Does My Company Need Password Management Software?

Deciding whether or not your company should be using password management software can depend on various aspects, including the company size, employees and their roles, if there is sensitive data, and if your current security measures are adequate. However, according to the Cyber Security Breaches Survey 2022, 39% of businesses in the UK claimed cyber security attacks, which kept the attacks aligned with the 2021 report. With these attacks prominent for UK businesses that use the internet, security measures must be in place, which is where password management software can be of assistance.

What Is Password Management Software?

Password management software gives users the chance to create strong, unique, and hard-to-guess passwords, which are then stored securely in the cloud and can only be accessed with one master password. Furthermore, multiple other document types can be stored here, including SSH keys which are used by multiple platforms like Microsoft.

How to Decide If You Need Password Management Software

As mentioned above, this is dependent on different aspects of your company, however, we have curated this question list of things to consider before deciding whether or not password management software is right for your business.

1.Does your Company have a Large number of Employees?

If your company has a large number of employees who have access to the cloud and a variety of different apps or services online, you should consider password practices and if they use strong passwords that are changed regularly. Password management software can help manage this process to reduce the risk of a cyber security breach.

2.Does your Company Manage Sensitive Information?

Companies that manage sensitive information must ensure that any personal or private information is securely stored and therefore must take extra measures to ensure that they are protecting this information from online hackers. A great step towards securing sensitive data is by implementing password management software.

3.Are your Current Security Measures Adequate?

Business owners need to consider whether or not current security measures are adequate and keep data secure. You can do this by reviewing your history and if there have been any previous cyber security breaches in the past, alongside monitoring employee password use and reviewing current passwords, and rating their strength.

What are the Benefits of Password Management Software?

There are clear benefits of using password management software for companies that have multiple employees accessing and managing sensitive data regularly. We have curated this list of the top 3 benefits of using password management software.

1.Universally Stronger Passwords

By implementing password management software, a company will have the confidence that each password generated is strong, unique, and difficult to guess. This reduces the risk of a security breach significantly and ensures that there is no downtime trying to remember or re-set passwords, that might be inadequate.

2.Use of Role-Based Access Control (RBAC)

To reduce the risk of compromising any company information, employees should already have access to relevant information, and to strengthen this procedure, most password management software allows its users to use RBAC. This allows companies to assign and restrict employees’ access to certain information, alongside the chance to monitor accounts to ensure there is no misuse.

3.Secure Password Sharing

When a company opts for password management software, it will have peace of mind that when employees are required to share passwords, it is done safely and securely. Many software allows its users to create private folders which can be shared and accessed by certain teams or groups of people, ensuring that passwords are shared amongst teams appropriately. Furthermore, you will be able to decide whether or not everyone who has access will be able to edit or adjust these passwords, or just have the right to view them.

In conclusion, there are more advantages than disadvantages of your business obtaining password management software, however, not all companies opt for this option and there are many factors to consider when deciding whether or not it’s the right option for your company.