3 Steps to Secure Your Company with a Password Manager

Why is a Password Manager so Critical?

The average person has 70 to 80 passwords connected to business and personal accounts. If you’re chronically online like the rest of us, that could easily look like 300+ passwords. Passwords are one of the first layers of account protection and act as a vital defense mechanism, protecting our sensitive information, personal data, and online accounts from unauthorized access and potential breaches.    

When it comes to cybersecurity, managing the password jungle is one of the biggest challenges for individual users and companies. If your company still needs a password management system, your employees and clients are at a higher risk of being compromised.   

 

So how can you patch this potential hole? By setting up a password manager company-wide. 

 What is a Password Manager, and Why is it Useful? 

A password manager is a software tool or application designed to securely generate, store, and manage a user’s logins and passwords.  

It’s challenging to create unique and complex passwords for each account, let alone keep track of them all. Microsoft found that 73% of users duplicate their passwords in both their personal and work accounts. Investing in a password manager for your team can alleviate the burden of generating, securely storing, and remembering multiple complex passwords for different accounts, which adds another layer of security to your organization.   

Most password managers have the following features:  

  • Master Password. A master password is what safeguards access to the rest of your account. This master password should be unique, long, complex, and memorized by you.  
  • Password generation. When creating a new account, auto-filled strong password suggestions help make the process easier.  
  • Secure storage for your passwords. The software ensures they are encrypted and protected from unauthorized access. 
  • Manage your passwords. Some password managers have alerts for when you’ve reused a password, a password was discovered in a breach, 2FA is available (and not currently set up) for a particular site, and more.  
  • Secure sharing. If you need to share login credentials, many password managers allow you to create shared vaults for people that share login details.  
  • Additional storage for sensitive information. Credit card details, secure notes, documents, bank accounts, IDs, and more are all securely stored in one place.

Three Steps to Secure Your Company’s Passwords 

Step One: Choose a Password Manager 

First, you need to pick a password manager for your company. But there are some important things to consider like: 

  • User Management Tools: Evaluate the user management capabilities of the password manager. Will it let you easily manage user access and password sharing? Can it handle multiple users or teams within your organization?  
  • Compliance Requirements: Depending on your industry, you may have specific compliance requirements, such as password health monitoring or the ability to generate compliance reports. Ensure that the password manager you choose provides the necessary security measures to safeguard sensitive information. 
  • Usability and User Experience: Consider the ease of use for your team members. A password manager that is intuitive and user-friendly will help encourage use and minimize the learning curve. To enhance usability, look for features like browser extensions, autofill capabilities, and synchronization across devices. 

 

Popular Password Manager Options (+ What We Recommend!)

So, what are some of the most popular password managers that are worth investing in?  

  • 1Password: A popular choice offering a comprehensive suite of features, including secure password storage, document storage, and sharing capabilities. It integrates well with various platforms and provides advanced security options like two-factor authentication.  
    • At Edge Networks, our personal choice and recommendation is 1Password. Its user-friendly interface, comprehensive features, and reputation as one of the most secure password vaults make password management as easy as possible. 
  • LastPass: A widely recognized password manager known for its robust security features, intuitive interface, and multi-platform support. It offers both personal and business plans, allowing you to scale as your company grows. 
  • Dashlane: It offers an intuitive and user-friendly interface, making it easy for teams to adopt. It provides features like password autofill, password generation, and secure note storage. Dashlane also offers business plans tailored to meet the needs of organizations. 
  • Keeper: Known for its security features, including strong encryption and zero-knowledge architecture. It offers a range of features like password sharing, role-based access control, and compliance with various industry regulations. 
 

Why We Don’t Recommend Google Password Manager

There are many password manager options out there, and it can be hard to decide which one to invest in. Many people go for what’s most convenient and free, such as Google Password Manager. If that sounds like you, we have some news for you: While Google Password Manager may seem convenient for managing passwords, there are several reasons why it may be advisable to avoid relying solely on it and opt for dedicated password managers instead:  

  • Dependency on Google Account: Google Password Manager is directly tied to your Google account. Someone who gains unauthorized access to your Google account can access all your stored passwords. This concentration of sensitive information within a single account poses a higher risk than dedicated password managers, which often employ additional security measures to protect user data. 
  • Less Focus on Security: While Google takes security seriously, dedicated password managers typically prioritize security as their primary focus. They employ robust encryption algorithms, zero-knowledge architectures, and other security measures to protect stored passwords. Dedicated password managers are often independently audited for security and undergo regular security updates, enhancing their ability to protect passwords. 
  • Limited Features: Google Password Manager offers basic password storage and autofill capabilities but lacks many advanced features in dedicated password managers. Features like password sharing, secure note storage, and password auditing are often absent in Google Password Manager, limiting the control and functionality available to users. 
 

