Did you know that up to 80% of data breaches are attributed to compromised login credentials? 

If you don’t already use a password manager, here’s why you should consider a solution to secure your business.

Why Use a Password Management Solution?

As cybersecurity threats continue to evolve, strong passwords are a non-negotiable line of defense against attack. However, the demands of maintaining unique passwords for every account can become a burden for employees, leading to issues such as password reuse, weak passwords, and compromised credentials: 

• 70% of employees reuse passwords at work
• 25% of users save passwords on their devices in unencrypted files or notes
• On average, companies lose $480 worth of productivity annually per employee due to time spent on password problems. For a company with 25 employees, this equates to ~$24,000 a year. 

Quick Tips for Strong Passwords

So, how can you overcome the most common password management issues?

• Strong policies: enforce a policy that all passwords must be at least 12 characters in length, combining uppercase letters, lowercase letters, numbers, and symbols.
• Unique logins: ensure employees use unique passwords for each platform, as this will help contain the spread of a breach if one password is compromised. 

• Regular updates: ensure employee passwords are updated at regular intervals to maintain security if old credentials are stolen. 

• Supplement with MFA: use multi-factor authentication to verify employees’ identities when they log in to sensitive systems. 

• Password management solutions: for a streamlined approach, implement a password management solution that automates all of the best practices above. 

Benefits of Password Management

Password management solutions eliminate the need to manually create and manage lengthy passwords. This ensures: 

Security: Password managers fortify cybersecurity by enforcing strong, unique passwords and encrypting employee credentials – reducing the risk of password hacking and theft.

Continuity: Access to company resources is unaffected by employee absences or turnover. Instantly update passwords and revoke access when a team member leaves your business. 

Compliance: With at-a-glance insights on access permissions and data protection measures, password managers simplify audits and compliance reporting. 

Efficiency: Streamlined login functionality means your team no longer needs to worry about forgotten passwords or resets.

How Does Password Manager Work?

Password managers take care of the heavy lifting when it comes to generating, storing, and sharing critical passwords. 

Password Generation and Storage

Password managers generate and store unique passwords for every employee on every platform they use. Rather than having to remember each individual login, employees use a single sign-on password to access everything they need. 

Password Sharing

Without a password manager, passwords are at risk of being shared via unsecured channels, such as email or instant messaging platforms. Solutions like Keeper allow you to grant selective access to team members on collaborative projects. 

Access Management

Password managers facilitate centralized control over who has access to your most sensitive data. Instantly grant or revoke user permissions to ensure employees have everything they need without unnecessary exposure. 

Cybersecurity Made Easy with Keeper Password Management

Electric partners with digital security solution Keeper to safeguard your data through robust password management and two-factor authentication. Keeper’s solutions strengthen cybersecurity, improve operational efficiency, and protect critical resources. Electric is proud to partner with Keeper to deliver cutting-edge password management and protection for small and medium-sized businesses. Contact us and learn more about Keeper’s innovative solutions.