Benefits of password management tools for your business

Passwords are the keys into your company’s assets such as systems and data. If you want to safeguard your assets and confidential information, creating secure passwords is a big first step. To do so, we recommend the use of a password management tool, such as LastPass.

What is a password management tool?

Password management tools auto-generate and securely store strong passwords on your behalf. These passwords are kept in an encrypted, centralised location, which you have a master password for. Many services come with additional features such as syncing passwords across multiple devices.

The key benefits of using a password management tool:

1. You don’t need to memorise multiple passwords

The main benefit of using a password management tool is that you don’t need to have a good memory. If you remember your master password, the password management tool will remember the rest! However, it is essential that your master password is protected with Multi-Factor Authentication (MFA) as a minimum to ensure your password management tool is not easily compromised.

2. You can use stronger passwords

Having strong password that are different for each account plays a critical role in password security. When you sign up for accounts, password management tools can auto generate random passwords for you. These passwords are complex with multiple types of characters (numbers, letters and symbols), making them very difficult to crack.

3. Save time with Single Sign On (SSO)

SSO enables the use of a single username, password and MFA method for logging into multiple applications. Password management tools enable this single login to be used to access the securely stored credentials, instead of an individual master password for each application; creating a simpler login experience for the end user. This means less time fumbling with login screens and password recovery and more time spent doing what matters.

4. Easily change your password

If one of your passwords needs to be changed, guess what? Simply log in to your password management tool and tell the software which password(s) to change, save said changes, and you’re done. 

5. Share passwords securely

You can share passwords with work mates. Of course, it’s generally not recommended you give away your personal passwords, but for shared accounts, a password manager gives you the ability to control who has access to passwords. There’s also the option of sharing an accounts log in details without visibility, meaning the recipient can gain access but will not be able to view the password.

6. Syncing passwords across multiple devices

Many services come with this additional feature which allows you to access your ‘password vault’ from different types of devices. Having a desktop password management tool that links directly to a mobile app makes it simple and easy to work on the go, while staying protected.

A password management tool like LastPass will make it easy to stay in control of your password security by remembering logins and passwords for you. In doing so, make sure you protect your master password with Multi-Factor Authentication (MFA) to ensure your password management tool is not easily compromised!

This article originally published here

IT Partners are based in Hamilton, NZ and offer IT Support, Network Security and Server Management for businesses throughout New Zealand.