For any business concerned about their cybersecurity (which should be all of them), a corporate password manager is a necessity. But what exactly does a password manager do? What features are standard, and what would be considered "extra"?
Personal and Business Vaults
Many companies are facing a common problem: employees (including upper management) are far too careless with their passwords. An unencrypted Word document, a notebook in a desk drawer, a sticky note on the edge of a computer monitor - all common instruments of insecure password storage. As if this wasn't alarming enough, many employees report that password sharing is incredibly common in their office. In many cases, it's company policy to share passwords with fellow employees, as it makes it easier to collaborate on group projects. And these methods can cost your company dearly.
A standard feature of every password manager is an individual vault where employees can store their passwords for their accounts. The ability to store all your company passwords in one secure location means tighter security measures with less hassle. All you have to do is memorize a single master password (though some experts recommend utilizing a passphrase). In addition to securing their company information, many password managers include a personal account for each employee as well.
And for those wondering how a password manager will affect their collaborative efforts in the workplace, no need to worry. Vaults allow employees to store much more than their passwords. Project notes, multimedia, and many other file types can be securely stored in your vault along with your passwords. This also allows employees to quickly share work files in a secure manner, enabling an efficient yet discreet collaborative process.
Secure Password Generator
With the average American having dozens of password-secured accounts across numerous websites, it comes as no surprise that so many people use the same password across all platforms. And when those recycled passwords are already commonly-used and easy to guess, this can be disastrous for not only your company's security, but the security of your employee's personal information.
A standard feature across many password managers is a password generator. Many account users find the act of having to constantly create and remember several unique passwords to be as stressful as facing a serious illness! Fortunately, password generators lift this burden from the user by automatically creating a strong and unique password for each account, then storing the passwords in the user's vaults.
Support Across Multiple Devices and Platforms
In today's modern working world, many employees have trouble maintaining a healthy work-life balance. With so many people working on a hybrid work schedule, it's easy for employees to accidentally use personal devices to conduct business. In fact, many companies are enacting Bring Your Own Device policies.
A good password manager will enable employees the same level of security across any platform and any device. With working from a home computer, a work laptop, a smartphone, and a personal tablet becoming the norm, password managers make it incredibly easy to quickly and securely switch between work and personal accounts. While many password managers offer support for an unlimited number of devices, there are some managers that offer protection for only a few devices, so it's important to check a password manager's features before you commit to a purchase.
Additional Security Features
Even with all the security password managers offer employees, there are those who are reportedly hesitant to use them. Numerous people have voiced concerns about storing so much of their personal information in one centralized location. Some may worry that their information can easily be hacked if it's all stored in one place. Others worry about the password manager itself knowing all their passwords. But password managers have standardized additional security practices to quell these concerns.
With most password managers, two-factor authentication has become the norm. This can often be found in the form of a security question of something that only you know. Keeping this in mind, be careful what you post on social media, as hackers will try to use common information like your pet's name or your favorite sports team (or avoid the hassle altogether and don't use that info for passwords). More advanced systems and devices may implement other methods, such as facial recognition technology or a thumbprint scan.
Password managers have also standardized the use of zero-knowledge technology. When a new password is created and stored, the system automatically encrypts that password. So even though the manager is storing the password, it does not know the password, further securing your most important information.
When to Upgrade
For the majority of password managers, these features are standard. Depending on your business's needs, it is possible to upgrade for even more advanced features. Single Sign-On technology, dark web monitoring, and advanced incident monitoring and reporting can all elevate what is an already incredibly potent security tool.