One of the worst things that could happen to a business’s cybersecurity is a password breach. Over 80% of all data breaches are the result of passwords. Hackers gain access to your network using stolen, weak, or reused (easy to breach) passwords, usually from employees. Today, we want to explore how to securely share passwords with employees.
Creating and keeping passwords are still a part of our daily lives. Biometrics and passkeys have not yet come to replace them yet. We use them for our websites, apps, and so much more. So, businesses want to know the safe methods for sharing passwords with employees. As well as helping to manage those passwords more effectively.
There are simply more cyber threats to worry about nowadays, making it more important than ever to protect sensitive data. It’s time to make password security a top priority. Especially with employees managing more passwords than ever before. It’s estimated that people have an average of 191 passwords.
We aren’t getting rid of passwords any time soon, so how can you securely share them with employees? One solution we love is a Password Manager.
Let’s explore the benefits of having a password manager. We’ll also discuss why it’s one of the most secure ways to share passwords with employees.
Why Your Business Should Use a Password Manager
Password Managers are safe digital vaults in which you can store passwords conveniently. You can also separate work and personal passwords. They also have a unique admin feature that makes sure your business never loses an important password.
Here are a few reasons to think about when using a password manager to improve data security.
Password Management in One Place
Centralizing password management is one of the main benefits of password managers. They prevent employees from using weak, easy-to-guess passwords. And they make sure they are all stored in a safe place. A password manager stores all passwords in an encrypted vault. The centralization improves security. But it also simplifies the process of sharing passwords securely amongst staff.
The best Password Managers safeguard your sensitive information using strong encryption methods. End-to-end encryption is a way of scrambling up passwords. When they are sent and stored, they turn into unreadable text. This way, it’s very difficult for unauthorized individuals to access the information.
Encryption adds an extra layer of protection when employees are sharing passwords. It helps to ensure the data is kept private throughout transmission.
Secure Password Sharing
Secure password-sharing is an option most password managers offer. They allow administrators to share passwords among employees. All without having to disclose the real password.
Employees don’t need to see the characters of a password to access the necessary credentials. Now, employees don’t have direct access to confidential information. This feature especially comes in handy when onboarding new hires. It’s also great when collaborating on projects that call for access to particular accounts.
Muli-Factor Authentication (MFA)
Multi-factor authentication is something a lot of password managers support. MFA is an additional, important layer of security. To access an account, MFA requires two or more forms of verification.
MFA significantly reduces the chance of unauthorized access. Microsoft claims it reduces the risk by 99.9%. Making it a no-brainer for businesses trying to improve password security. Particularly when sharing sensitive information with employees.
Complex Password Creation
Password managers work great as password generators. They craft strong, complex passwords that are difficult to figure out. When sharing passwords with employees, you can easily generate good passwords. They guarantee that employees are creating strong, one-of-a-kind passwords for every account. Plus they make it easy to store, so you’ll never have to remember it.
This could mean the end of the widespread use of weak passwords. As well as employees reusing the same password among multiple accounts. This reduces the chance of a security breach.
Activity Monitoring & Audits
A useful tool that many password managers offer is monitoring. It provides the ability to track user activity and access history. Administrators can keep tabs on who has access to what passwords and when. This provides transparency and accountability within the business.
An audit trail helps find any questionable activity. It also enables businesses to respond quickly to potential threats. It ensures that shared passwords are secure.
Secure Password Sharing with Third Parties
Password managers provide safe ways to share login information with outside parties or contractors. Businesses can provide these parties with restricted access to certain passwords. All without jeopardizing security.
Businesses of all sizes can benefit from this feature. Especially those who collaborate with outside sources often.
Plus, you never have to worry about losing a password when the only employee with a certain password leaves.
Are You Ready to Try a Password Manager?
Password Managers provide businesses with a safe and practical solution for password sharing among employees. They have become vital to businesses looking to strengthen their cybersecurity defenses.
Password managers are a great way for companies to safeguard sensitive data. Plus, they encourage a security-aware culture among staff members. Investing in a password management solution is a proactive step to protect important information.
Do you need help securing a password manager? Give us a call to start a conversation.
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STG IT Consulting Group proudly provides IT Services in Greater Los Angeles and the surrounding areas for all your IT needs.