Breached or stolen passwords are the bane of any organization’s cybersecurity. Passwords
cause over 80% of data breaches. Hackers get in using stolen, weak, or reused (and easily
breached) passwords.
But passwords are a part of life. Technologies like biometrics or passkeys haven’t yet replaced them. We use them for websites, apps, and more. So, companies need a secure way to share passwords with employees. As well as help them manage those passwords more effectively.
Cybersecurity threats are rampant and safeguarding sensitive information has never been more critical. Properly managing passwords securely is a top priority. At the same time, employees deal with more passwords than ever. LastPass estimates that people have an average of 191 work passwords.
Since you can’t get around passwords, how do you share them with employees safely? One solution that has gained popularity in recent years is using password managers.
Password managers give you a secure digital vault for safeguarding passwords. The business versions have setups for separating work and personal passwords. They also have special administrative functions so companies never lose a critical password.
Leading password managers use robust encryption techniques to protect sensitive data.
End-to-end encryption scrambles passwords. It turns them into unreadable text when
stored and transmitted. This makes it nearly impossible for unauthorized users to access
the information.
When sharing passwords with employees, encryption provides an extra layer of security. It helps ensure that the data remains confidential even during transmission.
Password managers often come with secure password-sharing features. They allow
administrators to share passwords with team members. And to do this without revealing
the actual password.
Instead, employees can access the required credentials without seeing the characters. This ensures that employees do not have direct access to sensitive information. This feature is particularly useful when onboarding new team members. As well as when collaborating on projects that require access to specific accounts.
Many password managers support multi-factor authentication. This adds an extra and important layer of security. MFA requires two or more forms of verification before accessing an account.
Password managers often come with built-in password generators. They create strong, complex passwords that are difficult to crack. When sharing passwords with employees, employers can use these generated passwords. They ensure that employees are using strong, unique passwords for each account.
Monitoring is a valuable feature offered by many password managers. It provides the ability to track user activity and access history. Admins can track who accessed which passwords and when. This provides transparency and accountability within the organization.