Using a Password Manager – Why Are They Better and More Secure?

In today’s digital age, passwords are essential for securing access to your corporate applications and data. However, if you’re a business owner or operations manager, managing passwords can be a daunting task, especially if you have several employees who require access to various systems. The good news is that password managers can make your life a lot easier while significantly improving your business’s security posture.

So, what is a password manager? In simple terms, a password manager is a software application that securely stores and manages passwords. It works by generating strong, complex, and unique passwords for each of your applications and websites, which are then stored in an encrypted vault that can be accessed using a single master password.

While it may be tempting to use simple and easy-to-remember passwords, the truth is that these types of passwords can be easily breached by hackers. In fact, according to a report by SplashData, the most commonly used password in 2021 was “123456,” followed by “password.” Hackers can use various techniques such as brute force attacks and dictionary attacks to crack weak passwords quickly. On the other hand, long and complex passwords can take years or even decades to crack, making them a more secure option.

Password managers provide an added layer of security by generating and managing strong, complex, and unique passwords for each of your applications and websites. This eliminates the need to remember multiple passwords, making it easier to log in to your accounts securely. Furthermore, password managers can handle shared passwords for systems that require shared users, which is particularly important for businesses with multiple employees who need access to the same applications and systems.

Switching to a password manager is also incredibly liberating. You no longer have to worry about remembering multiple passwords or writing them down on sticky notes that can be easily lost or stolen. Instead, you can focus on your business, knowing that your passwords are ultra-secure and fully unique per-application.

In addition to convenience, password managers drive critical security and compliance requirements, making it significantly more difficult for cyber attackers to breach one or more of your systems. Password managers can help you comply with various regulations such as GDPR, HIPAA, and your Cyber Insurance Policy, which require you to implement appropriate technical and organizational measures to protect personal data.

If your organization is not using a password manager today, give us a call. TruPoint can help you implement an industry leading password management platform and take care of the account setup, licensing, and invoicing. In addition, we can help with end user training and onboarding which is always important when changing workflows.

TruPoint is focused on delivering best-in-class information security and compliance for our customers. Contact Us to schedule a free trial of TruWorkspace™ for your business and find out how TruPoint can help with all your IT needs.