Password Managers for Business are a great way to improve business security, and remove the frustrations of storing and securing complex passwords for each business account.
With the growth of SaaS and cloud applications, every employee has hundreds of different accounts to manage, with each needing a unique, secure password. A report from LastPass recently revealed that the average employee has 191 different passwords to manage.
That’s a lot of passwords to keep on top of! Understandably, this causes employees to use the same password for multiple accounts, or use simple passwords that are easily remembered – and so easy for hackers to guess.
This is a big security risk, as one account becoming compromised can then allow an attacker to break into multiple others, with each potentially containing sensitive company information.
Password Managers for business (Business Password Management) offer a solution. These products manage passwords for users by storing all of their passwords in a fully encrypted password vault. This makes life easier for users and helps admins to ensure that everyone is using unique, secure passwords, across all of their accounts.
To help you find the right platform, we’ll take you through the ten best password management solutions we’ve identified. We’ll be going over what they do best, and what customers have to say about them, as well as their pricing and usability. Let’s get started.
What Is A Business Password Manager?
A password manager is a software application or computer program in which passwords and other login credentials for applications and online services can be safely stored, generated, managed, and accessed. For those struggling to manage passwords across multiple sites, a password manager can be a highly useful investment. Not only does it provide security benefits for the user, but it also offers convenience and cuts down on time wasted trying to remember lost passwords or carry out password resets.
These solutions require users to provide a “master” password which is used to retrieve all the information that has been stored in the secure vault. This means you only need to remember one password to unlock the rest of your passwords. Credentials added to the vault are stored in an encrypted form for increased security, and password managers will either store data locally on users’ own devices or store them on a file hosting service.
Why Do You Need A Business Password Manager?
So much of our lives are online today, meaning we can quite quickly become overwhelmed by the dozens or even hundreds of passwords required to access the many sites and applications we use daily. This abundance of passwords can lead people to engage in risky habits like using very weak passwords or reusing passwords across multiple sites to avoid forgetting their logins and getting locked out. It is important to use strong, unique passwords on every website and application you use, but this becomes harder to do the more time passes. The solution to this problem is a password manager.
A password manager doesn’t just enhance digital security – it also improves the flow and productivity of your day-to-day life. They typically come with a password generator, making it much easier to ensure passwords are sufficiently unique, lengthy, and complex. They can autofill fields to save time and keep you secure – if you are trying to log into a frequently visited website, say your bank, and your credentials do not autofill that could mean you have arrived onto a phishing website with a different URL.
Password managers will also often provide updates regarding security breaches and alerts to update potentially at-risk passwords, and allow you to security share password with trusted individuals through the app. A cloud-based password manager will also allow you to access passwords across multiple devices, for better flexibility. Password managers let you store other types of data in a secure form, including credit card numbers and secure notes.