Keeping up with private passwords can come with chaos, panic and frustration. It’s not much better when keeping up with passwords for a company team. Fortunately, the best password managers can alleviate this headache (while also boosting security).
These tools have evolved for businesses, as well. The best password managers usually provide similar features, such as unlimited storage for all passwords and other credentials. Military-grade encryption and they can work across multiple devices.
The best password management results in increased company productivity and business password managers provide customizable features such as the option to separate personal credentials from business-related ones.
Putting Password Managers to Work
We know it’s more simple, but there are dangers to sharing passwords. The convenience and occasional logic of sharing your passwords with colleagues without using a password manager is a risky move for multiple reasons.
It’s no surprise that people commonly reuse a password for multiple if not all logins. How are we supposed to remember hundreds of different passwords? The risks are further increased if the company has a bring your own device (BYOD) policy where all it needs for catastrophe to happen is a stolen device without proper password protection.
Additionally, the commonality of hackers intercepting data such as passwords is growing.: The moment a password leaves a safe environment, it could be stolen by hackers, especially if data is transferred over an insecure public internet connection.
Unauthorized sharing of business passwords is a violation of the federal Computer Fraud and Abuse Act if the data obtained by the unauthorized party falls under the category of confidential business information, following the 2016 ruling by the Ninth Circuit U.S. Court of Appeals in the USA vs Nosal II case.
Company Password Policy
A company’s password policy is an official document created for employees explaining its rules for effectively protecting (sensitive) company data, and what happens should those rules be violated.
A good password policy is a living document — one that is constantly updated as an instruction manual for putting together a strong password and keeping it a secret. A well-crafted password policy also takes into consideration the different roles employees play in the company, meaning that there’s a separate policy for average users, employees who handle sensitive data and, of course, the IT staff.
Although password policies don’t necessarily require owning a password manager, they are best implemented if the company uses such a tool. With a password manager in your team’s possession, managing all those company-related credentials not only becomes easier but safer as well since passwords are stored in an encrypted environment and are continuously monitored and evaluated according to their respective strengths. Not to mention the fact that password managers support safe, authorized, secure password sharing, too.
Our Best Password Managers Recommendations
- Keeper. Why we like it: Keeper’s fantastic security comes on an easy-to-use, flexible platform at a reasonable price.
- RoboForm. Why we like it: RoboForm’s simple straightforwardness allows clients to easily categorize their stored credentials. Its biometric authentication, paired with versatile customer service, makes it a top-notch password management service.
- 1Password. Why we like it: This password management system’s secure authentication method and end-to-end encryption include data breach alarms and simple user-friendly authentication.
The best password managers work with the click of a button. This makes them one of the best tools to increase productivity and the confidence of those who use them to work safely and securely.
Employees need only to remember a master password to access the complex passcodes stored in the company’s virtual vault.
Recommended Password Managers for Business
LastPass Teams is a great choice for companies that prefer cloud-based solutions over desktop applications. Despite being web-only, LastPass Teams provides the same military-grade encryption as its counterpart for personal users – with some extras catering to business users.
All users have access to their own personal LastPass vault that is protected by a unique master password. All of the user’s passwords, credentials and forms can be safely stored here, and of course, shared securely with team members. Meanwhile, admins have access to everything mentioned, but can also add or remove users, set up security policies and check automatically generated reports.
Another recommended tool is Dashlane Business. Though Dashlane requires a desktop application, it’s a handy password manager with many stellar features. The user-friendly accounts are equipped with features like a password changer, emergency sharing, auto-fill and login, and data backup. It is also capable of separating personal credentials from business-related ones.
Dashlane Business can also provide automated data syncing across multiple platforms and allows users to share unlimited passwords. Admins can easily manage the company’s security policy and share passwords from the simple dashboard where the overall security score of the company’s password vault is displayed.