As companies work to outsmart today's cybersecurity threats, a business password manager is one of the most important tools for minimizing risk. With so many online accounts, applications, and sensitive data to safeguard, relying on memory or insecure methods for business password management can lead to costly mistakes.
A business password manager enforces strong, randomized passwords for every business account. It provides a centralized repository with administrative oversight to protect digital access and encrypt all credentials. By adopting a password manager, companies can mitigate the risk of data breaches, secure and streamline daily access to accounts, and exceed industry cybersecurity standards to build trust with clients and stakeholders.
Choosing the best business password manager requires careful consideration of the organization's specific needs and security requirements. Before selecting and implementing a system, IT administrators should thoroughly review its security and productivity features, user experience, administrative capabilities, and technology standards.
The best business password managers employ leading encryption protocols and security standards. They should also be user-friendly to encourage adoption across the organization. Look for features that automate all aspects of credential management to save time and reduce frustration while improving overall productivity. The best business password managers also provide IT with centralized administrative control and oversight.
Systems integrations, device compatibility, and product scalability are also crucial for the successful rollout of a business password manager. Password managers can help with regulatory requirements regarding data protection and provide audit trails to demonstrate compliance. Remember to evaluate the customer service, training resources, user satisfaction, and pricing options.
Overall, password managers improve security, efficiency, and compliance. They offer a comprehensive solution for standardizing password security across an organization and enforcing password policies in a user-friendly way, reducing the risk of data breaches and unauthorized access. By carefully evaluating features and specifications, a business password manager can enhance security while improving productivity and efficiency.
Why Choose LastPass for Your Business
While the benefits are clear, selecting the best password manager for your business may seem daunting. Why is LastPass a compelling password management choice for businesses? Its security features, usability, and technical capabilities set LastPass apart from the competition.
Advanced security features
LastPass offers a range of advanced security features to protect sensitive information and safeguard against unauthorized access. Robust encryption protocols implemented with public-private key cryptography ensure data is secure by not storing the "key" or master password with LastPass. LastPass employs a zero-knowledge architecture with AES-256 encryption, PBKDF2 SHA-256, and salted hashes to encrypt passwords at rest and in transit.
Beyond the service architecture, LastPass offers a range of security features and administrative settings to give IT organization-wide control over password security. Support for multi-factor authentication (MFA) offers added defense by requiring further details or "factors" to prove a user's identity and thwart an attack.
LastPass lets administrators enforce password policies to ensure adherence to security best practices. IT can specify who can share passwords with granular controls and revoke access immediately when employees change roles or leave. LastPass also analyzes password strength and provides recommendations for improving security, such as identifying weak or reused passwords that need prompt replacement.
Administrative features like role-based access control, password policy enforcement, and activity logging help manage user access, enforce security policies, and monitor employee usage. Auditing and reporting tools allow administrators to track password usage, monitor account activity, and generate compliance reports, ensuring visibility and adherence to security policies. IT admins can monitor password-related activities and identify security issues or policy violations, which are a must for businesses with vast digital assets to secure.
Easy-to-use interface
LastPass features a user-friendly interface to make password management approachable and encourage high adoption among the workforce.
Browser extensions for popular browsers give users easy access to passwords while browsing the web. LastPass captures and saves login credentials as users navigate sites, eliminating the need to type or remember passwords.
A password generator tool creates strong, unique passwords for each account, simplifying the process of password creation and management. A vault also offers a centralized dashboard for managing passwords, organizing data, and accessing security features, making it easy for users to find and use their password security tools.
Seamless integration with existing systems
Integrating existing systems and applications enhances interoperability and usability, especially for admins.
LastPass business password manager integrates with user directory services like Active Directory, facilitating automated user provisioning and authentication synchronization. Integrating with identity management platforms such as Okta and Azure AD can also streamline user authentication and access management processes.
LastPass is compatible with all major desktop and mobile operating systems and integrates seamlessly with commonly used web browsers and applications. It provides automatic password filling and authentication for a seamless user experience across devices and platforms. LastPass scales to accommodate new users and accounts as organizations grow and expand.
Key Features of LastPass Business
A comprehensive suite of advanced features helps businesses enhance password security, mitigate risks, improve daily processes, and maintain compliance with security standards and regulations.
Secure password storage and generation
LastPass securely stores passwords and other sensitive information in an encrypted vault, accessible only to authorized users with their master password. LastPass never stores or transmits the master password, so only the user can access their secure vault.
As users browse the web, LastPass automatically captures and prompts users to save login credentials to the vault. Once an item is stored, users can view, manage, edit, delete, or share it from the vault. Items can also be provisioned directly to user vaults via the IT admin dashboard, so users have immediate access to corporate accounts when onboarded to LastPass.
The password generator offers a one-click way to create unique passwords for every account. It has options for character types and password length to meet corporate security policies and create uncrackable passwords that reduce threats like brute force or dictionary attacks.
