It’s no secret that 2020 was tough for the business world. On top of a sudden jump into remote work arrangements, many businesses found themselves battling more cyberattacks than usual. With companies having to make adjustments for employees to work from home, many businesses’ networks were left vulnerable to hackers. These risks were further heightened due to many companies having insufficient security measures in place. Even in 2021, businesses of all sizes are far too lax with their security protocols. Outdated software, deficient security measures, and even no security measures AT ALL have contributed to catastrophic financial losses. In 2020 alone, cybercrimes cost businesses around the globe $1 trillion.
What Weak Passwords Mean for A Company
But out of all the security faults that harm businesses, the greatest threat to a company’s well being is poor password hygiene. Companies across every sector suffer from password misuse by employees at every level, including managers. Many people, in both their private and professional lives, often utilize a weak password. This is often due to concerns about not being able to access their accounts should they forget their password. And with the average person having dozens of password-protected accounts, many use that same ineffective password to secure everything.
To make matters worse, people aren’t nearly as secretive with their passwords as they should be. A majority of employees report sharing their passwords to make it easier to collaborate on projects with their fellow workers. Those employees who do create longer, more complicated passwords often store them written in a book, in an unprotected computer document, or even in plain sight for others to see. Even with the majority of data breaches (roughly 81%) being caused by improper password maintenance and usage, it’s remarkably common for employees to underestimate how much damage these practices can cause.
While some may believe these dangers to be a threat to small or medium-sized businesses, larger companies are often guilty of neglecting proper safety protocols as well. Workers at Fortune 500 companies typically employ weaker, commonly used passwords. Even with the average data breach costing $4 million to fix, these practices can damage much more than a company’s finances. For many companies, a data breach would mean losing their customers’ trust, which can be disastrous for conducting business in the future.
To ensure the data safety of employees and customers alike, businesses have to be more diligent with their password maintenance. But many Americans don’t want to be bothered about their passwords. They see password maintenance as simply another stressful task that they need to deal with in their everyday lives. But by implementing Enterprise password management software, maintaining and memorizing passwords becomes one less thing employees need to concern themselves with.
Enterprise Password Management: How it Works
Every business should be utilizing a password manager these days. They offer numerous features that greatly improve company security, and the Enterprise Password Management Software can do wonders for large companies.
When a company sets up a password manager, each employee is given their own personal “vault”, protected by one master password. When an employee crafts their unique passwords for each account, the password is encrypted and stored in the vault, so they can quickly access their accounts without having to remember all those complicated passwords. For those who may have trouble crafting unique passwords, the password manager can even do it for them. Enterprise even offers family accounts for employees, further improving security in hybrid work environments.
It should also be noted that password managers, despite their name, deal with so much more than passwords. Documents, media files, project notes, and other files can all be stored securely and privately. They can also be discreetly shared by employees for collaborative projects, without compromising any passwords or data. The password manager works across multiple devices as well, making it that much easier for teams to maintain an effective workflow.
It’s never been this easy to successfully maintain strong passwords. But that doesn’t mean employees need to be less diligent in taking preventative measures into their own hands. After all, no system is foolproof. Even with password managers in place, employees should still be sure to craft unique master passwords to prevent possible hacks. It’s especially important to avoid the most common passwords, which are often incredibly easy for hackers to guess. It’s also essential for workers to be wary of what they post on social media, such as addresses and phone numbers. Favorite sports teams, names of pets, and even names of loved ones can be used to hack your accounts if people aren’t careful.
Proper security measures begin with employees at all levels practicing effective password hygiene. But with attentive employees using effective password management, the health of your company is in much better hands.