Why Your Business Needs a Password Manager

Why Your Business Needs a Password Manager


Passwords are necessary in the business world. They keep sensitive data away from prying eyes. Only those authorized to view such data get access to it using the set password. From client details to the mailing list to sensitive bank documents, there are many things in a business that need to be protected by passwords. You cannot set one password for everything as this will compromise the security of the protected contents. The best option is to have a password manager. This is software that allows you to keep all your passwords inside. This way, the only password you need to remember is the one that logs into the password manager. How convenient! Here are the top reasons why your business needs a password manager.


Creates Strong Passwords that Protect Against Cybercrime


Weak passwords make you vulnerable to cybercrime and identity theft. A good password manager will help you create new passwords that are strong and difficult for hackers to hack. In the first half of 2020, 540 breaches affecting 164 million people were reported. These affected both businesses and personal computer users.


As a business, cybercrime affects you greatly if you fall victim. You may lose money and other digital assets due to the attack. Client’s and partner’s data may be exposed and you may find yourself facing a lawsuit soon. To avoid all these, find a reliable password manager that can create strong passwords that are hard to crack. Combine this with the latest antivirus and anti-ransomware definitions for all computers in the business and you will be safe.




A password manager is like a master key that opens all locks. It will store all your passwords in a secure safe that can only be accessed by someone who has its key. This limits access to the people you work with and only those authorized can get in.


Without a password manager, you will find your employees writing down their passwords on sticky notes and sticking them somewhere near their desks. Others will create a folder on their computers and save the password so they do not forget. This is not secure because anyone can gain access to these and access crucial documents. Each employee can have their own password manager that they can use to store passwords for their use.


Support Multifactor Authentication


A good password manager will introduce multifactor authentication such as a security question or pin sent to the user’s mobile. With an added layer of security, things can only be safer. Multifactor authentication prevents someone who is not you, or not in possession of your mobile device from accessing your account. Even if someone gets your password, the account is secure.


Solve Password Issues


Sharing passwords via email is risky. It exposes this information and a person may steal it and use it for selfish gain. Avoid this by using a password manager that allows you to share passwords among users. For instance, for newly created user accounts passwords can be shared through a password manager.

Another issue that a password manager will solve is that of forgetting passwords. You only need to remember one password and you can get access to all your other passwords. Surely it cannot be that hard to recall one password. Even if a member of staff does forget, the IT team will have an easy time retrieving a password stored in a password manager. Shared accounts can be easily accessed without the need to share passwords.


Frequent Password Change Eased


It is important change passwords often. This stops workers who have left the company from accessing crucial data and also keeps data safe from hackers. All employees should be encouraged to change their passwords often. This can be tasking and remembering the changed passwords is not easy. With a password manager, changing passwords is done automatically by the software and all users have to do is use the new passwords whenever they are generated.


Bottom Line


Password managers save time and increase the security of your digital assets. They are necessary for you to keep all business information safe and secure. Don’t take chances when it comes to having access to everything you need, and the security of those accounts.

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