In 2020 one ransomware attack alone caused chaos at over 400 hospitals in the U.S. and U.K., affecting the healthcare system for weeks and costing tens of millions of dollars. Maybe you don’t think your business will be the victim of a cybercrime, but businesses of all sizes are susceptible. Small businesses account for 28% of data breaches. So how can you protect your business? One way is with a password manager. But not all password managers are created equal. Here are six key features you should look for in a team password manager.
1. Easy on and off Boarding
Depending on your work environment, you may want to add some temporary members to your team. Maybe you require the work of some contractors for a few months, but need to revoke their access after that time.
You will want to be able to easily off-board team members too. The same goes for employees who are no longer working at the company. You don’t want those employees to have access to projects they shouldn’t have access to.
This is especially true if it’s a disgruntled employee. Can your business survive the fallout of data theft from a disgruntled employee?
2. Security and Strong Encryption
It should go without saying, but you need a secure password manager. It should have a variety of different security options that can be customized to your industry or workplace.
It should also use strong encryption, such as AES. AES stands for Advanced Encryption Standard. As the name suggests, it’s a very secure way of encrypting data.
AES comes in a few different standards:: 128, 192, and 256 bit. The strongest of these is AES 256 bit encryption. This means that the “key” that turns the encrypted data into unencrypted data is a string of 256 0s or 1s.
It’s extremely hard to brute force AES 25 encryption. A hacker would have to try and guess every possible combination until they found the right password.
That’s the kind of strong security you need in your password management software.
3. Strong Password Generation
A good password manager will have a strong password generation option. Without users, users will be tempted to create their own passwords.
This could lead to them either re-using passwords used for other accounts, or them creating weak passwords (i.e. jsmith1234).
A good password manager will get employers in the habit of creating secure passwords via a password generator. It should be able to generate an 8+ character password that includes numbers, special characters, and a mix of upper and lower case letters.
The process of generating a secure password should be simple. Otherwise, employees may fall back on bad password creation habits.
4. Two-Factor Authentication (2fa)
Two-factor authentication, or 2FA, is an additional security layer that requires the user to verify their password along with an additional piece of information.
This could be as simple as an SMS (text) message sent to their phone, that includes a special code that the user needs to input before they can access their work. This is an OTP or one-time password. Like the name suggests, the system will deliver a new randomly generated code to the user via SMS every time they log on.
A similar method involves using a security code or taken from an app. An OTP may be generated via an app, but may only be valid for a short amount of time, preventing anyone from logging in using that code if they miss the short window during which it is valid.
Other methods of 2FA could include fingerprint identification, retina scans, email message, or voice recognition. In some instances, a physical USB token may even be used, requiring the user to physically possess the token in order to log on.
5. Global Coverage Across Multiple Devices
For companies with offices in more than one country, you will need to make sure your password manager is supported globally. If your password manager doesn’t support multiple languages it might not be worth using.
Likewise, your password manager shouldn’t just be for traditional desktops or laptops, but for mobile devices as well. It should serve you wherever you go, on any device.
The same goes for operating systems. You need to find a password manager that will support Android, Windows, Mac, Linux, and any other operating systems (OSes) in use. This is especially important if employees are working outside of the office often, as they may not be using the same OS they would be if they were working on site.
6. Easy, Transparent Pricing
When it comes to pricing a good team password manager pricing should be transparent. You shouldn’t have to jump through hoops or spend forever digging around online just to find pricing information.
You also need to look for a password manager with different tiered pricing options. Your organization may not need all the features of an enterprise solution. So why pay extra for features you won’t use?
A good password manager will offer a free trial. Try it out for yourself for a few days and see if it’s the right fit for your organization. If it is, then transitioning to a paid version should be simple.
The Best Team Password Manager
If you’re struggling to find a team password manager that has all of these features and more, then you haven’t tried LogMeOnce. Whether you’re looking for personal or business or enterprise password management, LogMeOnce offers an easy, affordable password manager solution.
No credit card is required. Try LogMeOnce free for 14 days, and see the benefits of a password manager for yourself. Don’t wait until it’s too late-protect your business today.