A Guide to Password Management for Your Business

Password security is a problem many companies are aware of, but don’t know how to solve. Weak and reused passwords have become the norm, because the fear of forgetting is greater than the fear of being hacked.

Exploring password managers for your business

Password management solutions help users store, manage, and protect their passwords. Password managers improve the end-user experience, and provide oversight, user management, and security controls at the organizational level. These solutions aim to eliminate the frustration, loss of productivity, and security risk associated with poorly managed passwords in the workplace.

The truth is, there is no one-size-fits-all when it comes to keeping your passwords secure. What works for one company may not work for yours. It is up to you to determine what’s most important and will work best for everyone at your company. But where do you start?

Finding a password manager that fits just right

The ability of these solutions to seamlessly work together will depend on finding a password manager that can satisfy both your needs and expectations. Although password management needs may differ from business to business, there are a few key areas to consider when comparing different solutions,  such as:

  • Business-grade controls: Are admin given the right amount of oversight and visibility?
  • An effortless experience: How easy is it to use, and does it address the password challenges employees are facing?
  • An appropriate cost  of ownership: What budget does the solution require upfront, and what  are the costs (monetary or otherwise) in the longer-term?
  •  A focus on security: Is the solution safe and reliable, and does it help you achieve your security goals?
  • A centralized admin experience: What does it take to deploy the solution, and how does it simplify management of ongoing tasks?

Also consider how a password manager will interact with any SSO or PAM solutions your company already has in place. A password manager complements both of these tools by covering cloud-based apps used by employees, but not managed by IT. Together, SSO, PAM, and password management solutions address all areas of identity and access management at all levels of the organization.

Getting started

If you’ve considered all the previous evaluation criteria, then you should be on track for a successful implementation. There are still a few steps you can take to make sure things go as smoothly as possible.

  • First, set clear implementation objectives, and understand where this solution fits in your larger security strategy.
  • Next, review and turn on the policies and security controls that will match your desired security level.
  • Finally, get the password manager in the hands of users. Make sure to provide training and other resources to ensure all users have at least a general understanding of the solution.

Long-term success with a password management solution will come from measuring password security improvements over time, and gaining a deeper understanding of all settings and features.

Checking the boxes with our Buyer’s Guide

We’ve recently published a Buyer’s Guide that helps businesses evaluate and compare password management solutions. This comprehensive guide will help you find a solution that is not only secure, but can also help you achieve your security goals. The Buyer’s Guide equips you with the tools needed to find the password manager that is the best fit for you, your IT department, and your entire organization.