What are the methods of password management in business?

We use various online services to store sensitive information. But cybercrime is on the rise, and hackers are becoming more resourceful.

To avoid data breaches and resulting PR disasters, companies must have a powerful password management system. A leaky password can spell disaster for any organization that handles user accounts, payment details, or other confidential data.

Negligible password security can lead to disastrous outcomes like identity theft, loss of confidential company documents, or even ransom demands from hackers.

Thankfully, some simple password management methods will keep your business safe from the prying eyes of malicious actors. Here are 7 ways you can manage passwords in business more effectively:

1. Have Strong Password Requirements

Before anything else, it’s crucial to set up specific password requirements. Businesses should follow a standardized password policy that includes minimum password strength requirements and a specified password expiration policy.

Essential password requirements include:

• Password length: A strong password should have at least 12 characters. This makes it significantly harder for hackers to crack your password.
• Password type: While creating or modifying password policies, businesses should avoid using words found in the dictionary, acronyms, keyboard patterns, etc.
• Expiration: Strong passwords should be changed immediately after any data breach. If you store sensitive information, change your passwords regularly depending on data sensitivity.
• Different passwords for every account: Businesses must have a strict policy about password reuse. Passwords must be unique for each account.
• Password retrieval method: To make sure passwords are retrievable in case of an emergency, businesses can implement password retrieval methods like an SMS to a designated phone number.

1. Audit Existing Passwords

To audit existing passwords, businesses must first understand how password auditing works.

A password audit is a thorough analysis of the strength of a company’s existing passwords.

It’s recommended that businesses perform an audit of their password policies every six months. This will help you understand if your password practices need to change.

There are various password audit tools you can use to perform an in-depth analysis of your password policies. This tool can help you identify areas where your passwords are too weak. A password audit tool will also tell you how many of your passwords need to be updated immediately.

By using a password audit tool, businesses can stay compliant with their local or international regulations. Such audits are also essential for businesses that implement GDPR due to their stringent rules regarding data security.

1. Use a Password Manager

A password manager is designed to store your login details securely online and offline. With a password manager, you can create complex passwords that are easy to remember. But, at the same time, you can forget about them entirely.

In addition to storing your passwords, a password manager can track your login history and provide you with a detailed audit report.

If a company is using a password manager to store their login details, there are three things to look for:

• Strong encryption: It goes without saying that the password manager should use strong encryption. This is essential for protecting login details against malicious actors.
• Automatic login: A robust password manager will remember your login details and fill out the login fields for you automatically. This is especially useful for companies that have to log in to their accounts frequently.
• Easy to manage: A company’s password manager needs to be easy to use. The entire team should be able to use the password manager easily.

1. Implement Two-Factor Authentication

Two-factor authentication (2FA) provides an additional layer of security by asking users to enter a temporary passcode.

This passcode is generated by an authentication app or service connected to the user’s account. With 2FA enabled, even if a malicious actor gains access to your password, they won’t be able to log into your account without the temporary passcode.

There are three types of 2FA:

• Time-based one-time password (TOTP): This method requires a user to enter their login details, as well as a temporary passcode that changes every 30 seconds. This method is ideal for businesses that conduct a lot of transactions online.
• HMAC-based one-time password (HOTP): This is similar to TOTP but uses a hashing algorithm to generate the temporary passcode.
• SMS-based one-time password (SMS-OTP): This method sends a random 6-digit code to a user’s mobile number.

1. Lock down your device with VPN

A Virtual Private Network (VPN) is an excellent tool for locking down your device.

VPNs encrypt your internet traffic and route it through a virtual private network. A VPN will encrypt your data and reroute your internet traffic through another server.

This ensures that no one else can see your online activities and that you’re also able to access websites that are blocked in your area. VPN allows you to access the internet while keeping your data safe from prying eyes.

This is also useful if you’re traveling abroad and want to access websites that are blocked outside of your country. VPNs are available for free or for a small monthly fee.

You can also lock down your devices by installing antivirus software and updating it regularly. Be sure to install antivirus software on your mobile devices and computer. This will help protect your devices from malware, viruses, and other harmful threats.

1. Lock Down All Remote Access Points

Remote access is a crucial part of many businesses. Unfortunately, this can also be a point of entry for malicious actors.

There are different ways to access your computer remotely.

Some of the most popular remote access points include VPN, SSH, and RDP. While these are all helpful, it’s important to lock them down.

If you’re not familiar with these remote access points, you should reach out to an IT support company. They can help you lock these remote access points down to prevent remote logins altogether if needed.

If you don’t take the proper precautions, malicious actors can gain access to your computer remotely. This is especially dangerous because they can access any confidential data that you’re working on.

1. Lock-down unused apps with password protection

Most of us have more than 10 apps on our devices. However, to prevent malicious actors from accessing sensitive data, it’s important to lock down unused apps.

By locking unused apps with password protection, you can prevent malicious actors from accessing sensitive data like photos, emails, or banking details.

You can also lock apps with a fingerprint recognition feature. This is a great alternative to passwords since fingerprints are unique to every person.

Change the way you think about passwords

Passwords are the first line of defense against hackers. But, sadly, they are also the weakest link in the chain.

To prevent malicious actors from getting a foothold on your computer, it’s crucial to think about passwords in a new way. Instead of relying on short passwords, use random collections of letters, numbers, and special characters as your passwords. By generating a long random password, you can create an incredibly strong password.

In conclusion, passwords are an essential part of our lives. By following these methods, you can ensure that your passwords are secure and you are keeping your data safe from malicious actors.