What’s the Best Way to Manage Password Security?
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The number of passwords that we need to use on a weekly basis typically far outmatches our ability to remember them all. That is, if we’re using password security best practices like making a unique password for every login and ensuring they’re at least 10 characters long, with a combination of letters, numbers, and symbols.
But the fact is that most people fall into bad password habits, like using the same password for multiple logins and not making them difficult enough (so they can remember them). The result can be several weak links in your office’s data and network security.
When working on cybersecurity solutions with our business clients, password security is one of the many areas we address because poor passwords are often the easiest way for a hacker to breach your network.
The balance of user experience with security is one that many companies struggle with, but password management tools can help you have the best of both worlds, secure and unique passwords and a login process that doesn’t slow your team down.
Why You Should Consider a Password Management Solution
While cybersecurity tools, such as an anti-virus or firewall are important, password security is just as crucial to preventing unauthorized access into your system.
81% of company data breaches are the fault of poor password management.
Accounting software, bank account access, your entire customer contact list… all of these are usually just a hacked password away from being breached. Weak passwords are one of the top causes of data breaches, which can have costly and dire consequences for businesses of all sizes.
The average cost of a data breach is $148 per record. If just 500 records are stolen (usually, it’s much more), that’s $74,000. Quite a hefty cost for weak passwords.
One of the best ways to ensure you’re keeping passwords “hack-resistant” while not making it more difficult for your team to get their work done is to use a password management application, like LastPass.
How Does a Password Manager Work?
A password manager keeps track of all your passwords in a secure and encrypted environment. All you need to remember is a single strong password to get in, and the password manager remembers everything else.
It’s recommended that for your master password you use a passphrase, which tends to be more secure than just one word because of the length and complexity.
LastPass is the password manager that our BrainStomp team trusts and recommends. It’s simple to use and allows you to access your passwords in two ways:
· Using a browser extension
· Using a mobile app
Security features include local-only encryption, meaning your data is encrypted and decrypted at the device level. LastPass never receives the encryption keys, ensuring security. You can even enable multi-factor authentication to add an additional layer of security to your login credentials.
Once you set up your master login, you’ll be taken to a password vault where you can set up passwords for each application and website you log into. You can then strengthen any weak passwords by letting OnePass make a new one for you, and can also ensure unique passwords for all logins.
Business Password Management
Have you ever had an employee leave abruptly, and everyone was scrambling to try to find their password to unlock their computer?
The average employee has to keep track of 191 different passwords and if you multiply that by the number of employees you have, it can be overwhelming if you don’t have a tool to help you centralize password management.
LastPass has a business version of their application that allows you to manage authentication across your entire organization from a single dashboard. This not only ensures your team’s passwords aren’t going to leave you vulnerable to a hacker, it will also ensure you don’t get locked out of devices when an employee leaves the company.
Some of the features that are especially helpful to businesses include:
· Adaptive authentication
· Choice of authentication methods
· Support for biometric authentication, like face or fingerprint ID
· Verification through contextual factors, like phone location or IP address
· Easy user experience across all devices
· Ability to secure every digital access point
· Flexibility to automate user provisioning
· Implement security measures company-wide easily
· Centralized reporting
The bottom line is that a password manager can help eliminate poor password habits, while actually making the process of logging in easier for your employees. The centralized control also helps you control all ways into your network and data so you can rest easy knowing you’ve secured one of the biggest data breach vulnerabilities.
Talk to BrainStomp for Solid IT Security Solutions
Whether you’re struggling with data privacy compliance or need to ensure you’re protected from that next phishing attack, BrainStomp’s Cybersecurity Team can help you protect your business from a costly data breach and help you with password management.
Contact us today for an IT security consultation at 260-918-3548 or reach out online.
