Do Password Managers Actually Help Protect Company Data?

Do Password Managers Actually Help Protect Company Data?

Protecting company data is a priority for businesses both large and small. Sometimes, specific company data is only protected by a password, making passwords one of the most important security components your business has at its disposal. Without good passwords and a password manager to help store and organize them, you could be putting the entire company at risk.

So, do password managers actually do anything, or are they all for show? Let’s take a closer look at what password managers have to offer and why you should be using one for your business.

The First Line Of Defense

A password is often the first line of defense in your cybersecurity arsenal. Good passwords make it more difficult for hackers to access sensitive information and protect your business’s most precious digital assets. That being said, you’d still be surprised by how many people—and businesses—don’t take passwords seriously enough.

According to this survey, even though 91% of the survey’s respondents said that they understand the dangers of reusing passwords, 59% said they did it anyway. That’s over half of the respondents. Even when people are aware of threats and problems with their passwords, they don’t always address the problem. A company password manager like Keeper can help notify you when you’re using duplicates and help generate more secure passwords to use.

Imagine you’re using several passwords to access certain areas of an app for your business’s financials. Maybe it’s a banking or investing app, or bookkeeping software. You decide that it’s too much effort to remember multiple passwords, so you set the same password for each login.

You probably used something you’d remember, too. Maybe a birthday, anniversary, or the last four digits of your phone number. You’re saving yourself time by shaving off those extra minutes, but you’re simultaneously putting the entire company at risk.

The first thing a hacker will try is personal information, especially because so many people use it in their passwords. Once he’s cracked one password, he’ll likely see how many other accounts he can access via that password. If you’ve set everything to the same password, well…you get the picture.

Eliminating Password Storage Problems

Believe it or not, there are still businesses out there that store their passwords in spreadsheets. Imagine if someone got ahold of that spreadsheet, or some unauthorized user took a screenshot of it. All of your company’s passwords would be vulnerable! With a password manager, that’s a thing of the past. Password storage is secure and organized in the cloud, so even a breach of your internal systems doesn’t necessarily mean that your passwords will be compromised.

Even some of the largest companies on the planet, including Facebook and Google, have been guilty of storing passwords in plain text in files that aren’t as secure as they should be. You don’t want to become the business that’s responsible for compromising your customers’ data because of bad password practices. In fact, you may be out of compliance with the law if you’re not taking certain cybersecurity measures.

Old Passwords and Recyclables

One of the best features of password management software is that it can send you push notifications to your device when a password is outdated or has been reused. On larger systems, it can be difficult to keep track of all the passwords, and old passwords are far more vulnerable. You should change your passwords at least a few times per year, and some experts recommend changing them as often as once per month.

You should always change a password after you’ve suffered a cybersecurity attack, spotted malware on your computer, fired an employee, or notice suspicious activity on your accounts. It’s always better to change the password right away as a precaution than to wait for the damage to occur. 

Data Is Your Most Precious Resource

Your company data is the most precious resource at your disposal. It contains financial and employee information, business information, and so much more. This means you should be taking at least the minimum steps toward protecting it, and this begins with using a password manager.

You’ll be able to generate more secure passwords, store them in a secure location, keep tabs on old and reused passwords, and keep everything organized where your users can easily access it. Don’t leave your company data to chance—especially when password managers are so affordable.

The Bottom Line

You can find password managers all over the web, but don’t settle for just any service. A browser password manager won’t have enough security, but you also don’t want to pay a small fortune for a password service. Try companies like Keeper who have an excellent customer service rating and offer some of the most comprehensive password management tools available. Remember—your data is the life’s blood of your organization. Protect it at all costs!

 

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