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How To Select The Most Effective ‘Password Safe’ Application For Your SMB

In concert with other security controls, ‘Password Safe’ applications help to provide an intelligent password management framework, which ensures that privileged access is maintained while encrypted credentials are stored and monitored for future use. Selecting a compatible Password Safe Application is critical for the continued enhancement of a defense-in-depth security posture that upholds the privacy and security of critical information infrastructures.

As digital transformation continues to engulf organizations across different sectors, stakeholders have implemented innovative solutions, powered by emerging technologies, to help manage corporate security credentials. Some of these credential management activities include minimizing the risk of ‘people’ weak passwords then opting to write it on a piece of paper – creating opportunities for identity theft.

Almost every webpage and/or application we access today requires the creation of an account prior to engaging services and offerings. In fact, according to password manager experts, the average person is required to memorize between 70 and 80 passwords as part of their daily routine. As such, most people are inclined to partaking in poor security best practices when it comes to password management. To ensure that employees and business partners are taking the proper steps to engage in healthy cybersecurity best practices, organizations invest in ‘password safe’ applications that use hardened encryption algorithms to protect passwords.

In this article, we highlight the critical steps SMBs with limited resources ought to follow when considering the best password manager to help facilitate the privacy and security objectives of their organization, without breaking the bank or requiring a large IT security team.

Learning From Recent Credential-related Cyberattack

A common factor in most cyberattacks happens to be the compromise of login credentials. When attempting to gain unauthorized access into a secure environment, threat actors employ malicious tactics to steal user credentials or purchase them on the darkweb.

Below are five major data breaches in 2020, which portrays the criticality of effectively managing employee security credentials by implementing the most effective password safe applications for password management:

  1. Twitter’s Security Breach from July, 2020.
  2. Marriott International’s Data Breach from January, 2020.
  3. MGM Data Dump from July, 2020.
  4. Magellan Health Ransomware and Data Breaches from April, 2020.

How Secure is a Robust Password?

Prudence says that we choose a strong password that cannot be easily guessed by malicious actors. A ‘strong password’ is generally a random selection of upper and lower case alphabets, special characters, and numbers, as well as a personalized phrase. Such a combination is not easily guessed. However, remembering the password can be a massive challenge.

The more robust your password proves to be, the harder it will be to remember it. Therefore, the ideal solution is to implement a ‘password safe’ application manager within your IT environment.

What Does a ‘Password Safe’ Application Manager Do?

The function of a ‘password safe’ application is to secure and store all of your passwords behind one master password. With this solution, organizations do not have to memorize or keep track of every password required for different accounts and/or services. Remembering the master password should be sufficient for you to access all your other robust passwords.

How to Choose the Right Password Safe Application?

You should consider the following before selecting the password safe application that is compatible for your enterprise network:

  • Understanding the storage location for your data is the most important factor to consider when selecting a compatible password safe application manager. Is your data stored on the corporate network or in the cloud? Keeping your data on your corporate network entails that you do so on a physical server, therefore it is important to note that your password safe application will be physically accessible in the office.
  • Small to medium businesses (SMBs) should also consider whether the password safe application offers more services than just password storage. An ideal ‘password safe’ application is one that can auto-generate random secure values while also protecting passwords for all other digital assets.
  • You should choose a strong master password because your passwords’ overall security depends on the algorithmic strength of the application’s master password. Therefore, it is a better option to have two-factor authentication enabled within the ‘password safe’ application’s user interface (UI). That way, there is a second line of defense to handle any zero day credential attack.

In Closing

As remote work becomes the “new normal” in this COVID-19 era, critical business transactions are taking place in and around less secure environments. As a result, the need for more password security is on the rise. Thus, making ‘password safe’ applications more than ever. By implementing a password safe security control, an organization can rest assured that business continuity is taken care of; regulatory compliance requirements are adhered; and the confidentiality of customer data is being attained.

Unfortunately, for SMBs that operate on a limited budget, implementing a ‘password safe’ application might cause budgetary concerns. However, GoldSky Security offers the perfect password management solution to help integrate the human and AI mode of operation. Said integration ensures that security disparities are mitigated and the power of AI solutions are leveraged to reduce human error resulting from poor cybersecurity hygiene.