How do I select a password management solution for my business?

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91 percent of people know that using the same password on multiple accounts is a security risk, yet 66 percent continue to use the same password anyway. IT security practitioners are aware of good habits when it comes to strong authentication and password management, yet often fail to implement them due to poor usability or inconvenience.

To select a suitable password management solution for your business, you need to think about a variety of factors. We’ve talked to several cybersecurity professionals to get their insight on the topic.

Simran Anand, Head of B2B Growth, Dashlane

select password managementAn organization’s security chain is only as strong as its weakest link – so selecting a password manager should be a top priority among IT leaders. While most look to the obvious: security (high grade encryption, 2FA, etc.), support, and price, it’s critical to also consider the end-user experience. Why? Because user adoption remains by far IT’s biggest challenge. Only 17 percent of IT leaders incorporate the end-UX when evaluating password management tools.

It’s not surprising, then, that those who have deployed a password manager in their company report only 23 percent adoption by employees. The end-UX has to be a priority for IT leaders who aim to guarantee secure processes for their companies.

Password management is too important a link in the security chain to be compromised by a lack of adoption (and simply telling employees to follow good password practices isn’t enough to ensure it actually happens). For organizations to leverage the benefits of next-generation password security, they need to ensure their password management solution is easy to use – and subsequently adopted by all employees.

Gerald Beuchelt, CISO, LogMeIn

select password managementAs the world continues to navigate a long-term future of remote work, cybercriminals will continue to target users with poor security behaviors, given the increased time spent online due to COVID-19. Although organizations and people understand that passwords play a huge role in one’s overall security, many continue to neglect best password practices. For this reason, businesses should implement a password management solution.

It is essential to look for a password management solution that:

  • Monitors poor password hygiene and provides visibility to the improvements that could be made to encourage better password management.
  • Standardizes and enforces policies across the organization to support proper password protection.
  • Provides a secure password management portal for employees to access all account passwords conveniently.
  • Reports IT insights to provide a detailed security report of potential threats.
  • Equips IT to audit the access controls users have with the ability to change permissions and encourage the use of new passwords.
  • Integrates with previous and existing infrastructure to automate and accelerate workflows.
  • Oversees when users share accounts to maintain a sense of security and accountability.

Using a password management solution that is effective is crucial to protecting business information. Finding the right solution will not only help to improve employee password behaviors but also increase your organization’s overall online security.

Michael Crandell, CEO, Bitwarden

select password managementEmployees, like many others, face the daily challenge of remembering passwords to securely work online. A password manager simplifies generating, storing, and sharing unique and complex passwords – a must-have for security.

There are a number of reputable password managers out there. Businesses should prioritize those that work cross-platform and offer affordable plans. They should consider if the solution can be deployed in the cloud or on-premises. A self-hosting option is often preferred by some organizations for security and internal compliance reasons.

Password managers need to be easy-to-use for every level of user – from beginner to advanced. Any employee should be able to get up and running in minutes on the devices they use.

As of late, many businesses have shifted to a remote work model, which has highlighted the importance of online collaboration and the need to share work resources online. With this in mind, businesses should prioritize options that provide a secure way to share passwords across teams. Doing so keeps everyone’s access secure even when they’re spread out across many locations.

Finally, look for password managers built around an open source approach. Being open source means the source code can be vetted by experienced developers and security researchers who can identify potential security issues, and even contribute to resolving them.

Matt Davey, COO, 1Password

select password management65% of people reuse passwords for some or all of their accounts. Often, this is because they don’t have the right tools to easily create and use strong passwords, which is why you need a password manager.

Opt for a password manager that gives you oversight over the things that matter most to your business: from who’s signed in from where, who last accessed certain items, or which email addresses on your domain have been included in a breach.

To keep the admin burden low, look for a password manager that allows you to manage access by groups, delegate admin powers, and manage users at scale. Depending on the structure of your business, it can be useful to grant access to information by project, location, or team.

You’ll also want to think about how a password manager will fit with your existing IAM/security stack. Some password managers integrate with identity providers, streamlining provisioning and administration.

Above all, if you want your employees to adopt your password manager of choice, make sure it’s easy to use: a password manager will only keep you secure if your employees actually use it.

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August 27, 2020