Password security remains one of the most important areas businesses need to keep on top of. The average employee has 70-80 passwords to keep track of which often results in a significant number being weak or reused. This is a problem because it has been estimated that up to 80% of data breaches are caused by weak, reused or stolen passwords. In fact, recent analysis has shown that:
- 54% of users reuse passwords across multiple accounts
- 51% of employees share passwords with colleagues
- 41% of businesses use sticky notes to manage passwords!!
An easy solution to this problem is employing Password Security Software.
What is Password Security Software?
Password security software, sometimes known as a Password Manager, is an application which enables the safe storage and management of passwords. All the usernames and passwords needed by a user are kept safe in one place called a vault. The vault is accessed via a strong single master password often in combination with two factor authentication (2FA). Within a business setting, each employee has a personalised vault and a security dashboard allows administrators to oversee and monitor accounts.
Password security software that is suitable for businesses will usually
- Provide or work with two factor authentication (2FA)
- Works on a wide range of browsers and platforms
- Be user friendly
- Use secure encryption – AES 256-bit is the military standard, while XChaCha20 is also widely used
There are several password security software applications on the market. Although there are free versions available, businesses will usually need the extra functionality that comes with a paid subscription.
Features of Business Password Management Software
- Prevention of weak passwords and passwords being re-used
- Auto generation of secure passwords in line with the latest best practices
- Prevention of time wasted due to resetting forgotten passwords. A user only needs to remember one master password
- Syncing of secure password logins across multiple devices (desktop, laptop, mobile, tablet etc.)
- Available across multiple operating systems (Windows, Mac, Linux, Android, iPhone, IPad etc.)
- Safe one-to-one and one-to-many password sharing
- Easy revocation of access rights when an employee leaves the company
- Improved security management of shared accounts (e.g. shared credentials by “Group”)
- Support for two-factor authentication(2FA) and multi-factor authentication (MFA)
- A security dashboard which assesses password security and monitors accounts for data breaches
- Dark web monitoring which alerts you if your information has been exposed on the dark web
- Safe storage of other details critical to a business e.g. credit card details etc.
- Save and Autofill features. This allows you to instantly generate and save new passwords when creating new online accounts and autofill important credentials safely
Is Password Security Software Failsafe?
Hackers will always try to find ways around even the most secure software. A multipronged approach is usually required e.g. employing anti-spam software, proactive monitoring of your networks, web content filtering and automatic software updates etc. Employing password security software adds another essential layer of security to help businesses keep their data safe.
If you are looking for Password Security Software for your business, please get in touch. Data Computer Services is an experienced IT support company in Edinburgh that provides a wide range of IT services to businesses.