Security tools are always changing, developing new ways to make your life easier. On the other end of the spectrum, though, are cyber attacks and other potential dangers that become increasingly sophisticated. As your options for defense vary and evolve, so too do the threats — internal and external alike.
So the big question is, is it still safe in 2021 to use a business password manager? To answer that question, though, you’ll need to look at: the uses of such a tool; what kind of risks exist; what the benefits are; and most importantly, what to look for in a business password manager.
Password management tools are designed mainly to store and protect the passwords that you use in your business, from email accounts to specific software logins. When you log into your password manager, you’re able to use its encrypted storage and application to fill in credentials on these other sites and apps — meaning you never have to remember those credentials yourself.
In other words, these password managers are a security tool that has become regularly used throughout the business world. Part of the reason for that is the fact that this kind of tool has more than just one use. Many of its features benefit users in several ways.
A business password manager, first and foremost, makes it easy to manage passwords — hence the name. The first benefit is obviously the ability to quickly and easily apply login information, as mentioned, with various platforms. With this, you don’t require memorization or separate storage of passwords elsewhere, as the password manager handles that on their own. In addition to storage of passwords, these tools offer encrypted storage of other information, such as your other credentials, digital certificates, or even media files held for safekeeping.
These virtual vaults are great, of course, but there’s more: a business password manager reminds you to use safe passwords, even suggesting them for you when needed — and storing them safely once decided. In addition, you’ll find yourself feeling even safer for knowing that your weak passwords of the bygone ages will be flagged by your password manager. You’ll know that you need to fix these and make them all the more secure and that in the case of reused passwords, you’ll need to diversify.
With the number of suites you use on a normal day of business, it may be hard to keep track of all that, much less be sure that you’re using passwords of strong design. That’s where one of these manager tools comes in handy, as their flagging is meant to draw your attention to these security concerns, preemptively fixing them before they become a real hazard for your numerous accounts. In addition to this, there are other benefits to consider, like the centralized control of access among users connected to the manager.
It’s certain that a password manager for your enterprise has a lot to offer, and with those features comes the knowledge that you’re looking out for your business’s best interests. However, like any security tool, there are risks and weaknesses to consider. The first and most obvious is the idea that if someone were to gain access to your password manager, they’d have a free ride to all of your favorite accounts, along with whatever other sensitive info you might be storing within.
Cyber attackers know this, and password managers can often be targeted as a result. In other cases, you might simply forget the master password that allows you to use the tool, meaning your passwords, other stored info, and your ability to log in to various tools are all unavailable to you. In addition to all this, there’s the fact that password managers can, at times, encounter software bugs, just like any other digital tool.
With these risks in mind, though, can you be sure that it’s better to go without a password manager? In many cases, the answer is “no”. Password managers are a tool that fills a litany of needs from business owners, and while risks do exist, the risks are far greater for those who go without. As such, it’s simply better to select your password manager based on a few crucial criteria.
One criterion should be your password recovery protocol: if you were to somehow lose or forget the master password you use for logging into a password manager, you should be able to recover that information or reset it somehow, in a way that’s secure to you alone. Without this feature properly researched, you’re putting yourself and your assets in danger.
Similarly, look for password managers with encrypted storage and zero-knowledge architecture — i.e., password tools that don’t allow anyone but the decrypter (the user with the master password) to view stored info on the platform. Even in the event of a breach, or in the event of a problem on the host server, your information is made safe thanks to such measures, with zero-knowledge tools keeping your information completely unreadable even to the host.
Finally, you can be sure that your password manager is one of the many that have reputable vendors who update their software for bugs regularly. Proactive updates, host-proof storage, and password recovery are all features you should keep on your shopping list — so that when you do take on a business password manager, it’ll be the absolute safest option available.
I am Tristan who loves to ride and spend time with my jenny (horse) and my love Mark. After completing my graduation, I have been working as an accountant in a private firm in Cologne.