In the cybersecurity realm, there are few topics more important than password management. After all, your passwords are the keys to your online accounts―and if those keys fall into the wrong hands, your business data, workflow, and reputation could be at risk.
Did you know that compromised usernames and passwords is the most common way that criminals gain access to their victim’s data? A full 61% of breaches are the result of compromised passwords (source).
That’s why it’s so important to have a strong password management strategy in place―both for yourself and for your business. In this article, we’ll explore some of the best practices for password management, both for individuals and businesses.
The dangers of poor password management
Before we dive into the best practices for password management, it’s important to understand the dangers of substandard password management. After all, if you don’t know what you’re trying to protect yourself from, you’re much less likely to take the necessary steps to safeguard your accounts.
Poor password management can make you susceptible to:
Brute force attacks: This is when someone attempts to guess your password by trying out different combinations of letters, numbers, and symbols until they find the right one. This type of attack is usually automated, and simpler passwords are cracked easily.
Phishing attacks: This is when someone tricks you into giving them your password by posing as a trusted source, such as a website or company with whom you do business. They may do this by sending you an email that may look legitimate but contains a link that leads to a fake login page. Once you’ve input your username and password, they can access your real account at their leisure or sell your credentials to the highest bidder.
Social engineering: This is when someone uses psychological tricks to get you to reveal sensitive information, such as your password. They may do this by pretending to be someone you trust or by offering you something in exchange for your password.
With these risks in mind, let’s look at some best practices for password management.
Password management tips for individuals
1. Use a password manager: A password manager is a piece of software that helps you keep track of your various passwords. This can be a huge time-saver, and it also means that you don’t have to remember multiple complex passwords―the password manager will do that for you.
2. Use strong passwords: When it comes to your passwords, always err on the side of caution and use strong, unique passwords for each of your online accounts. Avoid using easily guessed words or personal information in your passwords and make sure that your passwords are at least eight characters long.
3. Use two-factor authentication: Whenever possible, enable two-factor authentication (also known as 2FA or MFA, multifactor authentication) for your online accounts. This adds an extra layer of security, as it requires you to enter not only your password but also a code generated by an app on your phone or an answer to a question.
Password management best practices for businesses
1. Use a password management service: Consumer-grade password management tools are not sufficient for business cybersecurity. If you manage multiple user accounts for your business, then it’s essential to use a password management service, such as one offered by Sygnvs Integrated Solutions. This will allow you to generate strong, unique passwords for each account and keep track of them all (for each of your employees) in one central location. Our team provides a hands-free password management solution that helps you be more secure in accessing your daily workflow and protecting your data.
2. Use two-factor authentication: As we mentioned above, two-factor authentication is an excellent way to add an extra layer of security to your business accounts. In addition to using a password management service, consider enabling 2FA for all accounts.
3. Educate your employees: One of the most important things you can do to improve your password security is to educate your employees about best password practices. Make sure they use the enterprise-class password management service provided by our team for all their business-related access credentials.
How our team helps you safeguard and manage your passwords
Our password management service delivers cutting-edge password best practices to your business.
Here’s how it works.
1. Password generation: Our software helps you generate strong, unique passwords for your various online accounts for each employee. This can be a huge time-saver, and you don’t have to remember multiple complex passwords―the password manager will do that for you.
2. Password storage: We store your passwords in a secure location. This can be useful if you ever need to reset your password.
3. Password recovery: If you forget your password, we can help you recover it. This is an important service, as it can prevent you from losing access to your account and all of the data that is stored within it.
4. Password rotation: It’s important to change up your passwords regularly. This helps to keep your passwords fresh and it also makes it more difficult for hackers to guess your password.
By using our password management system, you can help ensure that your access credentials follow cybersecurity best practices and are easy to use.
Looking for a Password Management Solution for Your Business?
Check out our managed password services today! We’ll help you keep your passwords safe and available so you can focus on running and growing your business.