If you’re not using a password manager for your business, you’re missing a critical component of your overall cybersecurity. Cyber threats are real and more abundant than ever. The biggest cyber attacks of this year, including December’s attack on the federal government, have exposed millions of records and brought into question the overall security of our public internet access.
Using a password manager for business is a simple but effective means of securing your company’s most precious data, and encouraging better password habits in your employees. At the end of the day, it’s up to your organization as a whole to come together and take cybersecurity more seriously.
Let’s look at seven ways your business is in jeopardy without a password manager.
1. Outdated Passwords
Using a password manager can help remind you when passwords are out of date, which is an important piece of password management. Outdated passwords are more likely to become compromised, or might even be compromised already. There are billions of compromised passwords for sale on the dark web, and yours might just be among them. This list is updated often, making it as accurate as possible.
Your most precious company information can be for sale for as little as ten dollars. Some hackers even gain admin access to servers, and sell them for hundreds of dollars. Don’t risk your company’s future by neglecting your passwords.
2. Poor Password Storage
How does your company store its passwords? Is there a communal sticky note that gets passed around, or are you using a shared digital document that’s emailed back and forth several times per week? Either way, you’re risking the security of your passwords by not storing them properly.
A password manager gives you a secure and safer way of storing and managing all of your company’s login credentials. Small and large businesses alike can benefit from better password storage. Plus, if you do need to share passwords within your organization, you already have them stored somewhere that makes them easy to access without sacrificing their overall security.
3. The Dark Web
We touched on the dark web for a second, but let’s take a closer look at this mysterious part of the internet. The dark web is essentially encrypted online content that is not indexed by search engines like Google, Bing, etc. You need a special browser just to access the content, and you’ll often find things that are disturbing, illegal, or both. This highly secure area of the web allows for illegal transactions, such as selling passwords, without interference from law enforcement.
That’s not to say that the law isn’t monitoring the dark web, but the web you know (even with billions of indexed websites) is only a small portion of the web’s entire content. It’s difficult to monitor something so expansive.
Password managers often offer dark web monitoring as an extra feature, which notifies you when any of your data is spotted on the dark web. This could include personal info, passwords, and more.
4. Employee Passwords
Let’s be honest—your employees aren’t great at creating secure passwords. You’ve already done an audit or two, only to find employees still using their birthdays, names, and other information in their passwords. One compromised password can put your entire business at risk, so it’s nothing to ignore.
A good password manager can help you identify weak passwords and duplicates, so you can secure your system and start helping employees create better passwords. A password generator will automatically generate a unique, random password with the press of a button. This password can then be indexed in your password manager, along with the corresponding username, for later use. It’s that simple!
5. A Crucial Piece Of Your Cybersecurity
Most people assume that “cybersecurity” refers to firewalls, IT professionals, and other cliches. While these things are part of cybersecurity, arguably the most important part is the password. It’s the first line of defense, one of the hardest things to breach (if done correctly), and seriously underestimated and underappreciated by common people and many businesses.
6. The Password Problem In The US
There’s a serious password problem in the US. It’s estimated that around 65% of people potentially reuse passwords for all of their accounts, or at least several accounts. According to the same information, about 45% of those don’t consider password reuse to be a problem.
This is why it’s so important to take these things seriously in your business. Chances are, your employees don’t, so it’s up to you to ensure the business is secure and passwords are viewed as a crucial component of overall security.
7. Securing More Than Just Passwords
Securing your passwords is about more than just…well, securing passwords. Securing passwords means protecting personal and company information, and, potentially, saving your business from bankruptcy. The cost of a data breach is more than most small businesses can afford. Even if your financial information isn’t compromised, a hacker can sell secrets or sensitive info to the competition, which could put you out of business for good.
