SleepWell™, a registered trademark of Tobin Solutions, representsour comprehensive range of managed security solutions. The selection, development, and management of our SleepWell managed security services are carried out by Team Tobin, guided by our mission and values. This unique blend elevates SleepWell beyond a typical technology solution, adding significant value and peace of mind.
What is the benefit of a Password Manager?
A password manager is a valuable tool for businesses of all sizes. It helps secure sensitive information by securely storing and generating strong passwords for various accounts and systems.
Here are three examples of how a password manager can benefit a business:
- Improved security posture
- As mentioned above, if an employee uses the same password for multiple accounts, a hacker only needs to compromise one account to gain access to multiple systems. A password manager generates unique, strong passwords for each account, making it much more difficult for hackers to gain access.
- Enhanced productivity
- Password managers often come with features such as auto-fill, which saves time and eliminates the need for employees to constantly remember and type in their passwords. This can greatly improve productivity, especially for businesses with a large number of employees.
- Cost savings
- A password manager can help a business save money in the long run. For example, if a hacker successfully gains access to a system due to a weak password, the business may need to hire an IT professional to fix the issue and prevent future breaches. A password manager can help minimize these types of breaches, thereby saving the business money.
Two known security breaches that occurred due to weak passwords are the Yahoo data breach and the Marriott data breach. In the Yahoo data breach, hackers accessed the accounts of all 3 billion user accounts due to weak passwords. In the Marriott data breach, hackers gained access to the reservation systems of the hotel chain, leading to the theft of personal data of up to 500 million guests. These breaches could have been prevented if the affected companies had implemented a password manager.
While password managers are a great tool, they can still become vulnerable. In December 2022 LastPass, a commonly used password manager, reported several breaches of their company which caused some, somewhat warranted, panic in many people that may use their service. Tobin was able to help our clients by monitoring for these types of breaches and helping to mitigate any fallout that may have occurred.
Below are five key takeaways for businesses considering a password manager:
- A password manager helps improve a business’s security posture by generating unique, strong passwords for each account.
- A password manager can enhance productivity by eliminating the need for employees to constantly remember and type in their passwords.
- A password manager can save a business money in the long run by reducing the possibility of costly security breaches.
- A password manager can be a cost-effective solution for businesses with a large number of employees.
- A password manager can help a business meet compliance requirements for data protection.
- A password manager is not a foolproof solution and still requires constant monitoring to protect business data.
Photo by Jack Moreh from Freerange Stock