Due to the rise of cloud-based applications and web resources in general, businesses today face the challenge of protecting massive numbers of corporate accounts – on which their operations rely – daily. With the recent rise in data breaches and cybercriminal activity generally, the security and management of organizational accounts takes center stage. The core question for many companies is how to ensure efficient and effective password management within the company’s boundaries.
Today, we’re joined by the founders of Super How?, Vytautas Kašėta, Andrius Bartminas, Linas Būtėnas, and Evaldas Bružė, to discuss the challenges related to corporate password security.
Super How? The blockchain technology laboratory
Super How? is a research and development company focused on utilizing blockchain to create next-generation solutions for business, individuals, and society at large. The team at Super How? believes that the next big technological breakthroughs will be the product of harnessing the advantages offered by blockchain and artificial intelligence. Leveraging knowledge and passion, Super How? looks to transform future technologies into practical applications for businesses and individuals alike.
Recently Super How? worked on the development of an exclusive digital collectors coin for the Bank of Lithuania. It has also been deep into developing NFT tokens for a foreign investor while at the same time working on an interdisciplinary art project – Superhow Art.
What is blockchain technology?
We’ve all heard something about blockchain that says that it is the innovative database technology that fuels nearly all cryptocurrencies. Vytautas says that at its most basic, blockchain is defined as a decentralized, distributed ledger that records transactions of digital assets that anyone can view and verify.
Vytautas further explains that a blockchain can record information about cryptocurrency transactions, NFT ownership, or DeFi smart contracts, and since the data on a blockchain can’t be modified in any way, it’s use cases span from the financial sector to cybersecurity, the healthcare industry, and beyond.
For instance, Walmart has used blockchain to track goods delivered to its stores, such as lettuce from the farm. With time, blockchain adoption is expected only to increase and change the way we carry out transactions, track goods, and a lot more.
Not your keys, not your coins: The importance of cybersecurity for anyone working with blockchain
Because blockchain technology is inherently related to cryptocurrencies and other digital assets such as NFTs, ensuring the security of your public and private keys is of utmost importance. This applies to individuals as well as businesses that rely on blockchain. There’s a saying in the industry: “not your keys, not your coins.” Ensuring the security of the keys is crucial. Just ask Stefan Thomas, who lost his private key, resulting in him being locked out of a multi-million-dollar fortune.
Furthermore, the industry faces a variety of other security challenges such as phishing, sim swaps, and cross-site attacks. Withstanding it all requires a firm security infrastructure. This is where tools such as password managers play a pivotal role.
Phishing attacks are very popular in our industry as well as sim swap and cross-site attacks. All of these can put passwords and public keys in great danger and by extension endanger the entire organization. This is where we see the advantages of password managers, but not the browser-based ones. Password managers facilitate the creation of complex and strong passwords and help minimize password reuse.
– Evaldas Bružė
Co-founder and Head of Strategy at Super How?
Before password managers rose to prominence, businesses were quite creative in ensuring efficient access to their corporate passwords. Some would use a single Google doc, some might’ve had paper notebooks, and others would rely solely on memory or simply enjoy resetting passwords every other day.
Before deploying NordPass for company-wide use, we had some people using other password managers, browser-based managers, as well as notebooks. There also used to be password-protected shared docs. It was a bit chaotic and thus not secure, so NordPass has changed that for the better.
– Vytautas Kašėta
Co-founder and CIO at Super How?
However, password security and more generally cybersecurity does not end with a successful implementation of protective tools. That sure would be great, yet as we’ve seen time and time again, people often remain the weakest link in the organization’s security infrastructure. But what pays dividends is an on-going educational process. Getting everyone familiar with the tools and general cybersecurity practices is critical to mitigate serious risks.
Ever since we deployed NordPass, we’ve been using unique passwords and actively tracking their strength and health in the Admin Panel. We still have areas where we can surely improve, but at least our weaker passwords don’t make the Top 200 Most Common Passwords list. Generally, Vytautas has been very proactive on the educational side of things. He’s been introducing new employees to our password policies and explaining the risk related to poor password hygiene.
– Andrius Bartminas
Co-founder and CEO at Super How?
The difference maker: Single sign-on compatibility
While password managers essentially all do the same thing, when it comes to solutions tailored for businesses, the features make all the difference. Choosing the right password manager for organizational use depends on the industry the company operates in, its size, and other factors. In the case of Super How?, it was looking for a few specific features in a password manager solution. The single sign-on feature was one of the most important for the company as it made everyday processes quicker and smoother while also adding an extra layer of security.
The deciding factor for choosing NordPass was single sign-on compatibility since it allowed us to use a single-set of Microsoft credentials to access the app. Another major thing that we are happy for was a secure and efficient way to share passwords in a corporate environment.
– Linas Būtėnas
Co-founder and Head of Research and Development at Super How?
Wonder how companies in other industries deal with their password management and cybersecurity in general ? Read more stories here.
If you are interested in acquiring a password manager for your company, do not hesitate to contact our sales representative and schedule a demo call to learn how NordPass Business can make password security at your organization simple and effective.