After the digital transformation of the past few years, the number of passwords and login credentials required has grown rapidly. Managing passwords has become an increasingly complex and time-consuming task, leading many businesses to turn to an enterprise password management tool to navigate this challenge.

What is an Enterprise Password Management Tool?

An enterprise password management tool is a software solution that enables businesses to manage and secure passwords across their entire organisation. The tool can generate complex, unique, encrypted passwords for your team members, centralising password management, making it easier for staff to create, store, and access passwords, while also enhancing security measures.

This reduces the risk of password breaches and unauthorised access to sensitive information. A business can enforce password policies, including requirements for password complexity, length, and expiration, ensuring that passwords are changed frequently and are not reused across multiple accounts.

Here are 5 reasons why your business should use an enterprise password management tool to securely store all your passwords:

✅ Enhanced security

One important feature of an enterprise password manager is to scan the dark web for any stolen credentials or compromised accounts that may put an organisation's security at risk. Dark web scans typically involve searching through various underground websites, forums, and marketplaces where stolen credentials are often sold or traded. If a match is found, the password manager will alert the relevant parties to take action, such as resetting the affected password or disabling the compromised account.

Many enterprise password management tools also provide additional security features such as multi-factor authentication (MFA), which adds an extra layer of security to login credentials. This ensures that even if a password is compromised, an attacker would still need to breach another layer of security, such as a fingerprint, to gain access.

✅ Increased productivity

Enterprise password management tools can help businesses increase productivity by simplifying the login process. Your team members no longer need to remember or write down passwords, reducing the time and effort required to access various systems and applications. Instead, the password management tool can automatically fill in login credentials, making it faster and more convenient for your staff to access their accounts.

Access to every password is granted from a single location, eliminating the need to remember different passwords for different systems. This not only saves time but also reduces the frustration and stress associated with trying to remember multiple passwords for multiple accounts.

Shared access

Shared access allows employees to gain access without the need for disclosing physical passwords. With this capability, a business can avoid the inconvenience of needing to change passwords each time an employee departs or when temporary access needs to be granted to a contractor or external party.

Additionally, many enterprise password managers provide browser extensions or mobile apps, making it easy to access passwords from anywhere. This means that your staff can access their passwords on the go, regardless of their location, making it easier to work remotely.

Centralised management

Enterprise password management tools provide centralised management of passwords, allowing administrators to set and enforce password policies, monitor activity, and ensure compliance with security standards. This can help businesses to maintain a consistent approach to password management, ensuring that your team are following the same procedures.

Detailed reports on activity are another feature, making it easy to identify potential security issues. For example, if a staff member is attempting to access an account from an unusual location, the password management tool can flag this as a potential security threat. This can help administrators take quick action to protect data and mitigate the effects of an attack.

Using an enterprise password manager can also automate the onboarding and offboarding process for new and departing staff. Through single-sign-on capabilities, employers can seamlessly ensure that a new employee is automatically granted access to the relevant tools upon starting their employment. Similarly, when an employee's profile is offboarded, their access to the tool is automatically revoked.

Cost saving

Enterprise password management tools can help businesses save money by reducing the need for IT support and help desk services. With a password management tool, your team can manage their own passwords, reducing the number of password-related issues that require tech support. In addition, reducing the risk of security incidents and data breaches can mean avoiding costly fines and reputational damage.

The problem with skipping an Enterprise Password Manager.

Despite the availability of enterprise password management tools, many businesses still rely on old-fashioned methods for managing their passwords, such as saving passwords to Excel spreadsheets or writing them down. This is a dangerous practice, as it leaves passwords vulnerable to theft. If a malicious actor gains access to an Excel spreadsheet or an unauthorised visitor to your office passes a desk with a password stuck to a computer screen, they are handed the keys to your sensitive business data without anything to stop them.

Similarly, using identical passwords for multiple systems and applications elevates the likelihood of a data breach. In the event a hacker successfully infiltrates one of your accounts using that password, they can employ it to gain entry to additional accounts.

An enterprise password manager is an essential tool for any business looking to protect their systems, applications, and business data from cyber criminals. By storing all your passwords in a secure and encrypted database, generating strong and secure passwords, and improving the security of your online accounts, an effective enterprise password manager can help you to protect your organisation's data, save time, and improve online security.

Speak with us today about the best enterprise password management tools for your business.

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