Password Management Tools

15‏/03‏/2022

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Introduction

Passwords form a critical aspect of an increasingly digital world. From individual users to billion-dollar corporations, these alphabets/ characters/ numbers/ combination of any or all of these play a major part in each respective sphere. For an individual, this may be the protection of their private information; for a large corporation, this could result in the breach of their systems and a resultant loss in data, leaking of company secrets, etc. However, despite the importance of passwords, enterprises and their employees often make little to no effort in setting a strong password. This comes down to a multitude of factors including difficulty in remembering strong passwords, lack of a safe system to store such passwords, and so on. However, this leaves the party, be it an individual user or a company network, vulnerable to attacks. A breach in the systems of a company can result in massive damages not only to the company, but also other entities that they may have dealings with, as well as several thousand or even millions of individuals. Which is why it is quintessential for enterprises to make sure that they have strong password management systems.

Password Managers

Password Managers are tools that generate and store complex, unique passwords for each account, reducing the risk of unauthorized access and enhancing overall security. These tools ensure that there is an elevated focus on cybersecurity within the organization by encouraging employees to set stronger passwords that are much harder to crack. It provides a range of other benefits as well to enterprise users. Employees no longer must expend resources on remembering difficult passwords as this is handled by the Password Manager. It also ensures that there is centralised access throughout the organisation as enterprise password managers enable system admins to manage access and security policies. Having a password manager also enables secure sharing of credentials within organisational team, with minimal hassle, when necessary. They also come with the option of providing audit features, making it much easier to keep track of systems access as well as with compliance. There are a plethora of other benefits that enterprise users and admins gain from the use of password managers.

Case Study: Founded in 1883, Ravensburger AG, a renowned international toy brand group, remains a family business with deep-rooted values. With 2,413 employees and a 2021 net revenue of EUR 636 million, Ravensburger faced common challenges in password management. The IT team, supporting global operations, adopted Keeper to address these issues, providing a secure alternative to traditional methods. Available across departments, including marketing and finance, Keeper has proven itself as an indispensable tool, enhancing productivity, collaboration, and overall security. Integrating a password manager has brought savings in time, money and effort.

Password Management Suites Some of the tested, well-reviewed and feature-rich password managers have been listed down below, with a look at the features that make them a necessity/ useful integration in an enterprise environment.

Dashlane Business Dashlane's business password management solution emphasizes accountability. The administrator account includes a reporting dashboard to monitor the company's password health over time. These reports enable promoting strong password practices within teams or specific employees and identifying compromised passwords.

1Password Business Prioritizing secure credential sharing, 1Password's business tools empower team members. Each employee can access a vault and securely share passwords with colleagues or external parties using private links. It also has great mobile/ desktop apps as well as well-structured tutorial videos for users.

Keeper Business Keeper simplifies meticulous record-keeping. Business accounts can effortlessly generate detailed compliance reports by accessing the Compliance button on the dashboard. These reports provide insights into employee usage of the password manager and the effectiveness of their password hygiene practices. It is ideal for business owners seeking to monitor their workforce's password habits.

Nord Pass for Business Designed for companies prioritizing robust password security, NordPass Business offers administrators the ability to establish a password policy for employees. This ensures that all passwords are not only secure but also meet criteria for being long, strong, and unique. It also offers features such as various forms of multi-factor authentication, secure password-sharing and inheritance options and clipboard-clearing capabilities.

RoboForm for Business An administrator can swiftly identify employees with a high security score and those who may require assistance in enhancing their password security. It is the best for those looking to generate employee reports. Employers seeking to monitor their employees' password hygiene and exploring cost-effective password management solutions may find RoboForm worth considering.

BitWarden Teams This is a price sensitive alternative to password management, that is also open-source. It also supports SSO and multi-factor authentication methods. BitWarden teams is an excellent alternative to the other managers on this list at a lower cost.

Conclusion

It is clear why Password Management suites/tools will prove to be essential to businesses. Password Managers not only enable businesses to be compliant, but it also offers a variety of other benefits. These include password sharing, suggestions for strong password, storing these passwords in a secure manner, with admin control, among several other features empower businesses to save time and costs that would otherwise have been incurred. The adoption of password managers for business is not just a security measure; it's a strategic investment in efficiency, compliance, and user empowerment. Deploying strong password management solutions is vital to tackling vulnerabilities and uncertainties in the business environment.