The Best Password Management for Your Business

The Best Password Management for Your Business

Let’s talk passwords and how critical they are for your information whether that’s personal or business-related. Passwords serve to protect user accounts; however, a poorly constructed password may result in the compromise of individual systems, data, or network.

Did you know what causes 81% of breaches? Passwords that are weak, stolen, or reused! Businesses need to make sure that they are using strong passwords and have zero gaps in their password management. Data breaches from poor password management can cost companies more than just the immediate cost of a fix to seal the leak. These type breaches can compromise your data or your clients’ data from all types of sources.

Avoid the risks of possible breach by taking precautions now! We are going to help you to get the most of your password security and to prevent harmful cyber-attacks for you and your business. Here are the best tips for password management for your business!

Create a unique password for each separate account to eliminate risks

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Google just surveyed some participants 16 and older and look at these shocking results! 51% admitted that they use one particular “favorite” password for the majority of their accounts. This can be super risky so make sure each password is different for any account you have to sign in to. It’s easier for hackers to hack your information if the passwords are the same for multiple accounts.

A great way to keep up with all of your passwords when creating a different one for each account is by using password managers. A password manager assists in generating and receiving complex passwords as well as storing passwords in an encrypted database. Some popular password managers are Lastpass, Dashlane, and MyKi.

Make sure each password is hard to guess

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Wonder why account setups always have a certain requirement? That’s for a reason! They know what makes up a strong password and are trying to help you. Here are the best requirements for a strong password:

  • minimum of 12 characters at least we recommend over 20
  • Combination of letters, numbers, and special characters
  • Using both upper and lower-case letters
  • Incorporating uncommon words or phrases

Use two-factor/multiple authentications

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In the same Google survey mentioned above, a third of respondents (31%) said they either don’t know whether they are using two-factor authentication (2FA) or intentionally choose not to use it.

There’s a need for it though and this can truly be a password’s best friend as you are more likely to keep the hackers out! Two-Factor/Multifactor authentication uses knowledge or possession factors to ensure the person trying to log in is authorized. A person has to successfully authenticate two or more pieces of evidence to show it’s them. Some of these include:

  • A physical object in your possession, like a bank card or smartphone
  • A secret known to the user, like a password or challenge question
  • A physical characteristic, like a fingerprint or eye iris
  • A location-based confirmation, like a connection to a specific network

Some of the most used and common ones to use for this is:

  • Google Authenticator
  • LastPass Authenticator
  • Microsoft Authenticator
  • Authy
  • Yubico Authenticator
  • Titan Security Key

See our blog post for more info on Login Best Practices: Why You Should Be Using Strong Password Management & Multifactor Authentication.

We hope these tips will help you and your business set up stronger passwords and manage your passwords properly to prevent breaches. Don’t be a part of that 81%!

Don’t Leave Yourself Open to a Data Breach

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Why wonder when your company may get hit with a data breach? Instead, get a free Security Scorecard from Triada Networks. We’ll evaluate your current IT security, tell you where you stand and give you smart recommendations.

Take a moment today to schedule your free consultation or call 201-297-7778.

Resources:
Palfy, Sandor. “How Much Do Passwords Cost Your Business.” Infosecurity Magazine, 14 June 2018, www.infosecurity-magazine.com/opinions/how-much-passwords-cost/.
Zurkus, Kacy.  “Google Survey Finds Two in Three Users Reuse Passwords.” Infosecurity Magazine, 5 Feb. 2019, www.infosecurity-magazine.com/news/google-survey-finds-two-users/.

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