LastPass also analyzes the strength of stored credentials to flag weak, reused, or old passwords that fail to meet security policies. It then prompts users to replace those insecure passwords with new, generated ones.
Multi-factor authentication (MFA)
LastPass supports various multi-factor authentication methods, including biometric authentication (fingerprint, face recognition), authenticator apps (LastPass Authenticator, Google Authenticator, Duo Security), smart cards, and USB tokens.
Enabling MFA adds an extra layer of security to user accounts. When users log in to their password vault, LastPass prompts them to provide a second form of authentication (in addition to their master password). Only once they've supplied the correct information is the user granted access. Typically, these secondary factors are challenging to impersonate or steal as they require physical access to a trusted device or something only the user has, like a physical fingerprint. Even if a hacker steals a password in a phishing attack, MFA prevents unauthorized access since the attacker doesn't have the additional factor(s).
Administrators can customize MFA policies for the organization, specifying which authentication methods are allowed and required for different user roles or access levels. With options that are user-friendly and accessible on mobile, MFA offers significant security benefits while maintaining ease of account access for employees.
Role-based access control
Role-based access control (RBAC) features allow administrators to define granular permissions based on users' jobs or responsibilities.
RBAC features are centrally managed from the LastPass admin dashboard, giving administrators visibility and control over user access permissions across the organization. IT can manually assign roles per user or automate them based on user directory data synced to LastPass. Administrators can create custom roles with specific permissions, such as the ability to edit or share passwords, and assign these roles to users as needed. IT can also enforce password and security policies at the individual, group, or organizational level, with exceptions for specific roles or departments. Role-based restrictions ensure that users only have access to the resources necessary for their job functions.
Benefits of Using LastPass Business
The best business password manager eliminates the inefficiencies, frustrations, and risks of poor password practices, making it a valuable tool for businesses of all sizes. They drastically reduce password resets, account lockouts, and password-based attacks. These "losses" enhance the daily experience and operational efficiency, even as the organization gains password security and protection from cyber threats.
Enhanced productivity and efficiency
By eliminating manual password-related tasks, LastPass saves time, reduces frustration, and improves focus on tasks. The password generator and related features simplify password creation by eliminating the need to think up clever new passwords. Users can feel confident remembering their one "master password" while enjoying easy access to all other credentials as they work.
Streamlined password management
At the individual and organizational level, LastPass simplifies password security and credential management. The business password manager handles every aspect of passwords, from creating and remembering them to entering and changing them. By automating all steps of password management, LastPass makes strong password security achievable for every employee.
LastPass also streamlines collaboration and facilitates teamwork with secure password sharing. Employees can share passwords with individuals or groups without revealing the passwords.
For administrators, LastPass automates enforcing password security policies and streamlines time-consuming tasks like onboarding, credential provisioning, offboarding, and reporting. Building an organization-wide system for overseeing and automating password security is a productivity win for IT teams.
Improved data security and compliance
LastPass offers advanced security features to protect sensitive information and prevent unauthorized access.
LastPass enforces password policies, ensuring that passwords meet security standards and reducing the risk of password-based attacks.
Reporting tools allow businesses to demonstrate adherence to security standards and regulatory requirements, such as GDPR, HIPAA, and SOC 2. These reports help companies to maintain compliance and avoid penalties for non-compliance.
How LastPass Protects Your Business from Password-Related Risks
LastPass protects your business from password-related risks by eliminating password reuse, preventing phishing attacks, and securing sensitive data through encryption, multi-factor authentication, and access controls. These security measures help mitigate the risk of data breaches and unauthorized access, ensuring the confidentiality and integrity of the business's digital assets.
Eliminating password reuse
When employees reuse passwords, the risks of phishing and related password-based attacks increase. One compromised password can easily give hackers a foothold in the corporate network or access to more valuable privileged accounts.
The LastPass password generator creates complex passwords unique to each account, eliminating password reuse. LastPass can also analyze the vault for weak or reused passwords, prompting users to update them before an attacker can exploit reused credentials. IT can enforce organization-wide password policies like minimum length, complexity, and expiration requirements to ensure passwords meet security standards and discourage users from reusing passwords.
Preventing phishing attacks
LastPass not only has built-in security features to reduce phishing attacks on the master password, but it also helps to prevent phishing attacks on third-party sites.
Enabling multi-factor authentication and access-based security policies can help prevent phishing attacks that steal LastPass master passwords. LastPass doesn't store or transmit the master password, protecting encrypted data from attacks.
As users browse websites and apps, LastPass verifies the authenticity of the URL before auto-filling login credentials, helping users identify phishing sites and avoid entering their credentials on malicious pages.
Securing sensitive data
LastPass employs encryption and data protection protocols to safeguard the master password and the sensitive information stored in the vault.
While the default admin settings in the LastPass business password manager offer a high level of protection, IT admins can further customize the security options for their organization for added security. For example, role-based features that standardize least-privileged access across the organization ensure that privileged accounts are well-protected and restricted to the proper users.
