I’m sure you have heard and seen many IT companies shout about passwords and how important they are. Yes they are annoying and having to remember all the different ones can drive you up the wall. However, breached or stolen passwords are much worse and they are the bane of cybersecurity everywhere. Passwords are the cause of more than 80% of data breaches. This is because hackers get in using stolen, weak or reused passwords.
Unfortunately passwords are still the most common form of security, tech like biometrics and passkeys haven’t yet surpassed them. This means that companies need a way to share passwords with employees in a safe and secure way… Say hello to password managers!
Here are the benefits of using a password manager and why it is one of the most secure ways to share passwords.
Why Use a Business Password Management App?
Password managers give you a secure digital vault for safeguarding passwords. The business versions also have setups for separating work and personal passwords as well as special administrative functions, so companies never lose a critical password.
Here are some reasons we would recommend you to get a password manager.
Centralised Password Management
One of the best things about password managers is that they are a one stop shop for all of your password needs. They centralise password management. They keep employees from using weak, repetitive passwords and from storing them in vulnerable places (we see that sticky note on your desk!). If you use a password manager it will securely store all of your passwords in an encrypted vault so that only those with access will be able to see and use the passwords.
End-to-End Encryption
Leading password managers use robust encryption techniques to protect sensitive data. End-to-end encryption scrambles passwords this turns them into unreadable text when stored and transmitted. Making it nearly impossible for unauthorised users to access the information. When sharing passwords with employees, this encryption provides and extra layer of security that helps ensure that the data remains confidential.
Secure Password Sharing Features
Password managers often come with secure password-sharing features. They allow administrators to share passwords with team members and to do this without revealing the actual password.
Instead, employees can access the requires credentials without seeing the characters. This ensures that employees do not have direct access to sensitive information. This feature is particularly useful when you are onboarding a new team member.
Multi-Factor Authentication (MFA)
Many password managers support multi-factor authentication. This adds an extra and important layer of security to your accounts. MFA requires two or more forms of verification before accessing an account. This significantly reduces the risk of unauthorised access. According to Microsoft, it lowers the risk by 99.9%. This makes it an essential feature for businesses looking to enhance their password security. Especially when sharing sensitive information with employees.
Password Generation and Complexity
Password managers often come with built-in password generators. They create strong complex passwords that are incredibly hard to crack. When sharing passwords with employees, employers can use these generated passwords. They ensure that employees are using strong, unique passwords for each account. This eliminates the common practice of using weak passwords. As well as reusing passwords across many accounts. This feature mitigates the risk of security breaches.
Secure Sharing with Third Parties
Password managers offer secure methods for sharing credentials with third-party collaborators or contractors. Companies can grant these external parties limited access to specific passwords without compromising security,
This functionality is particularly useful for those working with external agencies or freelancers. It keeps control of the passwords within the organisation.
Password managers offer a secure and convenient way to share passwords with employees. They are an indispensable tool for businesses aiming to enhance their cyber security.
By adopting password managers, businesses can protect their sensitive information. They also promote a culture of security awareness among employees. Investing in passwords management solutions is a great step towards cyber security and safeguarding.
If you would like any help or advice about password managers, get in touch.
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