A Password Manager is an Essential Security Measure for Businesses

Modern cybersecurity requires you to lock down numerous access points to protect your business, using various tools to accomplish sufficient security precautions. The password manager is one such tool that can genuinely save your metaphorical bacon.

Let’s explore how this essential tool works and why it is valuable for your business to implement.

Nowadays, We All Have More Accounts Than We Realize

Let me ask you this: how many online accounts do you have, considering both work and your personal life? Once you’ve thought of an answer, take a moment and reconsider. You may have missed a few.

After all, on the business side, there are undoubtedly a lot of accounts you need… some on a day-to-day basis, others used more sporadically. For instance, any business will need:

• Productivity tools and platforms
• Sales tools
• Finance and accounting tools
• Payment processing tools
• Human resource management tools
• Customer experience and relationship management tools
• Website hosting and content management tools
• Social media profiles and management tools
• Marketing automation and management tools

…and that’s just the basics. There can also be many more industry-specific tools that will require logins.

In addition to this, there are all of the personal accounts we all need to keep track of, like:

• Social media accounts
• Online stores
• Personal finance management
• Entertainment subscription platforms
• Hobbies
• Bills and utilities

All in all, these accounts all stack up. Estimates range, but the average user needs to keep track of up to 250 separate ones across work and their personal lives. In any case, the common-sense advice to use a different password for each account is challenging to accomplish… arguably impossible… while refraining from writing these passwords down.

That said, it is still essential to try.

A Password Manager Makes It Simple to Diversify Your Access Credentials

As we’ve established, best practice dictates that every account is protected with a unique and sufficiently secure password. A password manager is an excellent tool to make this much easier, because it effectively cuts down the number of credentials you need to keep track of from hundreds to one while making it far easier to log into your accounts securely. 

How a Password Manager Works

Think of the password manager as a better, more secure, and more convenient way to record your passwords for future reference. Instead of a scrap piece of paper that can be stolen or an insecure text file on a desktop, you can safely store your passwords (and often payment details and authentication keys) in an encrypted vault accessible through a single master password or biometric proof. That means that only you can access these records… anyone else who somehow manages to view this data will only see a jumbled, incomprehensible mess.

Good password managers will also assist you in identifying and updating any insecure passwords you may already have. Furthermore, unlike the scrap of paper or text file, most password managers use both cloud-based and local storage, making it far simpler to access on the go.

Since the password manager is securely saving all your passwords, you can truly abide by password creation best practices, making them far longer and more complex than you could keep track of otherwise.

Not All Password Managers are Built the Same

If this sounds familiar, many modern browsers offer some form of password management capability. That said, it is not recommended that you use it.

Why is that?

The primary reason is a simple one: browser-based password management isn’t nearly as secure as a standalone tool. This is because anyone with access to the browser might be able to access the files, as they are rarely protected with multifactor authentication and sometimes even lack password protection.

That said, however, Phantom Technology Solutions can assist the businesses of Indiana in equipping their teams with trustworthy and secure password management systems. To learn more about taking advantage of these solutions, as well as the rest of what we have to offer, give us a call at (800) 338-4474 today.