How to Manage Employee Passwords Across the Business

How to Make Sure Every Single Password in Your Company Is Secure

Call it the password paradox. Passwords were originally developed as a simple way to safeguard sensitive information. Now, they represent the single biggest threat to data security. If weak passwords leave your company’s data vulnerable, then it follows that strong and secure passwords are pretty much the most powerful defense against attacks.

Weak passwords lead to hacks and breaches 

Fifty-nine percent of organizations across the globe reported a significant data breach over the past 12 months, a 9% jump over the year before. 

Significantly, stolen passwords and user credentials account for the most frequent—and costly—incidents. More than 80% of all hacking-related data heists involve the use of stolen credentials or passwords. The average total cost of a data breach worldwide is $3.86 million; this number is even higher among organizations that have been attacked through the use of stolen or compromised credentials.

Why your company should ditch the analog password system

Without standards and practices in place for storing and remembering passwords, employees are left to come up with their own systems. They might share passwords through email, jot them down on a Post-it, or store passwords in a shared Excel document—all of which are risky from a security standpoint. Password sharing can make data more vulnerable to attacks, as well as obfuscate the audit trail, which can hinder investigations of security incidents.

It’s time to leave sticky notes and spreadsheets behind: Password managers are an effective tool that makes it much simpler for you as an IT admins to protect company data and maximize IT security across the business.

What is a password manager, and why do businesses need it?

Simply put,password managers secure one of your weakest links in company security—passwords. A top-notch password manager will offer tools to help you track company security over time and engage your employees to be part of the solution. Plus, password managers alleviate some of the heavy lifting from IT admins, and they also free employees from having to write down or remember dozens of passwords. They help users generate and store strong, secure passwords that can be synchronized across multiple devices, whether desktop or mobile, and enable coworkers to securely share passwords, which severely lessens the likelihood of a data breach.

Getting on board with advanced security solutions

Over the past decade, new tools have emerged in the cybersecurity space, and organizations have begun to adopt digital solutions like password managers. This shift has become even more urgent as more people work from home or live in geographically dispersed areas.

Heightened cyber-risks call for up-to-date security safeguards, including password policies, secure and tested remote-access connectivity (VPNs), multifactor authentication, and deployment of anti-malware and intrusion-prevention software.

Find out why passwords can be the weakest link in your company security and what you can do about it in our latest white paper.