Nowadays, businesses benefit from a wide variety of tech tools and solutions that can help with different tasks, depending on the nature of their operations, streamlining processes and improving outcomes. For instance, many companies use time tracking software to calculate the hours employees work and automatically generate timesheets that can connect with payroll systems, simplifying the entire workflow. Project management tools and cloud services are also extremely popular with enterprises of all sizes as they enhance collaboration and simplify access to essential computing resources.
But sometimes, the most useful software programs are the ones you don’t hear about that often. That’s the case with password managers. They are the unsung heroes of the digital space: although less talked about, they can make a world of difference. Using a business password manager has become an imperative for companies big and small, so let’s see what these tools are and what they can do for your enterprise.
The lowdown
Password managers do exactly what it says on the tin: they’re apps that help users manage passwords and login details with ease. They typically include password generation, secure storage, autofill, security alerts for compromised passwords, safe sharing, and syncing across devices among their services. These features provide a series of benefits for companies, which is why many have started integrating password managers into their security strategy.
Increasing digitalization
We’ve already touched upon the vast array of tech solutions that companies integrate these days, as a direct result of the world’s increased digitalization. From team communication and collaboration apps to data analytics platforms, accounting software, or customer relationship management (CRM) systems, there’s a service or an app for every business need.
But do you know what all these products and services have in common? They all require passwords that grant users access and prevent unauthorized individuals from breaching accounts or systems. This means companies have to manage countless accounts and associated credentials, which can turn into a real mess if they don’t have a proper system in place. That’s where password managers come into play. With their password generation and storage capabilities, these apps allow companies to stay on top of all their login information, no matter how many accounts they have.
The need for strong passwords across the board
With cyberattacks becoming increasingly frequent and sophisticated in recent years, businesses can’t afford to cut corners in terms of security. According to Statista, the number of attacks on businesses reached a record high in 2023, as 72% of enterprises worldwide were affected by ransomware strikes. Although this figure has since decreased, it remains significantly higher than pre-pandemic levels.
This reveals the scale of the phenomenon and underscores the necessity for businesses to take extra precautions and strengthen their defenses by addressing potential vulnerabilities. Passwords are usually the first entry points targeted by cybercriminals because many users tend to employ weak and reused passwords.
Therefore, it makes perfect sense for companies to step up their password game with a password manager. These tools can help businesses generate strong and unique passwords for each account, and add extra layers of protection like encryption and multi-factor authentication (MFA), so the risk of data breaches and cyberattacks is greatly minimized.
Some password managers also include dark web monitoring, which basically means they constantly inspect the dark web to see if any of the company’s passwords have been leaked or compromised, and send alerts if there are causes for concern. The company can take immediate action and change credentials to address the issue. As a result, users benefit from enhanced security and peace of mind.
Swift and simple account management
Having passwords scattered all over the place, both in digital and physical formats, represents not only a major liability for businesses but also makes account management incredibly cumbersome. Think about how time-consuming and tedious it is to always check for passwords in different files, and having to manage log-ins for all employees without having a dependable system in place.
A password manager brings all passwords in one single place, within a few clicks’ distance, so users can manage them with ease. Employees only have to remember the master password, the one that provides access to the vault where all other passwords are securely stored. This means no more wasted time trying to come up with strong passwords, searching for them, or resetting them.
Onboarding and offboarding employees with ease
Every employee that comes and goes requires companies to either share credentials for different accounts or change them and remove access, which again can be quite complicated and laborious if done manually. Fortunately, password managers can streamline the onboarding process by providing a quick and efficient way to share passwords with new hires and grant them access to company accounts and systems.
The same goes for offboarding, as password managers can make it easy for administrators to terminate access for departing employees. This ensures that only the right individuals have the authority to access company resources, without having to create new passwords every time someone decides to leave.
Reduced expenses
Lastly, password managers are also the type of investment that can lead to significant savings in the long run. Cyberattacks are not just notoriously expensive; they often cost businesses a lot more than money as they disrupt operations, decrease productivity, damage reputation, and may even force the affected business to shut down.
In many instances, these issues could be avoided by simply implementing password best practices via a password manager. So, a small investment can save one a lot of trouble and expenses. Besides, employees tend to be more productive when they don’t lose their time on password management, which leads to additional savings.
As you can see, password managers can offer numerous advantages and therefore be great assets to any company. So, if you haven’t implemented one yet, now’s the perfect time to consider it — not just to enhance security, but also to boost efficiency and peace of mind across your organization.
