More and more business interactions are conducted online every single day via an array of devices, both on-premise and mobile. With this comes an increased need for security, including the use of password management, which is paramount because the use of passwords is still the primary form of authentication used in cybersecurity.
Of course, the use of passwords comes with significant risk in the form of forgotten, lost, or stolen passwords. Password management software makes it easier for your employees to adhere to the stringent password policies you have devised for your organization. For this reason, it is important to use software with the following password management features:
1. Full Encryption
End-to-end, highly advanced encryption is the most important password management feature to have in place. With full encryption, all your password data is encrypted, making it indecipherable whether it is at rest or in transit. To be able to unencrypt that password data, a unique authorization key is required. This authorization key is known only by the user, meaning not even your service provider can access your passwords.
2. Multi-Factor Authentication
Multi-factor authentication ensures that you are not relying solely on the security of your passwords to keep your data and systems safe. Instead, anyone who is trying to log into a system must enter their password and use another means of authentication, such as a fingerprint or facial recognition. This ensures that even if a password is compromised, a bad actor still cannot access protected systems or sensitive data.
3. Password Sharing
Sometimes in business, users need to share passwords with each other. Instead of sending them via email, SMS, or another unsecured manner, password sharing allows users to share passwords and other login credentials over secured channels. Typically, this means that passwords and other sensitive information can be shared directly within the password management application, ideally in an encrypted format.
4. Password Generators
One of the most important password policies is to use passwords that are strong and complex, so they are not easily hacked. This means the passwords need to be long and include a combination of letters and numbers, lowercase and uppercase letters, and special characters.
One of the best password management features is a built-in password generator that will allow the user to choose the complexity and length of the password. Generated passwords will be stored within the application to be copied and pasted when they are needed.
5. Role-Based Permissions
The final password management feature that is highly recommended is role-based permissions. This feature makes it possible to make your passwords accessible only to those people who need them, when they need them, rather than having all your passwords accessible to everyone all the time.
With role-based permissions, an employee can go into the application and access the passwords that are directly related to the role they play within the organization. For example, someone from sales will be able to access passwords related to sales accounts, but not those related to HR accounts.
You cannot take password security too lightly because passwords are the doorway through which users enter your systems and access your data. To ensure that your passwords provide adequate protection, it is vital to adopt password management that includes as a bare minimum the key features discussed above.
Connect with Platinum Technologies today to find out how we can provide you with the password management features you need to enhance your cybersecurity!