June 12, 2019

I'll Manage That: Here's Why You Need a Password Manager for Your Business

Memorizing passwords can be a pain. Millions of accounts fall victim to cyber-attacks every year. More than 80% involve weak or stolen passwords.

When this happens, consumers are required to create stronger password log-ins. 

A security breach doesn't mean that someone has accessed your account. The company may have determined data was stolen. Or there is a glitch in a program or app that has exposed your data to an unintended party.

Consumers are advised to not use the same password on multiple accounts. If you are having trouble keeping up with your passwords, you need a password manager.

If you are a business owner you are trusted with the data of your clients. Keep reading to learn why you will need a corporate password manager to protect your business systems.

What is a Password Manager?

A password manager is an app that creates complicated passwords that are difficult for hackers to access. You will have a different password for each account or website that requires a log-in.

The app will also store the passwords for you so they can be easily retrieved when needed.

The downside is that you need a password to access the app. If your memory is really bad this may be a problem. Passwords are 30-characters long and are a mix of letters, numbers, and symbols.

We wrote more about this in our post on "Why Are You Still Using Passwords When They've Already Been Hacked"

The Apps Store More than Passwords

Do your research when looking for a password manager if you want to secure more than passwords. Some offer services that will save credit card numbers, personal identification numbers, and the Card Verification Value (CVV) for your cards.

Additional options include the answers to your security questions. This is beneficial if you choose to give fake answers to questions that are about your life.

Are the Apps Hacker Proof

If you're asking, "can password managers be hacked?", the answer is yes. The chances of this happening are limited. In the long run, the security you will receive from using a manager is still your safest option.

To add another layer of security it is important that you have a strong password for the devices where your password manager is stored.

In the event your data is compromised for any reason, new passwords are generated in seconds. 

Is There a Cost?

There are apps that offer free service. Keep in mind this will be at the most basic level. For about $40 a year you can get added security and features to secure your passwords. A corporate password manager will be roughly double that amount, based on an annual subscription.

If you need password protection for your business data the expense is tax deductible. Learn more about the different password managers before making a final decision.

Need Better Authentication?

A password manager is a good first step to keep hackers away. For full security of your business log-ins and passwords, you need multi-factor authentication. 

We wrote more about why passwords are not enough in our post on "Why Are You Still Using Passwords When They've Already Been Hacked"

There are three types to choose from. For more information, contact Acceptto to learn how we can help your business implement secure advanced log-in technology. 

cyber security cybersecurity password manager