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Why You Need a Business Password Manager

by Emma Wilson

In the U.S., data breaches cost companies over $8 million yearly on average. Plus, with more and more businesses going digital, don’t be surprised if the figure shoots to $10 million in the coming years. Security is always a key concern for businesses dealing with super-sensitive data. Fortunately, you don’t need an entire IT team to protect sensitive data from breaches. Protecting company information can be as simple as installing a business password manager.

This is software that enables users to create, store, and manage their passwords across multiple platforms. A password manager is an excellent alternative to writing passwords in a notebook or on sticky notes. With password managers, you can store all your essential passwords and sidestep data breaches.

You also don’t have to worry about forgetting passwords or memorizing them every day. All you have to do is remember a single password. If you’ve been having data security concerns or trouble keeping up with your password, then a password manager can be the answer to all your problems.

Keep reading as we look at why password managers are so crucial for businesses. Let’s get right into it.

You Can Create Stronger Passwords

You need strong and complicated passwords to protect sensitive company data. Simple, short passwords are easily predictable, easy to guess, and pose many dangers to your data security and business. On the other hand, long and complicated passwords are hard to remember.

With password managers, you can generate long and complicated passwords without having to worry about forgetting them. That way, you can use strong passwords that even password generators can’t crack. With that in mind, here are a few tips to keep in mind when creating your passwords:

  • Use both small and capitalized characters
  • Use a combination of letters, numbers, and symbols
  • Avoid using special dates like birthdays for your password
  • Make your password as long as possible

These are a few tips you should keep in mind when creating your passwords. Alternatively, you can use passphrases instead of passwords. These are just like passwords but instead, use a string of words and not a combination of characters.

Faster Access to Data

Most people use a single password for every access point. Seems sensible, but it might not be such a good idea, especially for business accounts. That’s because hackers can get the keys to the entire kingdom just by having that one password.

You can opt for multiple passwords, but you’ll probably have a hard time remembering all of them. That’s why most people write down passwords in their notebooks. While it works, it leads to a lot of time wastage when you have to fumble through your notebooks to get to your passwords.

With a password manager, accessing your login credentials is as simples as a click of the mouse button. What’s more, the software automatically creates login credentials for different access points to save even more time.

Seamless Account Sharing

Most businesses use shared accounts for their various business operations. Managing shared accounts is one of the most challenging jobs a business owner could have. 

Password managers allow one person to manage the password to apps used by multiple personnel without sharing the password. This ensures ultimate data security, even with shared accounts. Remember, shared accounts are vulnerable to breaches because data security depends on many people.

A password manager allows for hassle-free management of shared accounts and login credentials of multiple users. Some password managers even allow you to keep track of user activity.

They Do More Than Store Passwords

Password managers do more than store passwords and login credentials. The software might come bundled with other security features that might prove useful for your company.

Some password managers have multi-factor authentication that adds extra security layers for robust data security. With some business password managers, you can even have secure access to credit card information, and others allow you to monitor user activity.

You Don’t Need a Good Memory

You should update your password every once in a while, to always be a few steps ahead of hackers. However, remembering the frequently changing passwords can be difficult even with a good memory. That’s why most people choose to write down their passwords on paper.

The good thing with password managers is that you don’t have to scratch your head to remember multiple passwords. You can store all your passwords securely with a password manager. All you have to do is remember a single password.

You Don’t Compromise Your Online Security

Most browsers allow you to save your login credentials for faster access to your online accounts. While the feature is great for user experience, it compromises your browsing security. Instead of storing your login credentials on the browser, you can use a business password manager.

That way, keeping online information secure is possible, especially if you share devices with employees. Also, do your best not to store your passwords on the browser. Doing so makes you susceptible to unauthorized access.

Protects Against Phishing Attacks

Phishing attacks have become more rampant in recent years. Phishing is an easy way for hackers to get your login credentials. The worst part is that sometimes you won’t even know it until it’s too late.

Phishing involves using phishing software that can mimic existing apps and websites to get your login credentials. Using a business password manager is one way to sidestep such attacks. That’s because, unlike other apps, password managers can block phishing software.

If you don’t want your business to be a victim of phishing attacks, then use a password manager for all your passwords. Also, remember to remain extra cautious of suspicious login screens 

Get a Business Password Manager Today

The security of your company’s data lies solely in your hands. That’s why you should consider getting a business password manager today and safeguard your company’s data. Most password managers have tutorials on how to use the software to make it easier to use.

With the plethora of business password managers available today, finding a trustworthy password manager can be difficult. Thankfully, you don’t have to look too far; sign up for our free trial today and see what we have to offer.