5 Must-Have Features for Business-Grade Password Managers
Research consistently shows that about 80 percent of all confirmed breaches are related to stolen, weak or compromised passwords. Password management solutions offer a simple and effective way to secure credentials by eliminating the burden on users to create, type, change and remember dozens of different passwords.
Selecting the right solution for your company can be a challenge, however. There are dozens of products on the market, including several free or low-cost consumer-grade solutions. However, those products aren’t suitable for company-wide deployment due to feature limitations. They also restrict the number of passwords that can be stored and the number of devices that can be used.
Here are five key features to look for when evaluating business-grade solutions.
Since password managers store login credentials for all your accounts, security is an obvious requirement. The best managers incorporate many advanced security measures, including AES-256, the most secure encryption algorithm available today. You should also look for solutions that include multifactor authentication, identity management and salted hashing capabilities.
Password management solutions offer a simple and effective way to secure credentials.
Privileged account management (PAM) features are crucial for protecting privileged accounts that have administrator-level access to servers, security systems, network devices, databases, applications and other resources. PAM solutions restrict access to the credential vault, automatically rotate passwords when needed, record and monitor privileged session activity, and enforce least-privilege policies on endpoint devices.
Password managers must work across various platforms to effectively support distributed workforces, ensuring accessibility regardless of the operating system or device in use. They should cover the four major platforms — Windows, Android, iOS and Mac OS — to meet the needs of a diverse user base.
Because many remote and mobile workers log in through web browsers, it’s a good idea to choose a password manager that supports native browser extensions. The extensions allow users to create and save passwords directly within the browser, making it easy to use complex and unique passwords for different sites.
Business-grade password managers should include device syncing features to ensure that stored passwords and other sensitive information are accessible and up-to-date across all of a user’s devices. Any password changes are synchronized to all linked accounts in real time, eliminating many reset requests. In the event of conflicting changes to the same password entry on different devices, the password manager employs conflict resolution mechanisms to determine which change takes precedence. This ensures that the most recent and accurate data is maintained.
Strong Password Generator
Built-in password generator tools create complex, unique passwords for each account. This feature is essential in mitigating the risks associated with weak and reused passwords, as it encourages the use of strong and virtually uncrackable credentials. With a business-grade password manager, you can ensure that your employees are using strong passwords without relying on their memory or creating easily guessed combinations.
Secure Credential Sharing
Although sharing passwords is generally not recommended, there are times when it may be necessary so that colleagues and team members can collaborate on certain projects. Business-grade managers allow secure password sharing, ensuring that sensitive information is transmitted in a protected manner. The owner of an account can set permissions to allow trusted individuals to access and use credentials. Leading solutions provide auditing features that allow the owner to track who accessed the shared credentials, which helps in monitoring usage and identifying any unauthorized or suspicious activities.
Elevate Your Security with GDS's Business-Grade Password Management
Risky password practices undermine security efforts, but password managers eliminate much of that risk. Contact us to learn more about using a password manager to improve the security of your essential data, applications and services.
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