Why using a password management tool is a no brainer for businesses
Blog|by Leanne Bevan|27 September 2024
In today’s digital age, managing passwords effectively is crucial for both individuals and organisations. With the increasing number of online accounts and the sophistication of cyberattacks, password management has become a vital aspect of cyber security. Writing them on post-its and notebooks that could get lost or stolen, and unsecured spreadsheets that could easily get hacked are still the way some people store their passwords. But it is not safe.
- Data breaches: 81% of data breaches are due to poor password practices (Statistica).
- Password reuse: 45% of people reuse passwords across different sites (Swiss Cyber Institute).
- Adoption of password managers: 51% of respondents globally who have adopted a password manager at home report becoming more security conscious at work (Help Net Security).
Below we explore why password management is important and the benefits it offers.
Why password management is important
Protection against cyber-attacks: Passwords are often the first line of defence against unauthorised access to your accounts. Weak or reused passwords can make it easier for cybercriminals to gain access to sensitive information. According to Statistica’s report, 81% of data breaches are due to poor password practices.
Compliance with regulations: Many industries are subject to regulations that require strong password policies. For example, the General Data Protection Regulation (GDPR) mandates that organisations protect personal data, which includes implementing robust password management practices.
Preventing identity theft: Effective password management helps prevent identity theft. By using strong, unique passwords for each account, you reduce the risk of cybercriminals accessing multiple accounts with a single, compromised password.
Benefits of password management
Enhanced security: Using a password manager can significantly enhance security by generating and storing complex passwords. This reduces the likelihood of using easily guessable passwords or reusing passwords across multiple accounts.
A study by the Swiss Cyber Institute found that 45% of people reuse passwords across different sites.
Convenience: Password managers store all your passwords in one secure place, making it easier to manage multiple accounts. This convenience encourages the use of stronger, unique passwords without the need to remember each one.
Time savings: With a password manager, you no longer need to go through the hassle of resetting forgotten passwords. This can save a significant amount of time, especially for those who manage numerous online accounts.
Improved productivity: For organisations, password managers can improve productivity by reducing the time employees spend managing passwords. This allows them to focus on more critical tasks.
Reduced risk of data breaches: By implementing strong password policies and using password managers, organisations can reduce the risk of data breaches. This not only protects sensitive information but also helps avoid the financial and reputational damage associated with breaches.
Team password management: Some password managers enable you to have both individual and team password areas; personal ones can be kept private and shared passwords can be easily shared, and securely.
Key takeaways
In conclusion, effective password management is essential for protecting personal and organisational data. By adopting strong password practices and utilising password managers, you can enhance security, save time, and reduce the risk of cyberattacks.
Start managing your passwords better today to safeguard your digital life
Grey Matter has a cyber security team on-hand to support you with all your cyber security solution needs. We partner with various password management providers.
Keeper provides users with a zero-trust identity and access management solution to protect passwords, passkeys and secrets for every user on every device.
ManageEngine Password Manager Pro is an enterprise password management solution that securely stores, manages, and shares privileged passwords.
Please fill out the contact form below if you’d like to get a quote or learn more about password management.
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