Why Your Business Should Use Enterprise Password Management in 2021

One of the most important concerns when dealing with super-sensitive data is "security". It becomes even more important when you are keeping all the information in one place. Everyone out there is over-protective and over-conscious about keeping their passwords safe. And when it comes to storing all the passwords of an enterprise, nobody wants to split passwords among different apps or write them all down by hand.

That's where businesses need cloud-based enterprise password managers because that's a better way.

By remembering all the usernames and passwords associated with your business, you can easily choose strong and unique passwords without
needing to memorize them all. All you need to remember is a single password to unlock the password manager.

When saving passwords for personal use, it should have low to medium level strength. However, when choosing a password for a complete
business structure, it must have higher security standards. For a team, there should be a central location for all the passwords storage. It makes the data accessible for all the relevant people at any point in time.

Teams can also share passwords via enterprise password sharing methods by setting limited or restricted permissions. Moreover, if you are using enterprise-level password managers, they can store all kinds of data, not just login details. Some options store files of all format types.

The right password manager can lift much of the burden that server admins are carrying on their shoulders. Those enterprises, who are
running an IT system often deal with regular interruptions. That's mainly
because any member of the team can forget passwords and a simple password reset. Corporate password managers perform many security functions automatically.

A credible password manager to be used in 2021 should promise both convenience and security. But wait, what makes password managers,
a reliable tool to use? By the end of this article, you can have confidence
that password managers are safe. So, let's discuss what you need to know about password managers and how they keep your data safe.

One key metric of cloud-based enterprise password manager credibility is that it reduces cyber breach risk. Huge accounts, or credentials, are a very common entry point for hackers to enter a network.

80% of the professionals working in the IT industry, use multiple-shared accounts to access the network. Their data is shared in a single place, and thus the volume of credentials to manage and secure is high. Most people save their passwords and other credentials in a simple text file, such as sticky notes, or spreadsheets.

Passwords are often forgotten, not strong enough, repeated, rarely, never changed, or shared with the wrong person.

Hackers identify these loopholes and take advantage of them to steal all the credentials to access and move around your network. They appear as legitimate users.

Also, along with password managers, many businesses are now subject to industry or regulatory compliance orders or internal security policies that require reporting and audit trail capabilities to track privileged credential usage.

Using an advanced password manager in 2021 helps in password encryption. It is where human encoding powers end. All the passwords and data are encrypted with a public key. 

The encryption is a unique code so that only the owner and nobody else can see it. You can decrypt passwords only with a private user key.

All the data is kept in the super-protected cloud servers. The servers are also fully encrypted and unreachable for anyone except you, the owner. Luckily, the technology works in a way that the cloud server does not know anything about your secret data. The reason is that all the encryption is done locally, on your device. It means, none of your sensitive data leaves your device, and nobody on the internet can access or reveal any of your data.

Sounds amazing? That's why, when beginning a new decade with
new goals, it is one important step to go for an enterprise password manager, to keep unauthorized people away from your sensitive data.

Phishing attacks are one of the most creative ways that hackers love to try. It tricks the user and steals login credentials in less than a minute. Such online scams, spam emails or messages appear to come from an authorized source, but they send employees to fake login screens to capture the login details.

Password managers, appreciatively, can stop such attacks. They show a warning and act as a firewall between the user and the fake URL, as
it won't let you input a password if the domain name isn't completely correct.

While enterprise password managers provide an advanced security level, they have an extra layer of protection with two-factor authentication systems. These authentication points can be a challenge question or PIN that is texted to the user's phone.

Overall, we recommend using an enterprise password manager for your business based on the benefits mentioned above.

For many organizations, it may be a huge improvement over their current password strategy. But if you don't go for this safe method, trust me, hackers would rather grab the low-hanging fruit than to deal with someone like you.