When it comes to cybersecurity and your business, strong passwords are a must. But between long strings of numbers, characters, and symbols, having to change your passwords every few months, using different strings for different accounts, and ensuring the correct employees always have access to the accounts needed for their work, it’s no wonder that password management can be headache-inducing.
What Is a Password Management System?
There’s no doubt that many businesses struggle with their passwords. Remembering them all is tough! In an effort to simplify things, business owners and managers may use simple passwords, write passwords down, reuse them across multiple accounts, never change them, or send them in emails. And, in fact, according to LastPass, 68% of employees use reused or weak passwords, which can put your business and your clients at risk.
A password management system is a centralized program that keeps all of your passwords in one secure place by using a “master password.” This is the single password that you need to remember to access the credentials for all your accounts. A password manager can often ensure that every password you use is unique and strong by generating them for you. Passwords are also synchronized across the account and devices, ensuring employees have an easier time logging in and getting the appropriate log-in credentials if a password happens to be changed.
If you’re not sure if your passwords are a problem, it may be time for a risk assessment. TAG can help you take a deeper dive into your technology and security so you understand where your vulnerabilities lie.
What Are the Benefits of a Password Management System?
Password management systems bring a whole host of benefits to the table and help elevate cybersecurity strategies across the board. Some pros of using one include:
Helping You Spot Fake Websites
Any business or individual can fall prey to a phishing attack, but password management systems can alert you if they think you’re entering your credentials into a suspicious website or form.
Showing You if You’ve Been Breached
It may feel annoying to see tons of red alerts letting you know your password(s) has been compromised, but this is an essential feature of a password management system. It’s telling you to change that password as soon as possible, as hackers or cybercriminals may have access to your account due to a data breach.
Making It Easier To Share Passwords
Without a password manager, employees constantly have to ask other employees or their managers for the new password – and the individual they’re asking may or may not know it. This wastes a lot of time, and as a result, managers may be less likely to change passwords or make them difficult. Password management systems, however, allow teams to share and update passwords as they’re changed, meaning those who need access get it across a number of devices as long as they’re logged into the system.
Alerting You of Password Problems
In the event your password is simple, easy to guess, was previously compromised, or reused on another account, the password manager can alert you so you can change it right away. Many of these issues can be avoided by using the generation tool that is baked into many management systems. And by avoiding common password problems, you can become compliant in your industry and can tick another box for your cyber insurance.
What Are the Downsides of Password Management Tools?
Nothing is perfect, and that’s true of password management tools too. There are 2 major downsides of using one, including:
You Have To Remember That Master Password
Remembering one password is much easier than remembering 20, but it is still possible to forget. If you lose access to the master password, you could very well lose access to the entire password management account. As such, you will have to make the code easy for you to remember, but difficult for others to guess.
If Your Password Manager Is Breached, the Hacker May Have Access to All of Your Accounts
And, of course, if that master password is figured out, the cybercriminals will be able to get into your password management account and have access to all of your credentials. Thankfully, 2-factor authentication, or multifactor authentication (MFA), can help ensure that even if your master password is compromised, the criminals still won’t have access to your account without additional social engineering efforts.
How Can Cybersecurity Services Help With Password Management?
Cybersecurity services are so much more than firewalls. They are designed to help you keep information in and criminals out, and that includes password management. By working with a cybersecurity team, undergoing risk assessments, and taking another look at your passwords, you can elevate your entire security strategy and work to keep your most vital data safe.
We understand how annoying passwords can be, but we’re here to help you get a handle on them once and for all! And we do more than protect your passwords – TAG offers a whole host of cybersecurity services to support your business.