Best Ways to Manage Your Company Passwords

Small businesses as well as larger corporations can fall victim to cyber attacks, and with the shift to remote working and hybrid business models, it’s more important now than ever to protect your sensitive data and accounts. Password best practices dictate that it’s recommended to use a strong password and a different one for each account. 

Managing your company passwords can, therefore, be challenging. If you’re unable to recall a password you may get blocked from certain accounts and files, causing detrimental downtime to your business. For this reason, many companies are now using password managers to oversee their login credentials.

What is a password manager?

A password manager is a computer program that enables individuals and businesses to generate, store, and manage passwords for onlines services and local applications. It assists in creating and retrieving multiple complex and unique passwords for different locations. 

These are then stored on an encrypted digital vault through an online file-hosting service. This means that different login credentials are generated for devices, websites, and online services, minimizing the effect of a security breach. 

For example, if a hacker is able to get hold of one login and password, this can’t be used on other locations. If you use a password manager, you will have a master password which alongside other secure forms of authentication, will give only you access to your passwords.

Types of password manager

Businesses can opt for locally-sourced or cloud-based password managers, the difference being where the passwords are stored. Local password managers is a type of software installed on a particular device such as a computer or smartphone. 

These applications are offline and the password database is stored on the same device. Cloud-based password managers have now given people the option to access passwords from anywhere, over a highly secure communication channel.

Several cloud-based password managers offer a free version that can be used across multiple devices, as well as premium versions with more advanced features. With apps such as these, users are able to generate and store their passwords securely, and can set login details to automatically be filled across all devices and browsers. 

Premium features often also include multi-factor authentication and the ability to share passwords and login information with others.

How a managed service provider can help

By outsourcing IT to a managed services provider (MSP), you can get the help you need to manage your company passwords plus get proactive IT support for your entire infrastructure. You will have access to the expertise and resources necessary to maximize cybersecurity, protect your data and systems, and anticipate threats. 

You will be provided with 24/7 support and professional advice on how to manage your company passwords and other cybersecurity issues. An MSP can help with the on-boarding of software and tools, such as password managers, and the procurement of hardware. If you would like to learn more about how an MSP can help you to manage your company passwords, get in touch with a reputable IT company today.