Secure Your Business Login Information: A Guide to Password Managers
Despite all the advances in digital technology and AI, the security of your small business system is most likely to be compromised by human error. A 2023 Google study found that 55% of cloud compromise factors involved weak or missing passwords.
How can you protect your business from data breaches resulting from poor password control? Your company should be using a professional password manager program to protect your data, staff, and customers.
Are Password Managers Safe?
Password managers are very secure when used correctly. Effective login hygiene starts by not using weak master passwords or sharing credentials. A safe password manager scrambles your business passwords and make it almost impossible for hackers to decode them without the right key.
How Does Browser Password Saving Compare to Password Managers?
Browsers can also save passwords. This is convenient but less secure than a dedicated password manager. Here’s why:
- Browsers don’t encrypt saved passwords as securely
- Browsers don’t offer comprehensive security features
- Browsers don’t work across all your devices and can leave vulnerable gaps open
- Browser password storage is easier to access once a hacker gets into your computer or network.
Benefits of Using a Password Manager
- Ensures that each employee creates unique, strong passwords
- Only allows employees to access data they need for their job
- Can confirm which company staff are correctly using password management
- Works across multiple devices and closes vulnerable gaps
Tips for Choosing a Password Manager
- Security Features
Find a password manager with end-to-end encryption and two-factor authentication which will help keep your business data safe. Make sure the program you choose offers secure backup and emergency access features, so company operations aren’t disrupted if access issues arise. If you work in a regulated industry, make sure your password manager complies with regulations on protecting financial and customer data.
- Ease of Use
Find a password manager that’s easy for you to understand and use. The program should seamlessly integrate with your existing business software and platforms. This way you can be sure to avoid any disruption and be able to scale up as your business grows.
- Secure Password Sharing
Password managers let you share passwords safely with staff and coworkers. This helps with joint accounts, team projects, or file sharing. Make sure your password manager can be customized so that employees can only access the data they need for their job.
- Dark Web Monitoring
Make sure your password manager program has a dark web monitoring feature so it can scan for compromised passwords or credentials on the dark web.
Tips for Using a Password Manager Safely
- Create a strong master password
- Use two-factor authentication
- Never share your master password
- Update your password manager regularly
- Always log out when you’re done
What If You Forget Your Master Password?
Most password managers don’t store your master password for security reasons. Some managers offer account recovery options like security questions or a recovery key.
Can Password Mangers Be Hacked?
No system is completely secure. Password managers can be hacked, but this rarely happens. A good password management program has emergency systems to protect your data if the program is hacked. The biggest risks often come from user mistakes and human error is an ongoing challenge for every business.
Weak master passwords or falling for phishing attacks can put your passwords at risk. Follow good security practices to stay safe. Keep your password manager up to date so your program has the latest patches and security features. If you believe you made a mistake and accidentally shared a password or may have fallen victim to a scam, contact your systems administrator or IT tech support company right away. The sooner you report the situation, the better the issue can be addressed and dealt with before it becomes a big problem. It happens to all of us and the best thing you can do is report any suspected breaches right away.
Want to learn more about how password managers can help better secure your company logins and data? Contact Transcend Networks today at 888-609-0884 or visit www.tnius.com to find out about our cybersecurity programs for the small to medium-sized business.
Sources:
ASU Enterprise Technology: Don’t Pass on Password Protection: https://tech.asu.edu/features/dont_pass_on_password_protection
Beyond Trust: How Compromised Passwords Lead to Data Breaches: https://www.beyondtrust.com/blog/entry/how-compromised-passwords-lead-to-data-breaches
Keeper Security, Five Reasons Small Businesses Need a Password Manager: https://www.keepersecurity.com/blog/2024/09/16/five-reasons-small-businesses-need-a-password-manager/