Updated: Dec 6, 2022
So far in this series we have offered 6 controls small business owners can implement to protect their investment from mistakes, turnover and fraud. Most businesses now operate in a cloud based, SAAS application environment, which requires login credentials, multi-factor authentication and security questions. It is the bane of our everyday modern existence. Yet, from our experience very few small businesses have incorporated any controls whatsoever around the management of this information.
The seventh control in our series is putting a corporate password manager system in place.
Corporate Password Manager
A corporate password manager is a valuable tool for small businesses. It is a software application that stores and organizes passwords for businesses. It also comes with additional features such as password sharing, password generation, and multi-factor authentication.
There are many benefits of using a corporate password manager. The most obvious benefit is it can help businesses keep track of multiple passwords. It can be difficult for employees to remember all the different passwords they need, and a password manager can help with that. In addition, password managers can often generate strong passwords automatically for you, which is important for security. Password managers can also provide an extra layer of security by requiring multi-factor authentication. Finally, corporate password managers include a single point of control, so when employees leave, their access is revoked, and password data is retained for the next person.
There are a few things to keep in mind when selecting a corporate password manager. First, consider the features that are important to your business. For example, if you have a lot of employees, you will want a password manager with password sharing capabilities. Second, make sure the password manager you choose is compatible with the devices and operating systems your employees use. Third, the password manager should have full encryption. Finally, consider the price of the password manager and whether it fits within your budget. Keep in mind, the cost of losing access to just one critical password can be extraordinary! Below we have included a link to PC Mag's most recent review of these corporate password managers.
Once the right corporate password manager has been identified, it is time to implement it. Spend some time figuring out how it works. The password manager support can offer best practice insights and steps to setting things up. Start with your logins and passwords, then add other employees to the password manager. Spend some time explaining the benefits of the tool and how it works. Employees can be reluctant about changing how they handle login credentials, so understanding the "Why" can be helpful. When it comes down to it, though, you'll need to consistently apply gentle pressure to ensure company adoption takes place.
Very few small businesses have corporate password managers in use and in times of key employee turnover, we have seen firsthand with clients what havoc can occur. Crucial details are lost to only resurface when something was not filed, paid, uploaded, checked, etc. A mandated corporate password manager can resolve many of these issues, protect your business and make life simpler too!
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