Have you ever stuck a piece of paper with a password written on it under your monitor and looked at it when no one else was watching?
Remembering a hundred passwords was the domain of power users and IT professionals up until a few years ago.
But these days, it's a must for everyone. The average person has tens of accounts, which is only increasing as we rely more and more on digital services.
That's where password managers come in.
What Are Company Password Managers?
Password management systems help businesses keep track of employee passwords and provide a secure way to store and manage them. These tools typically include a central repository for storing passwords and tools for creating, managing, and sharing passwords.
There are many different password managers on the market, so it's essential to choose one that will meet the specific needs of your business.
Read on to learn about the best password managers for business.
The Best Password Manager For Small Businesses
Here are the top password managers to consider.
Best Overall Password Manager
Keeper is a cybersecurity platform that protects millions of people and companies' passwords, credentials, and secrets. Keeper's easy-to-use platform unifies critical identity and access management components and enables zero-trust transformation.
The platform also allows fine-tuning an organization's access levels to data and credentials across individuals and teams with role-based access control (RBAC). In other words, Keeper is designed to give you complete control over who has access to what within your organization.
Using Keeper, you can rest assured that your passwords, credentials, and secrets are safe and secure.
Best For Security Insights
Zoho Vault is a secure password manager that safely stores your passwords and auto-fills them across websites and applications. With Zoho Vault, you can get clear security insights into your personal and business passwords, identify weak passwords, and change them in just a few clicks.
You can also securely store, share, and manage passwords with different levels of access privileges. Plus, you can add notes, documents, credit cards, software licenses, and SSH keys to your password vault.
Zoho Vault uses 256-bit AES encryption to store your passwords in an encrypted format. This ensures that your passwords remain safe even if your database is compromised. When you log into a website or application, Zoho Vault will automatically fill in your username and password. You can also generate strong passwords with Zoho Vault's password generator tool.
In addition to storing your passwords, Zoho Vault helps you maintain your password security. You can get clear insights into your personal and business passwords to identify any weak passwords that need to be changed. You can also receive real-time alerts if any of your passwords are compromised. And if you need to share a password with someone else, you can do so securely with Zoho Vault's sharing feature.
Best For Storing Unlimited Passwords
Bitwarden allows users to store all their passwords in one secure place and access them with just one master password. Setting up Bitwarden is easy, whether an individual or a business. Mobile, browser and desktop apps can access your passwords anywhere. And because it's cloud-based, you can easily sync your passwords across all your devices.
With Bitwarden, you are the only one with access to your data. No one at Bitwarden can see your passwords or any other sensitive information. This means you are fully accountable for your data and no one else.
With end-to-end encryption and zero-knowledge architecture, Bitwarden provides the highest level of security for your passwords. Your data is always safe and secure, even fromBitwarden itself.
Best For Educational Resources
1Password helps users store and use strong passwords easily and securely. This tool also allows users to share logins, passwords, credit cards, and more with others safely and efficiently. 1Password University provides free online security resources for everyone to understand better online security risks and how to protect themselves.
1Password also makes it easy for users to generate and store strong passwords. In addition, this platform allows users to easily share passwords with others without having to worry about the safety of the data.
Best For Finding Compromised Passwords
NordPass is a digital life manager that can save passwords and credit cards and share logins with coworkers. The password manager can autofill forms, credit card details, and passwords with a click. With NordPass, there is no need to use sticky notes to remember sensitive information.
With NordPass, your passwords and sensitive information will be securely saved so you can access them with a click. NordPass also auto-fills forms, so you don't have to waste time doing it yourself. And if you need to share login information with coworkers, NordPass makes it quick and easy.
NordPass offers these pricing plans:
Best For Sharing Passwords
LastPass protects every access point and seamlessly connects employees to their work. The built-in password generator creates long, randomized passwords that protect against hacking.
LastPass authenticates logins and can also fill in web forms with your stored personal information, so you don't have to remember multiple usernames and passwords. It works on your computer, phone, and tablet. LastPass also has a strong password generator that creates long, randomized passwords that protect against hacks.