Step Two: Setting Up the Password Manager 

Once you’ve chosen your password manager, it’s time to set it up. The size of your organization and how many passwords each user has will determine how long this step takes. 

  • Create a Master Account: Establish a central master account within the password manager. This account will serve as the mothership for your cybersecurity team, allowing them to manage user accounts, access permissions, and other administrative tasks. Setting up the master account typically involves a strong and unique password, as it holds the key to your organization’s password management system. 
  • Configure Settings: Customize the password manager’s settings to align with your organization’s security policies and requirements. This includes defining password requirements like complexity rules, minimum length, use of special characters, restrictions on password reuse, and other relevant criteria. Enable features like two-factor authentication (2FA) to add an extra layer of protection to your password manager. Be sure to fine-tune the settings based on your organization’s specific needs. 
  • Import Existing Passwords: Most password managers can import passwords from various sources, simplifying the transition process. You can import passwords from web browsers, CSV files, or other password managers. This enables smooth migration of existing passwords into the new password manager, minimizing the burden on users to manually re-enter their credentials. However, if passwords are stored in handwritten or non-digital formats, adding them to the password manager may require manual input, which can be time-consuming. 

Team training on how to use a password manager

Step Three: Train Your Team 

Now that you have successfully set up your password manager, you must provide comprehensive training to your team members on how to use this valuable tool. It is important to consider different learning styles and ensure the training materials are accessible to everyone.   

We suggest creating a detailed, text-based Standard Operating Procedure (SOP) that outlines the step-by-step process of using the password manager. This text-based guide should include clear instructions accompanied by screenshots or visual aids to help users understand each stage of the process. This also allows your team to refer to the SOP whenever needed and follow the instructions at their own pace. 

You can complement the text-based SOP by creating a video guide visually demonstrating the same procedures. This video can be recorded using screen capture software, displaying the password manager’s features and functionalities in action. A video guide is especially beneficial for individuals who prefer visual and auditory learning, as they can watch and listen to the instructions in real time. 

Training is an ongoing process, especially as new team members join or the password manager evolves. Regularly communicate with your team, gather feedback, and promptly address any issues or concerns. Investing time and effort into training and learning resources enables your team to confidently utilize the password manager’s features, ensuring consistent and secure password management practices across your organization. 

Setting Up Your Password Manager Doesn’t Have to Be a Burden

If the idea of overhauling your company’s password management system seems overwhelming, rest assured – you’re not alone. We recognize that cybersecurity can be time-consuming and are here to alleviate that burden for you. At Edge, we’re all about helping you reach your security goals while providing clarity for you every step of the way.  

Contact us today if you are looking to improve your organization’s cybersecurity without sacrificing your precious time and resources.  We would love to help you. 

 

Everything You Should Know About Password Managers

47% of American adults have had their personal information exposed by cybercriminals. 44% of them have been victims of online crime in the last year. Even worse is, 31% of millennials share passwords. You might not think that sharing passwords with your trusted circle is a big deal. But without good password management, you’re putting your personal data at risk. In addition to creating strong passwords, you also need to keep them secret and secure, which you can do by using a password manager. Read on to find out about creating strong passwords, what password managers are, the benefits that come with one, and more.

 

How to Create a Strong Password

Hackers will use brute force attacks to try and guess your credentials. As the name suggests, it’s a relentless attack that tries countless combinations of words and letters to try and get lucky.

As a faster way to get into accounts, brute force attacks will start with dictionary words and/or commonly known passwords. For instance, many people use “password123”, so this is likely one of the first guesses.

If you’re being specifically targeted, then the cybercriminal might try a combination of your birthdate, significant dates, pet names, significant other’s name, etc. This is why it’s important that you don’t use dictionary words as your password, and certainly not words of significance.

The more random your password, the better. And the longer your password is, the better as well, since it’ll be much harder to make a random guess and get it right.

 

Use Unique Passwords for Every Account

Not only should you create a secure password, but you need to use different ones for every account. On the off chance that a hacker guesses your password correctly, you want to minimize the potential damage. If you’ve used the same password across all online accounts, then it’s very possible that they’ll be able to access several or all of them.

This also means that you need to change your passwords often too. It’s harder to hit a moving target, after all. This, in addition to multi-factor authentication (MFA) can make it practically impossible for your accounts to be hacked.

 

How to Manage Your Passwords

Understandably, it can be difficult to keep track of which password goes with what account. We strongly advise you to avoid saving passwords in online documents, as these can be easily accessed by cybercriminals.

Writing down your passwords can be an option since it’s completely offline. However, you should take precautions to store the written passwords behind a lock or in a secret place. Even if you don’t store them at an office, this information can be stolen if your house is broken into.

