Benefits of Using a Password Manager for Your Business

Whether for business or personal use, the passwords you choose to protect your various accounts matter. Even for seemingly harmless social media sites, there is a lot of personal information that, in the wrong hands, could be used in negative ways. When you are dealing with a business, the risks are that much greater. This is why many businesses are choosing to use password managers, and if you haven’t already, it is definitely something to look into!

What’s the Deal with Passwords, Anyways?

Even though it is a pretty common understanding that poor cyber security leaves a lot at risk, too many people exercise some of the worst password habits. In fact, many people use the same very common passwords for Facebook, personal banking, work log ins, and more. Over 60% of data breaches are a result of either week, overused, or unguarded passwords. If you consider the type of data you have in various online accounts, then strengthening your password security will begin to become more of a priority. 

What Does a Password Manager Do?

Because using a different logins for each account is an important part of cyber security, it can be hard to keep track of all of your different usernames and passwords, especially considering that the average person has around 90 different accounts. A password manager is an application that organizes and securely stores this information for you, so you can access the information when you need it, but it is still safe from outside threats. 

Why is a Password Manager Good for Business?

While using a password manager is great for an individual, it is that much more important to utilize one when you are running a business. When it comes to cyber security, there really isn’t a length too far to go for your company. Not only do you have your employee’s and team member’s info, but your client’s as well. Once implementing a password manager, you will start to experience the benefits on many fronts.

Resources

Because keeping track of complex passwords has thwarted many people in the past, a lot of time is wasted resetting logins. By having access to their login information, your employees will not have to submit as many new requests to your IT department to reset their passwords. While a password manager might seem like too easy and simple of a solution, it can really offer your IT department a lot of space to focus on more important aspects of the company. 

Consistency 

Any one of your employees probably has a couple dozen other personal accounts that they keep track of. The risk of having a repeated password used in your business could end up costing you, but then again, remembering so many new unique passwords is almost impossible. Because of this, your team members are probably already using some method of keeping track of their logins. The question is whether or not their method is one that you want them to be using. Have you ever seen someone (or even been someone to) scribble down their username and password on a post it note and stick it on their desk? A shocking 30% of employees save their info like this. By utilizing a password manager, you are giving some much needed uniformity to the system. When it comes to cyber security, you don’t want to throw caution to the wind. Give your associates a secure system that guarantees an accurate record of any login associated with your company!

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