Data breaches are more common than ever before, and your company could be at risk. While many business owners are aware of security risks, they are typically wildly unprepared to protect themselves from a data breach. And for many businesses, the most common cause of data breaches is substandard password usage. Improper password storage, easily hackable passwords, and password sharing are rampant across numerous industries. Fortunately, most of these problems can be solved by implementing a password manager, which comes standard with an enterprise password vault.
Substandard Password Storage
From small businesses to Fortune 500 companies, password security is typically subpar at best. Employees at all levels are often found utilizing unsafe methods for storing their passwords. It’s incredibly common to find an employee’s work password on their desk in plain sight of the rest of the office. For those with multiple passwords (which is almost everyone at this point), writing their passwords in a notebook or an unencrypted document is the norm. Some may argue that the notebook is the more secure storage method, given that hackers can’t access your notebook– but there is a better, more modern option.
Every password manager comes standard with a private business vault for each employee, allowing your employees to securely store their passwords. Rather than pulling that notebook from the bottom drawer, employees can simply enter their password once and save it to their account. And anytime a new password is created and stored, the password manager automatically encrypts it.
The fear of a data breach is very real, for companies and individuals alike. This makes sense, given that data breaches can cost your company millions of dollars in recovery. And many companies find that once the public loses trust in them, it’s game over. So why are so many people using the most easily-guessed passwords?
There’s a reason the most commonly-used password is 123456. For many Americans, it’s completely normal to have several dozen password-protected accounts; different sources have reported an average of anywhere from 50 to well over 100 personal and business accounts per person. That’s a lot for anybody to remember, hence the aforementioned notebook. It also explains why so many people use the easiest passwords they can remember (which are also typically the easiest for hackers to guess). And in maintaining good password hygiene, it’s often recommended that people reset their passwords once every 30 to 90 days. For many people, all of these factors combined can lead to a great deal of stress. So they stick with that easy password, as it’s one less thing to worry about.
But when a person uses that super-hackable password for EVERY account, the risk is compounded significantly. Fortunately, your password manager can solve all these problems as well. Rather than forcing users to constantly create the newest and most unique passwords, the password manager can create new and unique passwords for you. Set the password once, and forget it (until it’s time to update). The only password you have to remember is a master password to access the manager (though experts may recommend using a passphrase for increased security). When you have the tightest password security with no hassle, you cannot lose.
While many employees and managers are aware of the dangers associated with poor password security, many do little to prevent it. In fact, many companies are actively making the problem worse by encouraging password sharing. Employees have even revealed that password sharing is company policy and is expected in the workplace.
These policies are typically implemented to further collaborative efforts between coworkers, revealing that it’s often easier to share project resources when team members can all access each other’s accounts. And with so many passwords being easy to guess or remember, that are used across numerous accounts, your company and your employees are putting a lot on the line.
Your password vault is for much more than storing passwords. Anything you need for that big project your team is working on can be stored and easily accessed. Any type of media file can quickly and securely be shared with colleagues, affording your workers the most efficient and secure work environment.
Addressing Security Concerns
Password managers offer the most efficient solution for proper password storage and maintenance, but there are those who are worried about the security of the password managers themselves. Password managers can be hacked if a weak master password can be used, which is why strong passwords are encouraged across all platforms. Others have concerns regarding the anonymity of their passwords stored in the manager, even with being encrypted. With the use of zero-knowledge encryption technology, the password has no knowledge of your passwords after they are encrypted, preventing the program from compromising your passwords.
Password managers are an incredible resource to round out your company’s cybersecurity defenses. But they’re not enough on their own. Business owners must ensure that their employees are informed on proper password security measures. When your employees are effectively educated, a password manager ensures the safety of your company’s data.