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Choosing the best password manager for your business

Every day cybercriminals are launching sophisticated cyber attacks. The rise in remote work has exacerbated the problem, leading to higher incidences of breaches of user credentials, with the majority of cyberattacks being in the form of phishing and business email compromise. Heightened vigilance with regard to cyberthreats has never been more important.   

With cybersecurity as a top priority, the importance of password safety cannot be understated. When it comes to safe online behavior, the most basic and arguably the most important factor is making sure that you have strong passwords that are kept secure. How many of us still use one password for numerous accounts? How many of our passwords are easy to guess? 

Not prioritizing password safety leaves thousands of people vulnerable to cybercrime daily. Weak passwords are a gift to cybercriminals who are able to take advantage of this; not only can they hack your passwords, but they are also known to sell them on the dark web, where criminals target people who use the same password for various online accounts. The best way to combat this is to make sure your passwords are stored away safely using a trusted password manager. 

What is a password manager?

Having complex passwords and using different passwords for each account is one of the best ways to protect yourself from falling victim to cybercrime. However, creating several unique passwords and tracking them all is easier said than done. In addition, sharing these unique passwords securely across an organization can lead to points-of-failure. With the help of a password manager, a tool that allows you to create unique, strong passwords and store them securely, these issues will no longer be a problem. 

Effective password managers generate strong passwords that are stored in an encrypted online vault and protected by a master password. Using multifactor authentication (MFA), this master password can also be secured in the form of a fingerprint scan or a code sent to your phone. 

Password managers make it easy for users to create and safely store complex passwords, instead of reusing or storing them in unsafe ways. For small- to medium-sized businesses, this is proving to be a valuable tool for growth. With the extensive company-wide password management offered by these tools, businesses have control over rules for master password complexity, password changes, and access to sensitive data.

The best password managers available today

With the importance of password safety established, the next step is to determine which management tool would be a good fit for your business. Which one you choose will depend on priorities such as pricing, features, or user experience. Read on for a comparison of the most popular and reliable options available right now so you can select the best password management tool for your business. 

1Password

Screenshot-1Password
Screenshot: 1Password

What makes this a good option is the fact that it is able to sync your login details on various devices and platforms. This allows for secure access regardless of your location, as it includes password management for mobile, browsers, and applications.

An additional feature is the ability to use vaults, where separate teams have access to their own password vaults. By segmenting password sharing, businesses can limit their risk exposure as different departments and third parties will only have access to the relevant accounts they need.

In addition to efficient and safe password sharing and management, 1Password also offers a high level of protection against cyberattacks such as phishing, scans the dark web for stolen passwords, and has the ability to make use of MFA as an added level of password safety. Although 1Password does not offer a free version, the paid options on tools do offer sufficient value when it comes to the needs of business users.

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Dashlane

Screenshot: Dashlane

With a free version where users are able to store up to 50 accounts’ passwords while also offering MFA, Dashlane is an attractive option. In addition to password storage, Dashlane also facilitates encryption and storage of additional information, including delivery addresses and files. While the free version offers significant value, the paid version has the added benefits of alerting users to leaked passwords discovered during dark web scans and a VPN for secure browsing on open networks. However, when it comes to pricing, Dashlane is a more expensive option for businesses looking for a higher level of protection.

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LastPass

Screenshot: LastPass

As well as storing passwords safely, LastPass also allows you to store credit card details, addresses, and more. In addition to useful features such as multi-device password syncing and MFA, with Lastpass you’re also able to sign in to apps on your phone, which is useful should a device get lost and need to be secured. With the free version highly regarded among users, it’s important to note, however, that LastPass is set to make changes in the near future where users will have to select either desktop or mobile devices, which will significantly affect functionality.

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Keeper

Screenshot: Keeper

Boasting an array of features and known as a high-end option for password safety, Keeper offers users a variety of pricing options but unfortunately does not include a free version. Notable features include data breach and weak password monitoring, secure file sharing, MFA, and encrypted messaging depending on the price plan selected.

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Password managers are only the first step

Although a useful and necessary tool, password managers are only one element of cybersecurity. Being able to store and track multiple complex passwords is essential, but even with a password management system in place, you’re not out of the woods when it comes to cybersecurity.  

Are all your security bases covered?

Considering the broad range of cybersecurity and password management solutions out there, it’s easy for businesses to feel overwhelmed. If you are looking to assess whether your business has all its bases covered when it comes to cybersecurity, Umbrella Managed Systems is here to help. We understand the importance of password policies when it comes to selecting cybersecurity frameworks and are able to assist businesses in complying with CIS Critical Security Controls. Although the use of a password manager is a great first step, we know that cybersecurity requires a holistic approach. Umbrella offers comprehensive employee security training, active monitoring, and various other services aimed at keeping business safe from cyberthreats. Contact us today to find out more.

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