With LastPass, companies can securely share passwords with others while tracking who has access to what. LastPass makes it easy to enforce strong password policies within an organization and monitor password strength across all accounts.
Best For Syncing Multiple Devices
With RoboForm, you can store all your passwords in one place and log in with a single click (or tap). This means you'll never need to worry about forgetting or losing your passwords again.
Another benefit of using RoboForm is that its random password generator can create strong and unique passwords for each site. This is important because it means you can say goodbye to using weak or duplicate passwords. Using strong and unique passwords can help reduce the risk of your confidential information being hacked or stolen.
RoboForm also makes it easy to share login information with other RoboForm users. All you need to do is enter the recipient's email address, and they can access the login information. This is a great way to securely share sensitive information without worrying about it being intercepted or leaked.
Benefits Of Using Password Managers In The Business
Here are some of the main benefits of password managers in one's business.
Easy To Generate And Manage Strong, Unique Passwords
Most users use easy-to-guess passwords or recycle the same password for multiple accounts. This is risky as it only takes one compromised password to give criminals access to all your other accounts.While many business management tools force users to develop strong passwords, they often make it difficult to remember them. This is where password managers come in, as they can generate and store strong, unique passwords for each of your accounts. This helps reduce the risk of account hijacks and makes it easier for you to comply with data security best practices.
Save Time By Autofilling Usernames And Passwords
Most password managers have a feature that allows you to store your login information in one central location. You no longer have to waste time searching for your login information or filling out long registration forms. All you need to do is open up your password manager, and the relevant information will automatically fill in for you.
Enjoy Greater Peace Of Mind
In terms of data security, one of the main concerns is that sensitive information will be intercepted or leaked. This is why choosing a password manager that offers military-grade encryption is essential.
This means your data will be scrambled using a complex algorithm that makes it virtually impossible for anyone to decrypt it. Knowing that your data is safe and secure gives you greater peace of mind.
Seamlessly Sync Your Data Across All Your Devices
Syncing your data is essential for businesses as it allows employees to access their login information from any device at any time.
From integrating with marketing tools for small businesses to syncing with your devices, password managers make it easy for you to stay productive yet secure.
Share Access To Accounts With Colleagues Without Sharing Passwords
This benefit is critical for employees who use collaboration tools for business to access the same account - all without needing to know the actual password.
This is a much more secure way of sharing access as it means that the password is never shared or exposed. It also means you can revoke access at any time if necessary.
Get Real-Time Alerts If Any Of Your Passwords Are Compromised
Another benefit of password managers is that they can provide real-time alerts if any of your passwords are compromised. This is important as it allows you to take immediate action to secure your account and prevent any further damage.
Key Features Of Password Managers For Business
Now that I've looked at the benefits of password managers let's take a more detailed look at the key features you should look for.
When it comes to data security, one of the most important factors to consider is the level of encryption that the password manager offers. As password managers store sensitive data, this data must be well-protected. The best password managers use AES (Advanced Encryption Standard) 256-bit encryption, the same level of encryption used by banks and other financial institutions.
Ease Of Use
Another essential factor to consider is how easy the password manager is to use. Ideally, the password manager should have a clean, intuitive interface that makes adding, editing, and deleting passwords easy. After all, if you're entrusting your sensitive data to a password manager, you'll want something straightforward and user-friendly.
Mobile Device Support
In today's world, it's more important than ever to have access to your data on the go. That's why choosing a password manager with mobile device support is essential. This way, you can have peace of mind knowing that your data is always accessible, no matter where you are.
When it comes to pricing, there are a few things to consider. First, you'll want to ensure that the password manager you choose offers a price that fits your budget. Second, you'll want to consider the value you're getting for your money. The best password managers provide a variety of features and options, so be sure to compare pricing plans before making your final decision.
As your business grows, you'll want to be sure that your password manager can grow with you. The best password managers offer a variety of pricing plans that are designed to scale your business. This way, you can be sure that you're always getting the most for your money.
If you're already using other software applications within your business, you'll want to ensure that your password manager can integrate with these applications. This way, you can streamline your workflow and have everything working together seamlessly.
