5 Benefits of using Business Password Manager
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Business data and its security have always been of paramount importance to a company. Not only is a data breach a breakdown in trust between the company and the customer, but the financial penalties can be substantial.
With the advent of the General Data Protection Regulation (GDPR) in European Union countries, those fines have become even more significant. Companies can be fined up to €20 million or 4% of their worldwide revenue for a severe data breach.
Quickly Secure Your Team
In any business that has multiple employees, the sharing of data is essential for productivity. But how can you achieve that quickly and easily?
Password managers such as 1Password will help your IT team onboard your staff with minimal effort. Forget about giving each team member a separate username and password for every system or website. Using a password manager, they have a single login to remember, and you control what they can access. Simple!
Total Control of Your Data
Once your team is working through 1Password, it’s easy to control who can access data and systems. Individual team members can be given different access rights, and of course, access rights can be removed instantly.
Instead of every employee having a separate login, with the potential for it to be compromised, you are in control. Set up a robust password for websites and data systems, that is auto-filled when one of your team needs to access it.
Monitoring who is signing in where and when became much more straightforward with a password manager such as 1Password. All the information is available on your dashboard, giving you increased control and security.
With your whole team using a password manager, you can create password policies, ensuring your data’s security.
Secure Teams are Productive Teams
Onboarding new team members to all your systems used to be a time-consuming business, but using 1Password makes your job easier.
Employees no longer need to keep inventing strong passwords to match your company policies. The password manager handles that for them. Regular password updates become a simple one-click process to generate a unique, strong password that meets the company guidelines.
Using a single password to login each time, your team becomes more productive and less frustrated with long, complicated credentials. Your team becomes more productive, and your data is more secure.
That’s a win-win situation.
Prevent Potential Threats
Weak passwords are a significant risk to your systems and data. Allowing your employees to choose their passwords, without control, leaves several open risks.
One obvious risk is when your staff writes their passwords down, either on a piece of paper or by creating documents on their computers. By using a password manager such as 1Password, that risk is removed.
Simple passwords are another security risk. Creating short, easy to remember passwords, often using personal data, is a risky strategy. A Google security survey found that around 65% of people have admitted to reusing the same password, which multiplies the risk substantially.
According to Verizon, 80% of security breaches are through hacking, using either brute-force tactics or lost credentials. Using a password manager such as 1Password gives your team strong passwords they don’t need to write down.
Store more than Passwords
Password managers have evolved and now offer more features to secure your data.
- Important files can be stored in shareable vaults, keeping them secure and easily accessible by the whole team.
- Credit and debit card information can be stored, readily available to team members that need them.
- Network information, WiFi passwords, IP addresses can all be held with systems like 1Password.
Are password managers safe?
Yes, password managers are safer than not using one. As our reliance on the internet and online systems has grown, so has the number of passwords we use. The average user now has nearly 200 passwords to remember. The temptation is to reuse passwords, keep them simple so that you can remember them and write them down.
Using a password manager such as 1Password eliminates all those potential risks, by auto-generating strong and unique passwords for every login. You then have a single password to remember, which you can make very secure and use two-factor authentication.
Can someone hack the password manager?
Of course, no system is 100% safe to an extremely determined hacker, but there are extra security measures in place. Password managers have been hacked, but since they hold the information in encrypted form, there has never been a loss of data.
Add to this the constant monitoring by the password manager for unusual activity, two-step verification, and a robust master password, hacking is unlikely to succeed.
Can my team use the password manager?
Yes, this is one of the most significant benefits of a password manager for businesses. There is no need to create individual login details for every team member, just share the password manager vault, and they have access.
This also adds the benefit of quickly changing the password regularly, and removing access to employees that leave the company. You can also share other information securely between your team members, such as bank details, important documents, and more.
Can a password manager prevent a data breach?
A password manager will provide a strong deterrent to hacking by creating unique and complicated passwords. However, any team member with the passwords can log in.
Using a password manager gives you the ability to easily add or remove a person’s access to a site. If you become aware of a data breach, everyone’s password can be changed very quickly to lock out the hackers.