A survey conducted by LastPass in 2018 revealed that 59% of small and medium-sized businesses (SMBs) experienced a data breach caused by weak or stolen passwords. The survey also found that 61% of SMBs reuse passwords across multiple accounts, which increases the risk of password compromise.
Another survey conducted by Keeper Security in 2019 found that 66% of businesses with fewer than 1,000 employees had suffered a cyber-attack in the past 12 months. The survey also found that 71% of data breaches involved stolen login credentials, with weak or reused passwords being a significant factor.
Moreover, the Verizon Data Breach Investigations Report 2021 found that 61% of breaches involved credential data, such as passwords, which were often obtained through social engineering or phishing attacks.
These studies and surveys suggest that weak and shared passwords are prevalent among businesses and that companies need to take proactive steps to improve password security to reduce the risk of cyber-attacks. Implementing a password manager is an excellent way to improve password security and reduce the risk of password compromise.
Passwords are the primary line of defense against cyber-attacks. Every day, hackers attempt to steal login credentials to gain unauthorized access to sensitive data. Passwords remain the weakest link in the cybersecurity chain, as people tend to use the same password across multiple platforms or create easy-to-guess passwords. This makes password security critical for companies, especially with the increase in remote work. In this blog post, we will discuss whether companies should use password managers for their employees and provide an overview of the basics of password managers and some of the best password managers available.
A password manager is software that helps users generate, store, and manage their login credentials. Password managers use encryption technology to securely store passwords and provide a central repository for all passwords. Users only need to remember one master password to access all their stored passwords. Password managers also have features such as auto-fill, which automatically enters login credentials into websites and applications, making password management more convenient.
Yes, companies should use a password manager for their employees. Password managers can help mitigate the risks associated with weak and reused passwords. Password managers can generate complex passwords that are difficult to guess, making it harder for hackers to gain unauthorized access. They also enable users to store different passwords for different platforms, ensuring that a single compromised password does not result in a domino effect of security breaches. Moreover, password managers eliminate the need for employees to remember multiple passwords, which increases productivity and reduces the risk of forgotten passwords.
LastPass: LastPass is a popular password manager that offers a free and premium version. The premium version provides additional features such as unlimited password sharing and multi-factor authentication. LastPass has a user-friendly interface and offers browser extensions for easy access.
Dashlane: Dashlane is another popular password manager that offers a free and premium version. The premium version provides additional features such as dark web monitoring and VPN services. Dashlane also has a user-friendly interface and offers browser extensions.
1Password: 1Password is a robust password manager that offers a free and premium version. The premium version provides additional features such as travel mode, which hides sensitive data when crossing borders. 1Password also offers browser extensions and has a user-friendly interface.
KeePass: KeePass is a free and open-source password manager that is highly customizable. KeePass does not have a cloud-based option, and users need to store the password database locally or on a secure network. KeePass has a steep learning curve but provides a high level of security.
Bitwarden: Bitwarden is a free and open-source password manager that offers a premium version for additional features such as two-factor authentication and priority support. Bitwarden has a user-friendly interface and offers browser extensions.
Password security remains a critical aspect of cybersecurity. Weak and reused passwords can expose companies to significant risks, including data breaches and financial losses. Password managers can help mitigate these risks by generating and storing complex passwords securely. Companies should consider using password managers for their employees to enhance password security and reduce the risk of cyber-attacks. Password managers such as LastPass, Dashlane, 1Password, KeePass, and Bitwarden offer excellent features and a high level of security. Companies should select the password manager that best fits their needs and budget.
------
Discover how Mahdlo team of Executive Advisors can help you expand your business and take the risk out of growth plans. Contact us today to learn more and read our blog for valuable insights on business growth strategies.