Support is always an essential factor to consider. After all, if something goes wrong, you'll want to be sure that you have someone to help you troubleshoot the issue. The best password managers offer support options like live chat, email, and phone support.
Able To Quickly Generate OTPs
An OTP (or one-time password) is a security measure that is becoming increasingly common. They are a great way to add an extra layer of protection to your accounts.
These are used when you need to provide a temporary password but don't want to share your actual one. This could be when logging into a new device or using a public Wi-Fi network.
Password managers make it easy to generate and manage OTPs, as they usually come with a built-in OTP generator. All you need to do is enter the desired length and characters, and the password manager will generate a unique OTP for you.
Common Password Mistakes To Avoid In Business
While password managers have advanced how we store and manage passwords, people still make common mistakes regarding password security. Here are the most common mistakes businesses make regarding passwords and how to avoid them.
Not Using A Password Manager
Despite the numerous benefits, some still don't want to use a password manager. Many argue that they don't want to have to remember another password or don't trust password managers' security. However, the truth is that not using a password manager can be far more dangerous than using one.
You will likely use weak passwords when you don't use a password manager. You're also more likely to reuse the same password on multiple sites. This creates a serious security risk because if one of your passwords is compromised, all your accounts are at risk.Many people have weak passwords for all the tools they use in business. From their social media tools to their business intelligence tools and market research tools, having a weak password puts a company at a greater risk of being hacked.
Using Easily Guessed Passwords
Another prevalent mistake people make is easily guessed passwords. This includes common words and names, simple patterns, and obvious substitutions (like 1 for l).
Easily guessed passwords are just as bad as weak passwords because attackers can easily crack them. The best way to avoid this mistake is to use a password manager to generate strong, unique passwords for all your accounts.
Reusing The Same Password On Multiple Sites
This might not seem a big deal, but it's a severe security risk.
If you use the same password on multiple sites, and one of those sites is compromised, all of your other accounts are at risk. Attackers can quickly try your password on other sites to see if it works; if it does, they'll have access to all your accounts.
It would help if you used a different, unique password for every account to avoid this mistake. This might seem like a lot of work, but doing so through a password manager is straightforward.
Storing Passwords In An Unsecure Location
Another common mistake people make is storing their passwords in an unsecured location. This might be on their computer, in a text document, or even in their email. However, this is hazardous because it puts your passwords at risk of being compromised.
If your passwords are stored in an unsecured location, attackers can easily access them. This means that all your accounts are at risk if one of your passwords is compromised. To avoid this mistake, you should always store your passwords in a secure password manager.
Not Enabling Two-Factor Authentication
Two-factor authentication (2FA) is an important security measure that can help protect one’s accounts from hackers. 2FA adds an extra layer of security by requiring you to enter a code from your phone in addition to your password when logging into an account. This makes it much harder for attackers to gain access to your accounts.
Despite the added security, many people don't enable 2FA on their accounts. This is a mistake because it leaves your accounts vulnerable to attack.
Sharing Passwords With Others
One of the most common mistakes people make is sharing passwords with others. This might be sharing your password with a coworker so they can access an account or giving your password to a friend so they can log into your computer. However, this is a hazardous thing to do because it puts your accounts at risk of being compromised.
Not Regularly Changing Your Passwords
Many people only change their passwords when they think they might have been compromised, but this is not enough. Attackers can gain access to your accounts months or even years after a password is stolen, so it's essential to change your passwords regularly.
The best way to avoid this mistake is to use a password manager with a built-in password expiration feature. This will automatically change your passwords regularly and ensure your accounts are always protected.
Password Managers For Business - FAQ
Yes, free password managers for businesses are just as secure as paid ones. Some of the best password managers are free. However, free password managers usually have fewer features than paid ones. If you need advanced features like two-factor authentication or encrypted storage, you may need to upgrade to a paid plan.
Password managers are a vital part of online security. Not only do they help you create strong, unique passwords for all of your accounts, but they also store your passwords securely and autofill them when needed. This makes them an essential tool for anyone who wants to keep their online accounts safe from attack.
No matter which password manager you choose, use it properly to protect your online accounts.
Last Updated on November 22, 2022 by Hanson Cheng