Password Management and Why It’s Important

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Password Managment System

Statistically speaking, 78% of attackers use stolen passwords to gain access to business applications. Additionally, 65% of end-users use identical passwords for multiple accounts, and 45% of cyberattacks target small businesses.

What is happening in cybersecurity?

Your passwords are the keys to your entire organization, workflow, and confidential client data.

They have to be protected.

However, 89% of employees admit to retaining access to at least one application from a former employer and 49% admit to logging into and using an account from their former employer.

When thinking about cybersecurity and how it affects your organization, there are some questions you can ask yourself:

  1. How confident are you that your employees are not using the same password for different accounts?
  2. Do you monitor who is using sensitive data and when they are using it?
  3. What is the risk for former employees retaining passwords?

Install a culture of security.

When it comes to cultivating a theme of security in your organization and prevent cyber criminal access to your network, there are some best practices you can follow:

  1. Create complex passwords: Eliminate weak passwords or password reuse.
  2. Design strong access policies: Assign role-based access and lockout former employees.
  3. Protect business applications: Adjust permissions as employees advance or leave.
  4. Anytime, anywhere access: Sync credentials across devices and platforms — on-site, mobile, and cloud.
  5. Reporting for compliance: Meet data privacy and financial regulations.
  6. Run audits and reports: Monitor and audit who is accessing sensitive data and when.

What’s wrong with “free” or consumer-grade password management tools?

With your business at stake, it’s important not to trust anything but enterprise password management with military-grade encryption. Most free and consumer-grade solutions will not guarantee the following:

  • Offer one controllable password service shared across your organization.
  • Mitigate passwords walking out the door with former employees.
  • Give you a centralized way to limit or revoke access.
  • Enable comprehensive usage tracking, auditing, and reporting.
  • Use an encrypted password zero-trust protocol for sharing passwords with us to expedite support tasks.

Wrap up

When it comes to password management, there are a lot of risks involved, especially without professional protection to back up your organization.

With a managed IT provider, you’ll have guaranteed security and feel confident that your passwords are secure and protected. Additionally, managed IT services providers will assist in managing employee system access and lockout former employees.

Lastly, with frequenting auditing and health checks, you’ll always be aware of any issues before they arise.