Last Updated on March 9, 2022 by Markeyus Franks
A password manager is a software program that’s designed to store and manage important login credentials. It usually comes with an encrypted database where all your online credentials can be securely stored and locked with a master password. Premium software managers allow users to generate and store passwords with an option of updating the same with a simple press of a button. But why should businesses use password managers?
Advantages of Password Managers
Password managers help to reduce the threat of hacking and malicious access to private and confidential information. Some of the advantages that businesses can enjoy by using such software programs include:
Strong password generation
Well, these software programs help users to generate strong and complex passwords that are not easy to guess. They usually come with specific parameters including the type of special characters to use as well as the length of the password. This usually leads to the generation of exceptionally unique and stronger passwords.
Data Encryption
Premium password managers are effective in providing data encryption. These software applications can effectively store other data types including payment details and biometrics. In the age of cyberthreats, data encryption is essential in ensuring that your data is stored in a secure and private environment.
Customized Employee Vaults
If you are working as a team, then all the passwords made by your password manager will be stored in an encrypted vault. To ensure that no employee can access another employee’s password, the team manager can assign separate vaults to individual employees.
Multiple Login Option
What will happen in case you forget the master password? Well, this shouldn’t be a big issue, especially if you have implemented the two-factor authentication login that most password managers come with. This gives users multiple access options including PINS, passwords, and biometrics among others. this provides an incredible and authentic security option.
Disadvantages of Password Managers
While password managers provide an efficient and secure way of storing passwords, they also come with their downsides. For instance:
- Forgetting the master password could lead to disastrous effects
The master password is the critical login credential that will give you access to all your valuable passwords. So, what happens when you forget it? Well, it means that you and your team members will be unable to login into all your secured accounts. This can lead to time wastage and delay in business activities since it’s not easy to master a complex master password.
- Access to all your accounts
If in case you forget to log out of your master account or someone maliciously accesses the master password, then they will easily have access to all your business accounts. The possibility of this happening is quite common and the effects are usually significant.
- Not 100% Effective
A data manager can’t 100% protect your business from all threats. For instance, malicious applications such as keyloggers can easily record your keystrokes and that information can be used to retrieve the master password or other important passcodes.
- Expensive
The most effective data managers are not cheap. As a business, you have to set a good amount of money monthly or annually, depending on the preferences, to buy a premium plan.
5 Reasons Businesses Should Use Password Managers
Password managers have become essential in the business environment. Login credentials and user accounts involving multiple users are generally not easy to securely maintain in a business setting. Besides that, businesses risk losing important private data. The 5 main reasons why businesses should businesses use password managers:
- Password forgetfulness
Businesses that have multiple users definitely need multiple logs in detail. Besides that, such entities need to create strong passwords with complex characters that may not be easy to remember. We all know that people prefer to use text-based passwords but they are usually simple and insecure.
With complex and strong passwords being difficult to remember, it only makes sense that businesses should invest in password managers. This helps to reduce forgetfulness since important login credentials for your business will be stored in a secure and readily available environment.
- Passwords are easily Hacked
Passwords in an organizational setting can easily be compromised by other members of staff and outsiders. The main causes of hacking include sharing of credentials over unsecured systems, malicious insiders, and brute force among others.
The more technology advances, the more hackers invent new techniques that they use to maliciously access important login credentials. But while passwords can easily get hacked, you can reduce the chances of such occurrences by using a password manager.
Password managers allow businesses entities to store their login credentials. Thereafter, it encrypts the information, making it impossible for hackers to still access it. Take note that some password managers can also give you a unique and strong password for every account within your organization. This helps to significantly reduce the chances of hacking.
- Having too many apps to sign into
Businesses use a wide range of applications, depending on the niche, size of the company, and target audience. However, traditionally managing a wide range of applications in a secure way isn’t easy without a password manager.
Businesses will have it easier in managing multiple applications with a password manager. It should be noted that such programs save different application names/usernames and passwords. This makes it easier to sign in with the autofill usernames and passwords. The best thing about the in-built autofill feature is that its application in several operating systems.
- Better protection against email phishing attacks
Businesses operate in a competitive field. In an aim to outdo others, some malicious competitors may instigate a social engineering attack with the aim of stealing user data. This may lead to the loss of critical personal employee details and client data including credit card numbers and login credentials. It mostly occurs when the attacker masquerades as a legitimate user and dupes the victim into opening an email.
Password Managers can offer better protection against phishing attacks. These software programs can be able to recognize real users from fake users. besides that, password managers can’t autofill fake websites and this makes them more effective than entering passwords manually.
- Provides easy password management over multiple users
Password managers have made sharing simple. One password can be used by multiple valid users. they provide one of the safest ways to utilize shared logins and passwords. As a result, important information can be effectively kept within the people who matter the most. Generally, personal logins can be kept private while public access keys can be accessed by several authorized users.
