Password security is paramount for any organization. Yet so many companies struggle with the management of passwords, often relying on less-than-secure solutions. This can lead to problems like data breaches and lost productivity.
A password manager makes it easy to manage account access by simplifying the process of creating, storing, and accessing passwords. It also provides an additional layer of security against hackers that attempt to break into your accounts.
It is important to find password manager software that can scale for enterprise environments and here are some tips for choosing the right one.
Understand the different capabilities of password managers
Storing complex information: This includes things like passwords, account numbers, social security numbers, and payment card information. An enterprise password manager software should also be able to encrypt and decrypt information. If you are storing a payment card number, then you are also storing the PIN and CVV code of the card.
Security breaches: Passwords can also be used to log into other websites. As your business grows, you will need to make sure that those other websites are secure. A password manager can help protect your other passwords as well.
Regular backups: Some password managers have offline modes. You can set up a scheduled backup to preserve your account information on a secure device that you leave with someone else.
Advanced key recovery: This is an advanced feature, but it makes the management of accounts very secure. It can help you recover lost or forgotten passwords. It is not necessary to set up advanced key recovery, however.
Two-factor authentication: This is one of the easiest and least expensive ways to secure your online account with your business. Make sure that you use it on all your accounts. It can help protect against password breaches.
Understand what your enterprise needs
If your organization needs the features detailed above, then a good starting point is a cloud-based password manager. When choosing a password manager for your organization, make sure that you have the following requirements:
High performance: You want a password manager that is capable of handling heavy traffic and doing it quickly. For example, you want it to support multi-user capabilities, be scalable, and have advanced analytics features.
High volume: If your business relies on a large number of transactions, then you need a password manager that is capable of handling large user volumes.
Online storage of passwords: Your company will likely be sending out thousands of requests for log-in credentials. Most password managers support multiple storage options, so it is important to pick one that will be easy to access.
Consider your internal resources
In order to make a good choice for your company, it is important to think about the available resources within your organization. Are there enough resources to implement and manage the password manager?
You should talk to your IT department as well, as they may have requirements. Many security measures are dependent on internet connectivity. If you are going to enable some of the advanced features listed above, it is important to make sure that you have enough resources to stay online.
The cost of a password manager can vary from person to person. Some have free options. Some have a paid version that is billed on a monthly basis. For enterprise software, you also need to consider the cost of training and maintenance as well.
Choose one that meets your needs, but do not necessarily spend more on a top-of-the-line solution. Instead, choose a password manager that is affordable and scales well to your future business projections.
Choosing an enterprise-level password manager can be a complicated process. But there are steps that you can take to help ensure that you make the best decision. Hopefully, this article provided you with useful resources to guide you!
Working as a cyber security solutions architect, Alisa focuses on application and network security. Before joining us she held a cyber security researcher positions within a variety of cyber security start-ups. She also experience in different industry domains like finance, healthcare and consumer products.