8 Features of a Secure Corporate Password Management System
Not all corporate password management systems are created equal, and as a corporate entity with dozens (or hundreds) of employees, it’s your responsibility to choose the best system possible. Passwords are not something you want to neglect, especially with the cost of a data breach sitting pretty at about $3.86 million, according to IBM. Data breaches are among the most prominent threats to businesses of all sizes, so taking your passwords more seriously is a must for survival.
As you shop for password management systems, you’ll want to keep in mind the features that make it worthwhile. Here are eight features of the best corporate password management systems.
1. Cloud Storage
Your online corporate password management system should have cloud storage for passwords, credentials, and even important documents as a standard feature. Cloud storage means that you can sync your services across multiple devices and networks. You can access your passwords from anywhere at any time, and that level of flexibility comes in handy when you’re running a large business.
Cloud storage is essentially the standard nowadays anyway. Everything is stored on a cloud for easy access and greater security.
2. Good Customer Support
Any time you’re considering a new product or service, you need to look closely at the company’s customer support record. The last thing you want is to spend money on something as a business and have no support if there are problems with the product/service. Many password managers offer 24/7 support, but not all of them do. Remember that when you’re making your purchase decision.
3. Password Generator
Another feature that’s largely considered a standard of password managers is a password manager. It’s bad enough that a large percentage of the population either reuses their passwords, or uses personal information in them, without adding the extra problem of your employees doing the same. Reused passwords are just as dangerous as obvious passwords that contain a name, birthday, address, etc.
A password manager can generate random and unique passwords, which are then saved to the index so they don’t need to be memorized.
4. Access Levels
There are certain passwords that you don’t want everyone to have access to, and that’s where a password manager comes in handy. You can grant certain people within your organization admin access, so not everyone can see all of the passwords. This helps internally secure the business, as well as set important boundaries for new employees and those that shouldn’t have access.
5. Dark Web Monitoring
The dark web is a place where illegal activities occur, and among those activities is the buying and selling of personal info—including passwords. With some password managers, dark web monitoring is included with your service. This scan will monitor the dark web with special software that looks for your personal information. If anything is found, you’ll be identified immediately, which should give you time to secure it.
It’s always better to be prepared, and with billions of credentials for sale on the dark web, it’s a risk you shouldn’t take as a business of any size. One compromised record can jeopardize the whole operation, despite the size of your business.
The autofill feature means you never have to manually type another password or username. When your passwords are saved, they’re indexed to pop up when you navigate back to the corresponding website. While this is more of a convenience feature, it certainly increases productivity when you don’t have to manually search for and input passwords and usernames.
It’s difficult to keep track of things, especially when you’re a larger business. Passwords become out of date, compromised, or are reused, and there’s really no way of knowing that. With a password manager, you’ll get notifications about passwords anytime they’re reused or unsecured. This makes it easier to track employee passwords and ensure they’re keeping up with your compliance standards.
8. Compliance Standards
Certain industries have more strict compliance standards when it comes to passwords and cybersecurity. Whether you need to comply with HIPAA, DPA, FINRA, or some other requirements, a password manager can ensure you’re always complying as a whole. Don’t leave something as crucial as compliance to chance! Use a password manager to keep your business within the confines of the law and safer from cyberattacks.
If you’re a corporate entity, there’s simply no excuse to not use a password manager. You can’t let your passwords fall victim to the mercy of poor password habits, unsecured storage methods, and other problems. Your employees simply can’t be trusted to create good passwords, and using a password manager can help solve this issue and more. For just a few dollars per month, you can increase your cybersecurity tenfold and ensure your business is 100% within compliance standards.