor Authentication and Dark Web Monitoring as a complete solution to protect all your online accounts. Contact us today to learn how our password manager can also link to your wider infrastructure management solutions.