Case Studies: How LastPass Has Helped Businesses
LastPass has helped countless businesses increase password security, simplify password management, and reduce the risk of data breaches. Here's a sample of businesses that saw significant benefits from the LastPass password manager:
Increased Password Security: HOLT CAT
With over 350 applications for a team of 3500+ employees, HOLT CAT's cybersecurity risks were high. They needed a tool to monitor password hygiene, functionally embed single sign-on (SSO) with their existing identity provider (IdP) and support the business in navigating upcoming acquisitions.
LastPass seamlessly integrates with their Microsoft Azure directory, simplifying the employee's user experience while driving organic adoption of cybersecurity.
HOLT CAT successfully drove organic adoption by showcasing the solution's ease of use and diverse features. In their first year, they successfully utilized all 2,500 existing seats. In their second year, they have 3,500 seats with 70% current adoption.
Simplified Password Management Processes: EpiOn
EpiOn is a Tennessee-based organization that delivers IT Management to help businesses improve productivity and lower risk. As a Managed Service Provider (MSP), they build a structured process that allows organizations to operate safely daily.
The LastPass Password Generator helps the EpiOn staff create randomized credentials based on the administrator's parameters. Shared Folders allow the team at EpiOn to share only the exact passwords, notes, and files they want with the right people. EpiOn can also manage access and sharing settings: hide passwords from specific people, set folder access permissions to read-only, and more.
Since implementing the password management tool two years ago within their organization, EpiOn has attained 100% adoption of LastPass across their business due to their diligent approach to cybersecurity. As an MSP, they created a bespoke metric to help assess the individual security grade of employees for end-users to help identify gaps within their respective organizations.
Reduced Risk of Data Breaches: Surf Life Saving Australia (SLSA)
With high-profile cybersecurity attacks across Australia, improving cybersecurity at SLSA was essential, and they began evaluating the components needed to build a robust cybersecurity infrastructure. It was clear that SLSA needed a cloud-based password management solution with a zero-knowledge infrastructure to be secure, and LastPass fit the bill.
SLSA wanted a cloud-based solution to accommodate their business so employees could gain access from anywhere, at any time. As a cloud-based password manager, LastPass allows the team to store login credentials in an online repository, which can be accessed from any device. SLSA commends LastPass's zero-knowledge security model and considers it a key driver for their investment.
As SLSA deployed LastPass, the password management tool became crucial to their team's daily operations. With LastPass, SLSA paved the groundwork for cybersecurity within their organization. They've since invested further in their security tech stack and added simulated phishing programs to bolster the team's awareness and education.
These case studies demonstrate how LastPass helped businesses increase password security, simplify password management processes, and reduce the risk of data breaches, leading to improved security, productivity, and overall business outcomes.
Getting Started with LastPass Business
Setting up your Business account
First, visit the LastPass website and sign up for a LastPass Business account. You'll need to provide basic information about your business and choose a subscription plan.
Next, designate one or more administrators responsible for managing the LastPass account. Administrators will have access to the LastPass admin dashboard to configure settings, manage users, and enforce security policies.
Once you create the company account, invite users to join your LastPass Business account. Users will receive an email invitation to create their LastPass accounts with their company email address and set up their master passwords.
Instruct users to install LastPass everywhere they need access to corporate accounts, whether on a desktop, laptop, or mobile device. Download the LastPass browser extension to their preferred web browsers and the mobile app directly to smartphones or tablets.
Onboarding and training employees
Provide employees with an overview of LastPass and its features, emphasizing the benefits of using a password manager for improved security and productivity.
Guide employees through creating a strong master password for their LastPass accounts. Emphasize choosing a unique and memorable password that meets security best practices.
If employees have existing passwords stored in web browsers or other password managers, LastPass provides tools to import them automatically to their new LastPass vault.
Share training resources, such as tutorials, user guides, and instructional videos, to help employees use LastPass effectively.
Conduct practice sessions or workshops to allow employees to explore LastPass features hands-on and ask questions. Encourage employees to practice generating and managing passwords, sharing passwords securely, and using autofill features.
Best practices for successful implementation
Enforce password policies: Configure password policies in LastPass to enforce security best practices, such as minimum password length, complexity requirements, and expiration periods.
Enable multi-factor authentication (MFA): To add an extra layer of security to LastPass accounts, enable MFA for all users. Require them to use a specific MFA option or allow the user to choose from supported options.
Conduct regular security audits: Use LastPass's auditing and reporting tools to identify weak or compromised passwords, unusual user activity, and compliance issues.
Provide ongoing support: Offer ongoing support to users and address any questions or concerns promptly with additional training or resources.
Stay informed: Stay current with LastPass's new features, updates, and security best practices. Review the LastPass documentation and announcements regularly to ensure your business is leveraging the latest capabilities and maintaining optimal security.
LastPass offers comprehensive features with measurable benefits, making it a strong choice for companies looking to improve security, efficiency, and compliance in their password management practices. By following these steps and best practices, you can effectively set up LastPass Business, onboard employees, and ensure successful implementation within your organization.