Top 5 Best Password Managers that Offer Value for Money
The top 5 best password managers currently are:
1. LastPass
It’s one of the most popular password managers currently. The browser-based software program comes with browser extensions for Firefox, Chrome, Opera, and Safari. Besides that, perfectly works with both iOS and Android operating systems.
Its effectiveness in offering password protection is based on the fact that the application uses the current industry-standard, AES 256-bit encryption. Besides that, it also comes with multi-factor authentication and this lets users access their accounts with fingerprints or smartphones. Its other notable features include multiple device syncing, unlimited passwords, and one-to-one sharing of encrypted passwords and information.
Pros
• High level of security
• Offers melt-factor authentication
• Encrypted information sharing
• Simple and easy to use
Cons
• Can’t autofill specific private data types.
2. Dashlane
This password manager allows users to enjoy simple and safer online access. Dashlane allows businesses to take control of their data, ranging from passwords to personal user information. It’s an efficient and secure all-in-one solution that guarantees you the ultimate data protection.
First, you can access what you want from any allocation. Its business-oriented features allow organizations to simplify their internet security through seamless deployment and employee management. It comes with a customizable security setting, including the highly effective 2-Factor Authentication and single sign-on.
It allows employees to work better together by facilitating easy adoption. Besides that, it’s possible to use this software application to create employee groups for easier and secure password sharing while increasing the level of productivity.
But there is one outstanding feature that makes Dashlane different. Well, it comes with a password changer that businesses can use to replace hundreds of passwords with just a single click!
Pros
• Versatile and user-friendly
• Encourages sharing and increased productivity
• Offers easier syncing between multiple devices
Cons
• Has restricted cloud storage
• Limited features on a free plan
2. Keeper
Keeper is truly a “keeper” when it comes to securely storing passwords. Don’t let your business be the next victim of ransomware attacks when you can use Keeper to protect your crucial password-related cyberthreats and data breaches.
The top-rated cybersecurity application has millions of users globally and has served some of the biggest entities in the world. It has best-in-class security that users proprietary security architecture to offer a high level of privacy, confidentiality, and security.
Its key security features include a single sign-on, automated team management, in addition to the advanced two-factor authentication. Its business service plan comes with version control, record history, admin console, and role-based access to manage multiple users.
Pros
• Offers secure access and file history
• Ideal for secure password inheritance and sharing
Cons
• Lacks free version
3. 1Password
It’s been rated as one of the easiest password managers to use. well, this is clearly due to the fact that1Password has an interactive and simplified user interface. As a result, it provides one of the easiest ways to store and access stronger passwords and you can easily log in to specified sites with a secure single click.
For businesses, 1Password offers data encryption while at rest or in transit. It comes with a tamper-proof authentication system that promotes data integrity, confidentiality, and availability. It’s even impossible to access secured data with brute force since this software is designed with PBKDF2 brute-force protection.
While business sign-ins for multiple users are made simple, this password manager offers secure vault sharing, audit logs, customized groups, and roles, as well as account recovery. It’s ideal for deployment in a wide range of applications since it’s quite easy to integrate.
Pros
• Easy to use with password imports
• Offers multi-device password sharing and syncing
• Great for customizing roles and group access
Cons
• Lacks free version
• Impossible to invite non-users
4. Bitwarden
It’s an open-source password manager that has made it easier to quickly generate and store passwords on a wide range of devices. Its open-source design offers transparency and it can be globally accessed in more than 40 languages.
It’s effective in offering business entities a high level of security thanks to its 2FA, multi-device syncing, and secure credit card/note storage. Besides that, there is an option for users to store passwords offline rather than depending on cloud storage.
Pros
• Excellent password generator
• Impressive free plan option
• Offers open-source transparency
• Has a self-hosted option
Con
• The user interface needs an upgrade
Conclusion
One of the best ways of securing multi-user login details securely is by using a password manager. It ensures that your staff can keep track of their passwords while safeguarding important business data from attacks by hackers or access by malicious users.
The above-reviewed password managers are some of the bests on the market. They guarantee you value for money with the high level of security features and additional design elements that encourage secure groupwork. They offer value for money and reduce the chances of password forgetfulness.
FAQ
Q: Which Password Manager is the Easiest to Use?
A: 1Password is the easiest password manager to use.it has a clean and good-looking design with an intuitive user interface. Its polished and simple looks with only relevant icons normally provide users with a pleasant and interactive experience.
Q: Do Password Managers Really Work?
A: Password managers work. they allow users to generate complex passwords for their online accounts and securely store them for future use. these software programs work on devices such as desktop applications smartphones, and even as browser extensions.
Q: Should Password Managers be Trusted?
A: Yes. Password managers should definitely be trusted, but depending on the quality. A high-quality software program will perfectly ensure that your business’s login credentials and other personal information are stored in a safe environment. so, you can depend on the top password managers on the market to encrypt your data and fully keep your passwords a secret
