Companies must share passwords securely. Here’s why.

Recent research by PassCamp shows that, on average, medium-sized companies internally share around 265 passwords. And they all manage to share passwords safely. Here’s how and why.

Let’s start with the how

One thing is worth noting straight away. Tools specifically created to securely manage and share passwords and other sensitive data are more affordable and reliable than ever before.

The cloud computing market has been growing rapidly in the past few years, continuously releasing cutting-edge solutions. By 2022, this market is expected to reach 362 billion U.S. dollars.

One of the notable cloud solutions that progressed remarkably is the password manager. It is the answer how large teams manage to control 250+ or 2500+ passwords securely. And in the case of PassCamp, it’s not only secure, but easy to do as well.

Times have changed, cyber threats became more sophisticated. Old methods of managing sensitive data don’t cut it anymore.

Companies can no longer store their passwords in excel sheets. Neither can they be kept written down in notepads, sticky notes. Nor can they be shared as messages in Slack. It’s simply too risky, because of dangers of storing and sharing passwords in plaintext).

Unless you’re a champion in memorizing random snippets of text, the only way to remember 200+ unique and secure passwords is to use a dedicated tool for that.

#2 why. Prevention is always cheaper than losses.

The U.S. is the leading country in terms of an average data breach cost. That is $8.19 million, more than twice the global average.

To put it in a more comprehensive perspective, for $8.1 million you can buy the 8,500-square-feet, nine-bedroom mansion in an exclusive Kalorama neighborhood, Washington D.C. (Of course, if Barack and Michelle Obama didn’t live there now.)

No password manager will ever cost this much. But the breach caused by the irresponsible data storage and sharing practices can. The choice is yours.

#3 why. Helps to build up a business reputation

If a company implements secure, reliable data storage and sharing practices, it can communicate that to clients and business partners and hence strengthen its business reputation.

Salesforce survey data suggests that current customers expect companies to protect their sensitive personal data. It’s your duty as a company to protect both your internal and your clients’ data.

It is undeniably better to write a press release informing the public about the most recent cybersecurity solution you integrated into your company than apologizing and explaining yourself after a data leak. It’s the trust, the stock worth, the customer satisfaction, and the profits that are at stake. The damage to the company’s reputation caused by a data leak can easily end its life.

With a reliable cloud-based password manager (such as PassCamp), your company can store and share passwords safely too.

PassCamp is a globally recognized, enterprise-focused tool that provides an innovative technological implementation for your digital data security. Each item in a vault is encrypted – this ensures that only the people with whom you share data can access it.

If your company doesn’t have a centralized tool that provides a way to share passwords safely, PassCamp is a tool to go for.

Contact our team today and let’s have a productive chat.