Why Password manager is Essential for your Business in 2021

Alan Joseph Alan Joseph
Apr 12, 2021 5 min read
Why Password manager is Essential for your Business in 2021

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Password Managers are considered to be essential even if it for your personal use or a business. In the recent years with the increase of cyber crimes and various other cyber related activities, it is always wise to choose a password manager for your business or an enterprise. Let’s look at some of the reasons why password management is important for your business.

Strong passwords
Unique Passwords
Remembering passwords
Password Retrievals
Browser Password management
Phishing attacks
Multi-factor authentication and syncing of devices
FAQ

Strong passwords

Your employees are most likely not to use any strong passwords. Most of them would not like to create new passwords and most likely they would choose to go with a simpler one. As we tend to forget passwords many of us use the password that we have already used across various platforms.

Nowadays with password-cracking software, it is easy to crack all the passwords and it is said that passwords which were considered strong and safe 5 years back are considered to be easy to crack now. Hence password manager is important for setting up of strong passwords and automation of logins.


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Unique Passwords

You will have to invest some of your time to create a unique password and most of them would randomly make a unique password. The carelessness of some employees may lead to the breach of data. Passwords aren’t considered secure unless and until it has 12 characters with a combination of upper, lower case, special characters, and numbers.

Some of them would take initiative and patience to create a unique password but they will have to ensure that they memorize them. Because of this the people again try to repeat the same passwords across different platforms.

Password managers have inbuilt algorithms that can generate unique passwords and store them securely which will let you use the platforms without remembering the passwords.

Remembering passwords

Most of the companies try to make a secure environment by asking the employees to change passwords after regular intervals. This sounds to be secure, but when put into practical use it is not.

When the employees are asked for a frequent password change, your employees would find it hard to remember and they would save the passwords for an easy access to it.

They may note it down in some platform or physically write it down. This is again considered to be risky. Whereas the password managers provide an option to not have to remember the passwords.


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Password Retrievals

It is considered by the IT departments that the major task they undertake is retrieving the passwords on a daily basis. The employees may forget their passwords because of frequent changing of passwords or because they tried creating a unique password and couldn’t memorize it.

The retrieval of passwords would take a lot of time of the help desk and this is not a cost-effective task for a company. Whereas password managers have features where you wouldn’t have to remember or memorize your unique password.

Browser Password management

Most of the browsers offer a feature for password management. They will provide you an option to remember your passwords, so that you can easily log in to your frequently used platforms. But this is not a password manager and does not ensure safety. This feature is only for ease of use of the browser and to increase the number of people to use the browser.

It means that your login credentials and details are easily accessible by any hacker and are left out in the open.

Cost of data breach in India
Cost of data breach in India

Phishing attacks

Phishing attacks are the most effective ways through which cyber criminals try getting access to your login credentials. Phishing emails or forwarded messages would seem like its from a legitimate source. But that actually is a way to get access to your login credential and will solely capture your passwords.

Phishing Attack
Phishing Attack

It is most likely that a human being gets into a phishing attack than a password manager. Password managers will have a record of trusted websites and if the domain name doesn’t match, they wouldn’t provide the login credentials.


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Multi-factor authentication and syncing of devices

You will most probably need to login through various devices such as mobile phones, desktops, tablets, etc. and there are no specific platforms or an application which will easily let you login through devices other than password managers. Password managers will provide an option to sync between various devices of your choice.

Two-factor authentication provides an extra layer of security to your passwords. It is a feature which is provided by various password managers which uses an extra step to access your login credentials such as answering a question or sending an OTP to your mobile phone. This will add an extra layer of protection to every data stored in your password manager.

FAQ

Is it good to have a password manager?

Many people re-use the same password on multiple websites. Password managers makes it possible and easy to use a different random password for every account.

Can malware change your password?

A malware in your computer with the help of the third party could reset your passwords on other websites and gain access to almost any of your online accounts.

What is the best Password Manager 2020?

LastPass is considered the best Password Manager, because of its ease of use convenience, security and price.

Conclusion

There are a lot more benefits of using a password manager for your business. Β It can be one of the effective tools which are required by your business.

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