Top Factors to Consider When Selecting Password Manager for your Business

In today’s world, cybersecurity is a top priority for every organization.

15:51 15 October 2019

Data breaches and other security concerns have corporate working hard to come up with solutions that can help to provide a massive protection for their data. 

Secure and frequently-changed passwords can help to enhance cybersecurity. However, remembering complex passwords and making frequent changes can be quite hectic for your team. This can lead to security negligence on the part of your employees. This is where password managers come in. They can handle your security concerns.

With an organization password manager, your team members only need to create a single strong password which they will use to access their password manager account and remember it. Once opened, your team simply choose an account they want to open. The password manager then retrieves the account’s information from a storehouse, where all of their data is encrypted all the time

Choosing the right business password manager (https://www.passcamp.com/business-password-manager/) can be quite challenging. That’s because there are so many of them on the market. Here are some crucial factors you should consider when choosing a business password manager.

 

• Where the password manager intend to store the passwords
  
  

There are password managers that store the passwords on the cloud while others store the passwords on the confined computer’s hard drive. If your team uses multiple devices at work, you should instead choose a cloud-based password manager. They will access their login details from any mobile device or computer so long as it has an internet connection. Moreover, your team won’t lose their passwords if they lose their mobile phones or if it gets stolen.

Even though storing passwords in the cloud is suitable, some people don’t prefer it because they have to rely on somebody else to secure their passwords. Whichever method you decide to have your passwords stored, just ensure that the passwords are encrypted with a strong encryption standard to enhance security.

• Is it User-friendly?

The password manager you select should be used effortlessly. Your employees are likely to avoid a complex password manager. The password manager should not only have an interface that’s easy to learn, but it should also have a random password generator. That will make the employees create unique and strong passwords for their accounts quickly and effortlessly. Again, the people who will administer the password manager should find it seamless to use. You should make sure that you choose an easy password manager for your team.

• Ask yourself if you want any extra security measures

A team password manager (https://www.passcamp.com/team-password-manager/) provides various security measures other than the password encryption. These security measures may include:

• The ability to track every change made to each password and restore previous versions if needed
  
  
• Support for two-factor authentication 
  
  
• The ability for an admin to suspend an employee and restrict their access to their password manager’s account if he/she leaves the company
  
  

Security measures provided by the various password managers vary, so you should ensure that the password managers you choose have the measures that you want. 

 

• Does the business have shared accounts?

If you have staff who log in to shared accounts, you should get a password manager that allows you to manage the shared-account passwords. For instance, some password managers allow you to individually or massively share any selected passwords you have stored with team members that need access to certain accounts. Moreover, you can control each member’s access and assign view, edit or share permissions for ultimate control over your passwords (that can be revoked at any time you choose).

• Ask yourself if you need nice-to-have features

Some password managers usually add nice-to-have features to increase their value. These features may be:

• An account-recovery feature in case the employees forget their master passwords
  
  
• Support for directory services so that onboarding and offboarding password management tasks can be automated and only need a few clicks by the administrator
  
  
• The ability to encrypt and store delicate files in a secure environment
  
  
• A digital wallet that stores payment information such as payment card numbers or bank accounts
  
  
• The option to store and easily share other sensitive information within the team, such as secure notes, wi-fi codes, server keys and so on
  
  
• The ability to add Guests to your account without extra charge - when you need to share sensitive passwords or information with your clients, contractors or external partners
  
  

The features provided by the various password managers vary, so ensure that you choose a password manager that has nice-to-have features you desire.