Passwords have become one of the most sought-after commodities by hackers looking to sell credentials on the Dark Web. Criminals will pay good money for stolen passwords because they know there’s a chance just a single password will open multiple online accounts.
According to the Verizon Data Breach Investigations Report, data breaches that involved stolen passwords increased by 50% over the last three years, jumping to 81%. Which makes them the single most popular method of breaching an organization’s files.
Taking a snapshot of today’s companies, they have reams of valuable data, including employee Social Security Numbers, customer credit card details, and more all being protected by the weakest login password from their team.
Even if you have strong managed IT security on your network and endpoint devices, if the hacker has an administrator’s password, they can easily login to bypass all your security controls.
This makes password management of vital importance to any business, no matter what their size. Unfortunately, many companies still find it challenging to keep track of employee login credentials.
Let’s take a look at the challenges of password management and how a good password management application can help you overcome them.
Are You Feeling Overwhelmed by Passwords?
If you’re feeling overwhelmed by the number of passwords you use on a regular basis, you’re not alone. In the U.S., the average email address is used for 130 different accounts.
The barrage of different passwords a person has to remember for both work and personal use are the key cause for poor password habits, even though users know better.
59% of people use the same password for multiple logins and 61% say they do because they’re afraid of forgetting it.
Some of those bad password habits that are putting your data at risk include:
- Using the same password for multiple logins
- Using weak passwords that aren’t long enough or don’t follow strong password guidelines
- Keeping the same passwords for years without changing them
- Writing passwords down on sticky notes on or near a device
- Sharing passwords with colleagues or vendors
So, how can you overcome the challenge of needing unique and strong passwords for all of your different logins?
Password Management Apps – The Solution to Password Overload
Password management applications are designed to take the frustration out of managing all your passwords and significantly increase the security of your logins.
What’s great for businesses is that these applications are designed to be used both for personal use and business use, with the business version allowing owners additional insights into their logins and how they’re used.
How does a password manager work?
Password managers keep an encrypted “vault” of all your passwords and they’re accessible via a browser extension or the application. When you want to login you just put in the master password, and it can autofill your login information or give you access to copy/paste your password.
There are several on the market to choose from, here are a few of the most popular:
- Zoho Vault
Here are the advantages of using a password management app to handle your company logins.
Only Remember One Password
Instead of having to remember multiple passwords, users only need to remember one, the one that gets them into their “password vault.” This means that it’s much easier to make that single password a strong one and not have to worry about forgetting it among all the others.
Passwords Sync Across Multiple Devices
You don’t have to worry about being without a password just because you’re away from your main desktop computer. Password managers are mobile friendly and can sync your account across multiple devices, so your logins are always available when you need them (and you don’t have to write them down).
Administrative Access for Businesses
Never again worry about an employee leaving abruptly and you having to frantically search for their passwords. Businesses can have administrators on their account that have access to view other user’s work-related logins.
You can use multi-factor authentication (MFA) with password management applications, which greatly increases your data security. When you use MFA, another factor in the form of a PIN needs to be entered to complete login, so this keeps out thieves that might have already stolen your password.
Secure Credit Cards
Another benefit of many password managers is that they can also secure credit card details and fill them in when you need them. This keeps them more secure than if you had to give them over the phone or have someone write them down.
Using a password management app can improve your office’s productivity. Instead of struggling to remember a password or having to go through a password reset a few times a week, the entire login process across multiple websites and cloud-applications is streamlined for your users.
Protect Your Data with Good Password Management
Are passwords a weak link in your data security? Connect2Geek can help with affordable, state-of-the-art solutions that will help you strengthen your password and IT security while also improving your workflows.
Get your free IT security consultation today by calling 208-468-4323 or using our contact form.