Password Managers: why every employee needs them!

Every employee has to deal with passwords for corporate Web sites and applications. Unfortunately, it is not always possible to implement Single Sign-On (SSO) for all applications and Web sites. As a result, users often have to remember multiple passwords. However, research shows that many employees are careless with password management, which significantly increases the likelihood of security incidents.

Risks of not using Password Manager

1. Repeated password use:
   Without a password manager, users tend to use the same password for multiple accounts. This means that if one password is cracked, a hacker can easily try to gain access to other accounts of the user.
2. Simple Passwords:
   Without a secure way to store passwords, users often choose easy-to-remember passwords that are less complex. These simple passwords are easily cracked by hackers, compromising security.
3. Insecure storage:
   Storing passwords in Word or Excel documents or on post-it notes is still a common practice. This increases the likelihood that unauthorized persons will gain access to these passwords and thus sensitive company data.
4. Forgotten Passwords:
   Without a proper method of storing passwords, users forget their passwords more often. This leads to wasted time for both the user and the IT department, which is regularly busy resetting passwords and verifying the user’s identity.
5. Using Private Password Managers:
   Users may choose to store business passwords in their private password managers (such as those provided by Google, Edge, Firefox, LastPass, Keepass or other solutions). While this is better than reusing passwords, the IT department has no control over this and the security of these solutions is not guaranteed.

The main advantages of a Password Manager

1. Strong, unique passwords:
   A password manager automatically generates strong and unique passwords for each account. This significantly reduces the risk of hacking, as each account is protected with a password that is difficult to crack.
2. Ease of use and time saving:
   When opening a website or application, the correct login credentials are entered automatically. This saves time and reduces the frustration of remembering and manually entering passwords.
3. Secure Password Storage:
   Passwords are stored in an encrypted database, meaning that only the owner of the master password has access to the stored passwords. This provides an additional layer of security.
4. Password sharing:
   Using a common password manager within a company allows for secure sharing of passwords or using a common database for a project. This promotes collaboration and security.
5. Multifactor Authentication (MFA) integration:
   Many Web sites use MFA, which requires entering a one-time password (OTP) in addition to a username and password. A password manager can manage this data, making the process easier and faster.
6. Centralized management:
   A corporate password manager allows companies to enforce the use of strong passwords and monitor password usage. In the event of a security incident, action can be taken quickly. A departing employee’s access can also be easily revoked, ensuring the security of company data.
7. Compliance:
   Companies often need to meet internal and legal compliance requirements. A password manager helps employees adopt secure password management practices, allowing companies to better meet these requirements.

Conclusion

Using a password manager offers both companies and their employees significant efficiency and security benefits. Using a password manager allows users to log in faster, use more complex passwords, and reduces the risk of security incidents. In short, a password manager is an indispensable tool for any organization. If you would like to learn more about how a password manager can be implemented within your organization, please feel free to contact us.