A better option is to store your passwords on a password manager. Because you need to access it on a device, you might be skeptical about its security. But the fact is, this software comes with many benefits. Download our free password best practice e-book for password management tips and tricks.

 

Benefits of Using a Password Manager

The main advantage of using a password manager is it’s secure. This software will encrypt and store your passwords so they’re unreachable to cybercriminals.

That’s not it though; your life will be much easier and more efficient with a password manager. Here are the other benefits you can enjoy.

 

It Can Generate Random Passwords

Not only do password managers help with management and storage, but they can also generate random passwords for you. So if you’re having issues thinking ones up on your own, then let the program do the work for you.

Because the tool generates a truly random password for you, the chances are low of a brute force attack working on it.

 

You Don’t Need to Fill Out Login Details Anymore

Because the password manager stores the passwords, it can then pull them out of storage and autofill your username and password when you go to a website. This means you don’t need to go through any extra steps to log on, so you won’t miss your browser’s autofill function at all.

 

You Can Share Your Accounts Safely

Do you share accounts with family members or coworkers? Then they’ll need to know the passwords.

Texting or emailing credentials isn’t safe, as you never know if someone’s hacked your device. But if you use a password manager, you can grant access to others and allow them to log on, all without giving them the actual passwords.

 

You Can Save Other Things

While there’s the name “password manager,” this software can do so much more. It’s more of an encryption tool, which means if you need to store something securely, you can use your password manager. For example, if you have trouble remembering the answers to your security questions, then you can store the answers here. 

 

You Can Reset Passwords Easily

If you suspect that an account’s been hacked or the password’s been compromised, then it’s no hassle to reset your password. Use the password generator feature to get a new password, and some tools allow you to attach it to an account straightaway.

 

You Can Use It Across Multiple Devices

Don’t worry about copying/pasting passwords from your computer to your phone, as you can use password managers across devices. Even better is, many of them can even save app passwords in addition to browser ones. All you’ll have to do is install the password manager on your mobile devices, and you can then access your saved passwords.

 

The Top Password Managers to Use

If you’re now convinced about the effectiveness of password managers for your cybersecurity, then you’re probably interested in finding out the best programs to use. Here are the top contenders.

 

LastPass

If you’re looking for a free program, then LastPass is the best option. It’s a browser-based password manager, which means you’ll have to install it as an extension.

In addition to storing unlimited passwords, LastPass also has a digital wallet. This allows you to store and autofill credit card information. Also, it has AES 256-bit encryption and MFA capabilities.

If you need more features, then you can pay $3 a month for a personal plan or $4 a month for a family plan. You can take advantage of a free 30-day trial beforehand for both plans.

 

Dashlane

Dashlane is another free password manager but only allows 50 stored passwords. Also, you can only use Dashlane on 1 device and share up to 5 accounts.

However, where this password manager shines is its paid premium account. Although it costs $60 a year, you can store unlimited passwords across unlimited devices. But its main selling point is dark web monitoring and a secure virtual private network (VPN) that’s built into the program.

You can also purchase a premium family account that costs $90 a year, which can be shared between 5 people.

 

1Password

Unfortunately, there’s no free version available for 1Password. However, you do get a free 14-day trial, and afterward, it costs just $3 a month for the basic plan and $5 a month for a family plan (shared with 5 people). You can add more people to the family plan for $1 for each person.

With 1Password, you can store unlimited passwords and sync across unlimited devices. You’ll also get a digital wallet and 1GB of space to store your documents securely.

1Password is great for people who travel a lot because there’s a travel mode. You can use it to wipe your devices of sensitive information while you travel, then restore it once you get back home.

You can also get 1Password Watchtower with both plans. This is a scanner for potential data breaches.

 

RememBear

RememBear is a fantastic password manager for those who aren’t technical and need an intuitive tool. It was specifically created for people without tech knowledge, plus it’s free to use.

This password manager lets you store unlimited passwords and other data, but you can only do it on 1 device. The upside is, you can import your account from 1Password if you find it too confusing to use.

The paid version of RememBear costs $6 a month and gives you priority customer service.

If you’re dealing with many passwords, you should store them in one place and take steps to keep that place secure. Limit access and never share where you’re keeping all your passwords.

Keep Your Data Safe

Often, there are just a few layers of security between you and cyber criminals. But by creating strong passwords and using a password manager, you’ll be able to make it more difficult for these hackers to gain valuable information.

So change your passwords, research your password managers, and practice good password management. Taking these extra precautions can mean the difference between keeping your accounts safe and having them compromised.

Using a password manager is just one step in upgrading your cybersecurity. Get in touch with us now to discuss IT services that are efficient and cost-effective too.