Businesses are trying to shift their operations online, especially after the COVID-19 pandemic. Although becoming 100% virtual is beneficial and cost-effective for organizations and employees in most cases, there is a critical issue you must consider: cybersecurity. With this rapid paradigm shift towards digitization, cybercriminals have become more active and cleverer. It has become challenging for businesses to keep their employees and data safe and protected.
For this purpose, it is necessary to secure your systems and devices with strong passwords. Anyone working online knows that the use of passwords is inevitable in their day-to-day work life. It can become daunting to keep track of all the account passwords we need to memorize (for accessing our email service provider, CRM & ERP software, business and client accounts, SaaS/PaaS/IaaS platforms, VPN applications, and many more).
Most of the time, remote employees have no control over the connected networks, systems, and devices they use. This is why the responsibility cannot fall on remote workers, not in its entirety. Organizations should manage password creation, management, and storage with enterprise solutions to ensure the data security and privacy of their employees and customers.
As the owner of an organization or business, you need to take password security seriously! You can’t literally afford to have a cavalier attitude about this. Here are five reasons why your business seriously needs password management software.
Get complete visibility into employees’ password practices
If there is no centralized password management tool being used in your organization, your IT administrators have no visibility or insights into your employees’ password security practices. Visibility is always an issue, but it is getting worse as many employees are working remotely. It has been observed that employees reuse their passwords across multiple accounts, putting organizations at risk. It is a risky practice that can make your employees vulnerable to cyber attacks. Password management software allows the System Admin to get visibility and control over employees’ password practices via a centralized Employee Monitoring Software console.
Ability to standardize password policies and implement role-based access control
Standardizing RBAC (role-based access control) policies under a centralized password management platform allows for the implementation and enforcement of these policies across an organization. These best practices include (but are not limited to) using multi-factor authentication, as well as strong and unique passwords. IT administrators can make sure that all employees are practicing organizational security policies by leveraging policy enforcement tools.
Moreover, every employee should be given only the necessary level of access they need to perform the assigned tasks. Upholding the Principle of Least Privilege (PoLP) helps prevent insider threats and allows organizations to restrict their exposure if an employee’s account gets compromised. By using a password management solution, organizations can monitor accounts for suspicious activities and fully implement role-based access control tactics.
Strong password generation
A password manager generates unique and strong passwords for your accounts and stores them. You just need to remember the master passwords, and your password manager will remember the rest of the passwords for you. It also alerts you when you reuse a password or when your passwords are not strong enough and easy to guess. Some password managers even let you know when your accounts get hacked.
Protection against phishing attacks
Password management software protects against phishing attacks. These attacks have become a major source for cybercriminals to put users’ privacy at risk. The phishing attack is one of the most common and efficient ways to steal login credentials. These emails seem to come from legitimate sources but trick users into logging into realistic-looking (and sometimes functional) fake websites to capture their sensitive information. Password managers are not prone to phishing attacks because they do not allow users to input passwords if the domain name is not recognized.
Efficient data syncing
Enterprise password storage and management solutions ensure efficient and quick syncing of passwords across all employee accounts and devices. By using this feature, you can access your passwords on your desktop computer, laptop, and mobile devices. All you need is to make sure your password database is encrypted with a strong Master Password.
A strong and unique password is the first line of defense for online security. It is the organization’s responsibility to educate its employees and provide awareness training. That way, remote workers will be less vulnerable to online threats. They will also help your System Admin to monitor password sanitation practices and enforce data security policies. These are essential processes to ensure that a company’s confidential data is secure. Using a password manager can protect your organization against cyber threats. Be wise and get an enterprise password manager for data protection before it is too late.