Enterprise Password Management
Keeping track of the many passwords needed for enterprise is getting harder. This is mainly due to the increasing number of online accounts and tools you need to access. Additionally, an average person has 100 passwords. If you combine that with the multiple devices you need to access for personal reasons, it can be overwhelming.
Corporate password management software solution helps you manage all your logins securely. In this article, we are going to learn everything about Enterprise password management software solutions (also known as enterprise password vault manager).
What is an Enterprise Password Management Software Solution?
Enterprise password management software solution aka (centralized corporate password management) is a highly sensitive tool for any corporate because it allows administrators to grant access to corporate employees. With the rise of cybercrime, most enterprises are not only concerned about malware and viruses, but also about their corporate employees abusing their tools and gaining access to root systems.
With the right tools and software solutions, centralized password management software solutions can ensure corporate employees practice safe credentials habits. Additionally, good corporate password management practices help you enforce rules that align with your company's standards, along with policies that alert corporate employees if they misuse, reuse passwords, or share account credentials.
Why is Enterprise Password Management Software Solution Important?
A business can be destroyed overnight because of a credentials breach. But a single breach can have effects that affect the entire business and everyone who works for it. Productivity can grind to a halt while corporate employees attempt to coordinate ways of meetings and conference calls without the use of their typical work tools and software solution. The next day, things will only be more complicated as the entire company is forced to handle the aftermath of a crippling credentials breach.
When passwords are not managed properly with the appropriate tools, it makes the recovery process for stolen credentials useless. It's easy for those who know what they're doing to gain access to a network and cause damage. Knowing that passwords for critical systems can easily be obtained by cyber-criminals, it is crucial to protect them.
Since most of today's data breaches are caused by someone with physical access to a device, corporates need to protect all their devices. Here's just one example of how important it is to protect the devices that carry your sensitive information: In 2017, Best Buy was the victim of a data breach that cost them over $100 million in fines and other imposed damages, mostly because they only protected their network and not their corporate employees' devices.
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Note: Passwarden is a part of the MonoDefense security bundle.
Should Businesses Use Centralized Password Managers?
As a corporate, security is one of your top priorities. In an age when data breaches are increasingly common, password management software solutions can help protect you from hackers who steal sensitive information. Most people can't remember all the passwords they have - the ones for their emails, online banking accounts, cloud storage systems, and so on. This can be a major headache.
In addition, it's highly risky for businesses to rely on human memory alone when it comes to passwords; after all, these aren't just simple logins for social media accounts - they're often keys to business data.
How Do Companies Manage Passwords?
Here are the most common tools and ways how companies deal with password management.
Set specifications for passwords.
It is important to have a passcode that is complex, hard to guess, and contains a mixture of upper and lower case letters, numbers, and special characters.
Set an expiration date for passwords.
For any account that contains sensitive information, a passcode should be changed every three months for optimal safety. Additionally, if there is any indication that your account may have been compromised or is at risk, you should immediately change the associated password.
Use a centralized password manager.
Centralized Password managers allow you to create strong, unique passwords for each one of your accounts, something you definitely should do. The only passcode you need to remember is one master password.
Prohibit sharing passwords.
Credentials sharing might seem convenient for corporate employees, but it's one of the worst things they can do. For one thing, attackers often test stolen passwords on multiple services, make it clear to your team that sharing passwords is never allowed. The only case where they can share passwords is through a secure channel, such as a centralized password management software solution.
Enterprise Password Management - Top 4 Best Practices.
Enterprises need to put the old saying “Safety first” into practice. Since the average cost of a data breach is $4.87 million. You could put that amount of money to improve your business, instead of losing it because you didn’t spend much less money on security! Here are the best 4 practices for corporate password management.
Encourage corporate employees to use strong passwords and not reuse them.
Humans are always the weakest link in the information security chain. That’s why it is vital to educate your corporate employees about how and why it is important to create strong passwords. Additionally, giving your corporate employees the right tools such as a centralized password manager will help them keep credentials safe. Passwarden provides this free tool to check passwords’ strength.
Use an enterprise password manager.
With a centralized password manager that installs on your computer or phone, you never have to worry about remembering passwords because the application stores all of them for you securely. For example, using Passwarden is strongly recommended for people who have to remember different accounts and usernames. Passwarden will also help you to generate strong credentials because it’ll include letters, symbols, and numbers to create a passcode that's up to date, and also organize them in secured places called vaults.
Use two-factor authentication.
Most websites and online services provide a two-factor authentication tool. It is considered to be the safest tool to protect information and online accounts. It’s free and easy to use.
Blacklist common password choices.
Most corporate employees choose credentials that are easy to remember, and while they may be easy to remember, they're also easy to guess by hacking tools. That's why we recommend password blacklists. A blacklist is a list of passwords you never want your employees to use. It could be a list of the most common credentials from the past year, or it could be a list of your own custom-made-up bad words.
What Software Solution Can I Use For My Enterprise?
If you want to go cheap, you can just use any built-in centralized password manager. But keep in mind that centralized password managers come with flaws and buggy tools. Even the mighty Apple’s iOS 13 beta password manager lets strangers bypass your iCloud Keychain password. Additionally, those built-in centralized password managers come with fewer tools than centralized password managers like Passwarden.
For example, built-in passwords can’t tell you whether your password is breached or not, and you don’t need a master password to use them, which is a huge security risk. On the other hand, You can use dedicated software solutions like Passwarden to ensure your enterprise security. It allows you to organize your passwords in vaults, edit vaults, delete vaults, rename them, or share them. And many more options.
FAQ About Passwarden Solution
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