Now is not a good time for your business’s cybersecurity to be lacking. Cyberattacks have been on the rise since, and they’re not slowing down. This can be especially problematic for businesses whose employees are working in a hybrid work environment. With many employees working from home and the office, this means work and personal affairs are being conducted across numerous devices, leaving the corporate company vulnerable through several endpoints.
While many companies understand the risks involved in cyberattacks, few are properly prepared to manage such events. Reports show that nearly 50% of all businesses in America are using outdated technology. Some simply believe that a firewall and basic antivirus software is enough to keep them safe. But by far the greatest threat to your company’s cybersecurity is human error and negligence, and the most common human errors in the office are related to password usage.
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The Costly Consequences of Password Misuse
Similar to general cybersecurity issues, many companies and business owners are aware of the dangers of improper password maintenance. Reports have shown us repeatedly that about 81% of data breaches are the direct result of subpar password usage. Unfortunately, no matter how many of these reports are published, many managers and senior-level workers simply underestimate the risks that come with freely sharing passwords.
But these lax password regulations can cost your business dearly in the long run. On average, large companies can expect a data breach to cost nearly $4 million. Replacing records, repairing infected systems, and the loss of customers are all very real and very costly in the aftermath of a security breach. Financial loss aside, your employees’ records can easily become compromised, leaving them vulnerable to identity theft.
With all these security concerns, it’s surprising to see many people not taking the necessary precautions to protect their passwords. Many people use the same password for all their accounts, which often means hackers could access both their personal and work accounts. But one of the most alarming culprits is the common practice of employees sharing their passwords with each other.
Why Share Passwords In The First Place?
Common sense should tell us that sharing passwords with anybody outside our home is a bad idea. So why is password sharing such a regular occurrence in the workplace? For many workers, password sharing is done with teammates in order to easily collaborate on projects. Some workers even report that password sharing is expected due to company policy. Given that password, hygiene is already lacking in many offices, “sharing” a password isn’t difficult at all. In the average office, it’s commonplace to see an employee’s computer bearing a sticky note with the user’s password. Many workers resort to writing their passwords in a book or planner or placing them in an unsecured computer document or Modern document management software. And with many people using insecure passwords across numerous platforms, password sharing in the office can quickly become a recipe for disaster.
How Password Managers Can Help Your Business
Password managers are quickly becoming the go-to way for people to maintain their ever-growing list of passwords, in both their personal and professional lives. With a corporate password manager, collaboration doesn’t have to come at the cost of your company’s security. Each employee has their own corporate password vault, which stores and encrypts all data. This enables the user to craft stronger passwords without the hassle of having to remember all of them. All they need to remember is a master password (or passphrase for even greater protection). While most people have concerns regarding password managers treating their passwords with confidentiality, they need not worry. The use of zero-knowledge security ensures that the password manager cannot access your data even after encrypting and storing it.
But don’t be fooled by the name; it’s not just for passwords. Media files, notes, and other files can be stored safely in your vault. The manager further allows users to share encrypted files with other users, which means teams can collaborate without any risks to the company’s security. And the password manager works across numerous devices, allowing employees to switch between their personal and professional accounts with ease.
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Take Charge of Your Password Security
Although many users have reservations about the security of password managers, many experts agree that network users are safer using them. But they’re not an ironclad defense on their own. Their safety still relies on the user having a strong master password. And above all, employees should be made aware of these security practices, especially not sharing their passwords with anybody (and if this is your company policy, it might be time for the company to adjust said policy). The quicker your company can utilize a password manager, the quicker you and your employees can work to make your company more secure.
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