Using a password management system at the enterprise level is an excellent way to increase the business’s overall cybersecurity. However, if you’re not taking the appropriate measures to make sure the password manager is effective, you’re basically negating the wonderful security features of the tool.
In this guide, we’ll cover the advantages of a password management system and why every business needs one. Ensuring company safety starts with securing those passwords, and to do so, you need to use great business password managers like Keeper.
Secure the Master Password
Every password manager requires a “master password” to gain access to the password vault. It’s important as a business to maximize the protection your password manager offers by securing the master password. If someone gets ahold of the master password, the entire company could potentially be at risk.
Securing the master password can be done in a few ways. You can create a unique, complex password that you memorize and then share with other employees to memorize. It’s best to keep those privy to the master password within the inner circle of management to reduce the possibility of a breach.
Remove Ex-Employee Credentials
One of the most important security steps a business can take to secure passwords is to remove credentials for ex-employees. Even if you parted ways with the employee in good spirits, it’s still important to remove them from the system. Unfortunately, there’s no way to predict what someone might do once they’ve left the business, so it’s best to protect yourself in any way you can.
It’s not enough to just deactivate an account; the employee’s credentials should be completely removed from the system so there are no potential back doors that can be exploited. Be sure your IT team understands that any time someone leaves the business, they’re removed from the system. This should be a priority on the side of cybersecurity.
Create Offline Backups
Creating offline backups for your passwords can help you retrieve them in the event the password manager is compromised or the website goes down. Some password managers even include an option to use offline software to create backups. Or, you can store your data on an external hard drive or encrypted folder.
It’s important that passwords aren’t stored in things like Word or Google Docs. Unfortunately, Google Docs aren’t 100% secure, and someone with access to the company Google account can easily access all the passwords. Word documents even in encrypted folders can still be hacked, and if your Microsoft account is compromised, it will produce the same result.
If you’re not sure how to safely backup your data from your password manager, be sure to contact customer support to learn more about back features or offline storage options.
Utilize the Password Generator Feature
The great thing about password managers is that they do so much more than just store and manage passwords. Using the password generator feature that most password managers offer is a great way to improve the overall security of the business. Since about 80% of data breaches are due to compromised passwords, creating better passwords is a necessity.
The password manager will generate a unique, secure password for you with the click of a button. You can determine the details, including password length, alphanumeric requirements, and more. This helps to avoid one of the most common password problems for businesses and individuals: recycling passwords.
Recycling passwords is the golden rule of creating passwords. When you reuse passwords across multiple accounts, you’re putting yourself and the business in unnecessary danger. The password generator creates and remembers complex passwords so employees don’t have to create memorable ones with personal information in them.
Require Everyone To Use the Password Manager
Of course, even if you’re using the best password manager out there, you still won’t have success unless you make using it a requirement for everyone in the business. Be sure your employees understand what the tool is for, how to use it, and why it’s so important to the cybersecurity of the business.
You can host a training session that details all the great features your password manager offers, and enact strict cybersecurity policies that require the use of the password manager.
The password manager is one of today’s most effective, affordable, and simplistic cybersecurity tools, and every business should have one. Using a password manager helps minimize the chances of a breach and secures some of your company’s most valuable data. Don’t underestimate the power of a few dollars per month for a password manager! The average cost of a data breach is in the hundreds of thousands of dollars! Paying just a few extra dollars per month for a password manager can potentially save your business from bankruptcy and damages.