Password Managers

August 3, 2022

| Security

Small and medium-sized businesses (SMBs) need a multi-layered cybersecurity defense. A layered approach incudes the “human” layer which incorporates security best practices and policies. An often overlooked element of this layer is password management. Credential management is more important than ever as the majority of SMB breaches are due to leaked or stolen passwords from employees, 81% to be exact. The easiest way to protect one’s passwords is to use a unique and strong password, but with so many passwords, this is becoming difficult. One Google study revealed that 52% of respondents are reusing their passwords. Imagine if half your employees are recycling their passwords? This means that if one account gets compromised, all of that employee’s accounts are now vulnerable putting business data at risk.

The average person has 100 passwords to keep track of. -NordPass

What is a business password manager?

A password manager, also known as a credential manager is a secure vault where people can store their passwords. Most password managers also help users generate a strong and unique password. While password managers have been around for years, use in SMBs is currently not widespread.

Why does your business need a password manager?

In the workplace just like in our personal lives, the number of password-protected accounts we access has proliferated and this has resulted in two major problems: password reuse and weak passwords. Both of these problems put your business at risk. A password manager will reduce this risk and make the process of generating and securing those passwords easier. Trying to keep track of all of our passwords is a hassle and it can be time-consuming. Think about how many times you have had to reset a password? With a password manager, employees only need to remember one master password. Other common poor password practices include writing passwords down on devices (yes this still happens!), sharing passwords with colleagues and not changing passwords frequently enough.

In recent years, many businesses have started using Single-Sign-On (SSO). While this is available for many applications, it is not available for all and a password manager is needed to secure those other accounts. Combining SSO with Multifactor Authentication (MFA) and a password manager ensures that your business gains control over every access point.

Why adopt a Password Manager?