7 reasons why your business needs a password manager

Whether for personal use or for business purposes, password managers can help keep your credentials secure and prevent sensitive information from being leaked. This holds especially true for businesses that want to keep network security in top shape, and password managers can help to ensure that poor user management will not result in detrimental effects for their information. Here are the top 7 reasons why password managers should be a part of every business plan.

1. Employees do not use strong passwords. The majority of people have a few simplified passwords that they use across all the accounts that they have, both personal and for business purposes. They make these easy to remember and that means easy to guess, which is a dangerous habit. A strong password is considered to be at least 12 characters long and containing a combination of numbers and symbols, and a combination of capitalized and lowercase letters. Luckily, password managers auto generate secure passwords for each individual account and store them securely in the manager.

2. Password changes are usually recorded. Many companies feel they are taking secure measures by asking (or forcing) frequent password updates from employees. While this is theoretically not a bad idea, in reality it can be extremely detrimental to a company’s security. With frequent password changes, many people store their passwords somewhere for easy access to their latest created password. This may be physically on their desks somewhere, or somewhere on their computers that can be accessed. With a password manager, there is no need to notate or remember your unique secure passwords.

3. Password retrieval is a waste of time for help desks. Nearly any IT department will admit, one of the top tasks they complete each day is password retrieval for employees. For those who try to commit their unique passwords to memory, they will forget from time to time, especially with frequent changes. This retrieval process takes up a huge chunk of time for help desks, and is not a cost-effective task for the company as a whole. Password managers allow IT departments to monitor and audit passwords from afar.

4. Browser password management is not secure. Most browsers offer the ability to remember login credentials for your frequented sites. The problem is this feature focuses on user experience and ease rather than security, meaning that your login information is essentially left out in the open.

5. Password managers protect against phishing attacks. Phishing attacks are one of the most common and effective ways login credentials are stolen. These emails appear to come from legitimate sources, but they send employees to fake login screens that will capture their login information. Password managers thankfully are not prone to these attacks, as it won’t input a password if the domain name isn’t completely correct.

6. They sync to the cloud. This means that password managers can allow you to login via desktop computers, tablets, and phones, all while providing top level security across devices.

7. They support two factor authentication. While password managers provide upmost security, they also add an extra layer of protection with two factor authentication systems such as a challenge question or PIN that is texted to the user’s phone. If these 7 reasons to incorporate a password manager into your business plan aren’t enough, contact the experts at Fortress Identity to see how we can specifically help you!