Password Managers: Do You Really Need One?
Research by Nordpass shows that the average person has a whopping 100 passwords, with this many passwords to remember, it’s easy to see why ‘password’ and ‘12345’ are the most commonly used phrases. However, poor password hygiene can leave you vulnerable to cyberattacks, ransomware, and data loss. This is why we always recommend using password managers, especially for SMEs who might be lacking enterprise-level cybersecurity.
Password manager tools not only help create and store strong, unique passwords but also facilitate secure password sharing among team members. By implementing robust password policies and using advanced encryption techniques, password managers are an easy way to safeguard sensitive information.
Implementing password management systems can easily be included your IT support package too.
The Password Problem
The password problem is becoming ever more apparent as data breaches and cyber-attacks continue to rise.
The demand for numerous complex passwords leaves many users simply unable to remember them unless they are written down, simple, or reused. Despite understanding the security risks, more than 60% of people admit to reusing passwords across multiple accounts. This practice significantly increases vulnerability to cyberattacks, as 80% of data breaches result from compromised login credentials.
Weak password management isn’t only a data threat, it also impacts productivity and security. Employees spend an average of 36 minutes per month typing passwords, with frequent resets causing further time loss.
How Password Managers Solve the Problem
Password managers provide an easy solution to the challenges of password management. These tools provide a secure vault to store all passwords, ensuring that sensitive information remains protected through robust encryption methods.
By generating strong, unique passwords for each account, password managers significantly reduce the risk of security breaches. They also make it much easier to access secure passwords by requiring only one master password to access all stored credentials.
If your team needs to share log-in details for different accounts, a password manager can make this process easy and secure too. With features like auto-fill functionality and cross-device synchronisation, these tools save time and improve productivity. Password sharing can be internal or external, with full tracking to see when the password is viewed or you can include an expiry date to ensure it cannot be used more than once. For complete privacy, password managers even allow you to give someone a password without letting them see it.
Management can report on users so you can see who’s using the product, how secure staff are being, etc.
By implementing password policies and offering additional security features, password managers are the perfect way to safeguard your sensitive information online. Some password management systems even notify you if a website with a stored password of yours declares a data breach publicly or if your email appears on the dark web.
Choosing the Right Password Manager
When choosing your password manager think about these key factors.
Firstly, it should be a reputable brand that offers strong encryption and multi-factor authentication options. Look for password managers that offer AES-256 bit encryption and support for various authentication methods, including biometric and physical security keys.
Additionally, the ability to generate strong, unique passwords and conduct password health checks is must for your password management tool. If you need to share passwords, look for a tool that has Password sharing capabilities for team collaboration.
Many password managers also allow you to import passwords from other sources such as Chrome or CSV files. As well as storing other sensitive information like bank details, card details, network keys, software licence information, and more.
Some password managers also provide advanced features like emergency access and encrypted file storage, which can be valuable for businesses. It’s also worth considering the user interface and compatibility across different devices and platforms to ensure seamless adoption throughout the organisation.
Working with Softext
For help or advice on choosing the right password manager for your business, ask Softext an IT support provider Tamworth. Our support technicians will work to understand the capabilities you need from a password management tool and support you right the way through to implementation and training if required. Many are free for 1 person, with paid plans to teams / business. Starting from £6 for 5 members of staff for the basic systems.
Use our contact form to ask us about our IT support options.