Why your business needs a Password Manager

Written by Adriel Michaud

Too many companies these days don’t use a company-wide business password manager. They might use Chrome password management, Apple’s integrated password system, or maybe employees write passwords down on post-it notes. These businesses frequently reuse login passwords across multiple platforms, which is extremely risky in today’s threat landscape. Enter dedicated password managers: enterprise security tools like LastPass and Keeper that can revolutionize your cybersecurity practices and safeguard your business’s digital assets.

Key Takeaways About Business Password Management

Password managers create unique, strong passwords for every business account, eliminating risky password reuse.
LastPass and Keeper offer enterprise-grade security features designed specifically for business needs.
Implementing a password manager significantly reduces the time employees spend managing credentials.
Business password managers provide centralized control over employee access to company resources.
Advanced features like data breach monitoring protect companies from emerging security threats.
Password managers enable secure password sharing and role-based access control within teams.
Teams using password managers save an average of 12.6 hours per employee monthly on password management tasks.

The Risks of Poor Password Management

Weak, reused, or improperly stored login passwords are among the leading causes of cyberattacks targeting businesses. Hackers systematically target organizations of all sizes by exploiting predictable password patterns or credentials leaked in previous data breaches. The consequences of these breaches are severe and far-reaching. They include lost proprietary data, compromised login credentials across multiple systems, significant financial losses, and permanently damaged business reputations. Two-factor authentication, a security feature included in enterprise password managers, adds an essential extra layer of security to your password system.

The Benefits of a Password Manager

A business password manager is a centralized tool that stores, generates, and organizes your passwords securely. The password vault uses military-grade encryption to protect all stored credentials from unauthorized access. Here’s why your business needs one:

Enhanced Security: Password managers create and store complex, unique passwords for every account, drastically reducing the risk of credential-based hacking attempts. These randomly generated passwords are nearly impossible to guess and are different for each service.
Convenience: Password managers eliminate the need for insecure password storage methods like sticky notes and spreadsheets. With a business password manager, employees can quickly access the credentials they need through a single master password or biometric authentication.
Time Savings: Employees spend less time recovering forgotten passwords and managing credentials, directly boosting productivity across the organization. The auto-fill functionality streamlines the login process for all business applications.
Access Control: Assign passwords based on specific roles within the organization, ensuring employees only access the information they need for their job functions. Enterprise password management features include detailed audit logs that track all password activity for compliance purposes.
Breach Alerts: Tools like Keeper and LastPass can notify you if your login credentials appear in a data breach, giving you a chance to act fast and change compromised passwords before attackers can exploit them.

Why Products Like LastPass and Keeper Stand Out

LastPass: Known for its user-friendly interface and robust cybersecurity features, LastPass offers seamless integration across devices and platforms, perfect for businesses of all sizes. Password rotation policies, controlled through the administrative dashboard, help maintain consistent security standards throughout the organization.
Keeper: With advanced features like dark web monitoring and zero-trust architecture, Keeper provides top-tier protection for businesses with higher security demands. Single sign-on capabilities streamline user access while maintaining strict security protocols for all stored credentials.

Password Managers Are Easy to Implement and Provide Essential Security Benefits

Adopting a business password manager is a straightforward process with immediate security benefits. Most enterprise password management tools are affordable, scalable to your organization’s size, and designed to integrate effortlessly into your existing IT systems. The implementation process typically includes initial setup, employee training, and ongoing support.

Don’t Wait for a Breach to Act

In today’s digital landscape, password security is non-negotiable for businesses of any size. A business password manager like LastPass or Keeper is an investment in your organization’s future, providing peace of mind while protecting your critical digital assets from increasingly sophisticated cyber threats.

Important Information about Password Managers

Password managers use military-grade encryption to secure stored credentials, making them extremely safe for business use.
Account recovery processes involve secure verification steps to restore access when master passwords are forgotten.
Password managers actively monitor and alert businesses about potential security breaches affecting their stored credentials.
Enterprise password management solutions typically cost between $3-$8 per user per month.
Password managers utilize 256-bit AES encryption to protect stored credentials.
Automated offboarding processes immediately revoke access when team members leave.
Security experts recommend updating business passwords every 90 days.
Weak or compromised passwords are responsible for 93% of all corporate data breaches.
The average employee manages 191 different passwords across various business applications.
Organizations save approximately 12.6 hours per employee each month by using password managers.