5 Best Practices for Password Management in Business

How many passwords do your employees need to keep track of? The number is probably high, especially if your business relies on multiple software applications and online services for day-to-day work.

With so much to keep track of, it’s important for your company to utilize good password management strategies.

Passwords are a double-edged sword: they can help protect your data, but if there’s a breach, they become huge security risks. Proper management of your business passwords will minimize these risks to your company.

Read on to learn five key strategies for password management, helping you keep your passwords safe and your business protected.

1. Set Password Policies

The first thing you should do to protect your business passwords is set policies about what kinds of passwords to use. Making it a company policy that passwords must be a certain length can lead to stronger passwords.

You can also specify that passwords need symbols, numbers, and a mix of uppercase and lowercase letters. All of this will make your passwords harder to crack–just make sure employees are following the policies!

2. Change Passwords Regularly

Even if you have strong passwords, there’s still a chance that outside forces could get their hands on them. An employee could slip and accidentally reveal one, or worse, you could be a victim of corporate sabotage.

Changing your passwords regularly is an effective form of risk management. It prevents any one password from damaging your company long-term.

Even if someone learns a password, it will be changed soon, keeping your data safe.

3. Educate Employees

One of the most common reasons a data breach happens is a lack of cybersecurity training for employees. When employees are unaware of the security risks posed by weak passwords, they’re more likely to make errors.

Have an easy-to-access guide on password creation rules that employees can review. Set aside time for employees to take a class on business security.

4. Use Multifactor Identification

Multifactor identification is a type of password protection that relies on more than just a password. When you need to log in to something that uses multifactor identification, you’ll also get an email or text.

This adds an extra layer to your security, rendering a password by itself far less useful.

5. Use Password Management Software

Using software to manage your passwords can remove a lot of risks. Strong password management software is easy to use and allows project leaders to track, manage, and share passwords easily as needed.

Password management software helps cut down on human error. It makes it easy and fluid to manage your passwords. You can learn more at https://www.logmeonce.com/team-password-manager-top-features/.

Become a Master of Password Management

Risk management is a crucial part of protecting your business. Proper password management is a simple, effective way to prevent possible data breaches.

As a bonus, having clear policies and improving employee education about business security will also make your employees better, more productive workers!

The benefits of password management are many, but it’s only one aspect of your company’s security setup. Visit our IT security blog for more ways to improve your business security!