Password Managers: Maximizing Your Online Security

When it comes to your business, it’s likely that you’re always on the lookout for ways to maximize your online security. After all, in today’s business landscape, cybersecurity is often a top priority to business owners. Data breaches and cyberattacks have increased in recent years, leaving business owners like you seeking any opportunity to reinforce the online security of their business. In fact, the total number of business records compromised in 2020 exceeded 37 billion, a 141% increase as compared to 2019. This is by far the most records exposed in a single year since there have been reports on data breach activity. Password managers, however, can be the answer to your safety concerns.

Today, TeknaByte will be detailing the importance of password managers for businesses. Whether for personal use or business purposes, password managers work to keep your credentials secure all while preventing sensitive information from being leaked. After reading this article, you’ll understand why password managers are crucial for your business and will no doubt encourage you to implement them for yourself.

What Are Password Managers?

Believe it or not, the vast majority of us either use exceptionally weak passwords or reuse the same passwords across multiple accounts. In fact, the employees at your business leave you at risk by following these same poor practices. All of this makes you more susceptible to crimes such as identity theft. That’s where password managers come in to play.

Password managers can not only generate passwords but also retrieve and keep track of complex passwords across countless accounts for you, all while protecting your most valuable information. That being said, password managers aren’t limited to, well, passwords. Password managers also offer a way to reinforce the security of your PINs, credit card numbers and their three-digit CVV codes, and answers to security questions. Best of all, password managers use encryption so robust that it would take a hacker virtually until the end of time to crack the code.

While you’ll still want to utilize other security measures to truly reinforce your business’s online security such as setting lock screens on all devices and using two-factor authentication on highly-valued accounts, password managers offer a solution to the vulnerabilities that so many businesses have in terms of cybersecurity. While password managers may not be the entire solution to the online security problem for businesses, they offer a much stronger line of defense against data breaches and cyberattacks.

What Are the Benefits of Password Managers?

Now that you have a better idea of what password managers are and how they protect your business’s information by reinforcing online security, it’s time to look at the exact benefits that they can have for your company. Secure and frequently changed passwords should always be your business’s first line of defense, but remembering complex passwords across multiple accounts can be an extreme challenge. With a password manager, your business won’t have to worry about being vulnerable to online attacks. Here are the benefits you can expect from password managers once you’ve implementing one for your business.

You Can Use Stronger, More Complex Passwords

The reason that so many people tend to have less than secure passwords protecting their valuable information in the online space is because the strongest passwords are often difficult to remember. However, password managers change everything.

Without having to remember complicated passwords, your employees will be able to not only utilize stronger passwords but will also be able to use a different password for each access point. Because of this, in the event of a data breach, there won’t be a domino effect where each account becomes compromised. With stronger passwords for each account, you can count on increased security across the board.

You Won’t Have to Depend on Memory

In what is perhaps the biggest benefit of a password manager for your business, password managers boost your cybersecurity without the need for a great memory. This means that everyone at your company can incorporate the latest recommendations for more secure passwords, including long phrases, punctuation, capitalization, and symbols, without having to remember these complex keystrokes!

Fast, Easy Access

Password managers also allow people to type in a single password before being granted entry to each access point, as they are automatically populated with a username and password. This is a huge benefit of password managers since your team will spend far less time fumbling around with password recovery and login screens. Instead, they’ll be able to spend more time completing their job responsibilities. This means a huge boost in productivity across the board!

Manage Shared Accounts

For the vast majority of businesses, managing who exactly has access to which accounts can be enough to cause extreme frustration. This is especially the case when multiple people all need access to a single account. With a password manager, however, you can efficiently manage and change the password as often as needed. In fact, some apps even utilize features that enable one employee to control the password to an entire account before then providing access to other users without having to share the actual password. This means that whoever is in charge of an account’s password can easily add or remove access from any individual without disrupting anyone else. Talk about efficiency!

Empower Your Business with Improved Cybersecurity

Now that you know the importance of password managers for business cybersecurity, it’s time to go the extra mile with TeknaByte! At TeknaByte, we offer cybersecurity services that you can rely on. If your business has fallen victim to a cyberattack that left you feeling exposed and vulnerable in the past, we want you to know that you’re not alone. With hackers constantly looking for ways to breach your systems, making off with sensitive information, cybersecurity is now more important than ever.

Our managed IT services and cybersecurity checks ensure that the worst doesn’t occur. With 24/7 assistance available from our Indianapolis location, you’ll never have to worry that you’re not protected. We know that digital threats are now around every corner, and it’s our passion to reinforce and protect your company. Contact us today to learn more about what we can do for you!