![]() ![]() Using such passwords can result in severe security breaches. Protection against cyberthreats: According to a password check website, the password “123456” has been used over 23 million times, making it one of the top 10 most hacked passwords. Following are the key benefits of password management software: Understanding the benefits of password management software will help you assess its usability in your line of business. Such software solutions restrict password-related information access to account owners, perform security audits to assess the strength of employee passwords, and alert businesses about password-related vulnerabilities to prevent cyberattacks and data breaches. It’s essential that large businesses choose software that can enforce password hygiene as well as monitor user behavior. Large businesses (more than 500 users): Enterprise-level businesses employ a large number of employees hence, they have advanced password protection requirements. Password management software equipped with reporting capabilities, a centralized dashboard to monitor password status, credential management, and multifactor authentication should fit the requirements of SMBs. Such businesses should opt for software that doesn’t have a cap on the number of users and applications supported. Small (less than 200 users) and midsize (200–500 users) firms: SMBs have greater password management needs than independent contractors, as they have more users and consequently a higher number of business accounts to secure. Basic software features such as auto-fill for login forms, complex password generation, credential storage, and periodic alerts for updating passwords should fulfill the requirements of this type of buyers. Freelancers and individual contractors who simply want to secure their business accounts and don't need administrative functions can opt for this software. Such software may even have a cap on the number of applications supported. Let’s have a look at all the three categories.įreelancers or independent contractors: Password management software designed for personal use supports a single device and lacks administrative capabilities. Manage user access for various IT resources, such as systems, devices, applications, storage systems, and networks.īased on the number of users, there are three broad categories of password management software buyers: freelancers or independent contractors, small and midsize businesses (SMBs), and large businesses. Sync and manage user passwords across devices.Īllows end users to reset their passwords through a self-service portal.Īuthenticate users via at least two identification methods, such as mobile and email OTP. Here’s a list of the common features that you should look for when making a purchase.Ĭreate long, random, and unique passwords that are strongly encrypted.Ĭreate, manage, and revoke credentials for user accounts.Īccess multiple applications using a single set of login credentials. Thus, choosing software with the right features is essential. Password management software can not only remember all your passwords but also protect your business from hacking attempts. Password generator in LastPass ( Source ) Common features of password management software Password managers eliminate the need to remember multiple passwords, as all passwords are stored in a centralized encrypted database. All encrypted password-related information is either stored in the local memory of a business user’s device or on the cloud. This database is encrypted using a master password, the only password that users need to remember. It ensures security by storing passwords and login credentials of all business accounts in a secure database. Password management software is an application that saves, generates, and manages passwords for various online accounts. To help you get started, we’ve created a buyers guide with all the information required to evaluate the options available for your business.Ĭommon features of password management softwareĬonsiderations when choosing password management software Your right fit will solely depend on your security requirements. One of the most efficient ways of doing this is using password management software.Īll password management software don’t necessarily offer the same features. As a business, it's important that you implement strong password policies that not only protect your company data but also prevent hacking attempts. Poor password management is one of the major causes of security breaches that can cost businesses a fortune and damage their reputation. ![]() Buyers Guide Last Updated: March 16, 2023 ![]()
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