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Password Manager for Business: Prevent a Headache You Do Not Need

Chad Hammond

Many people around the globe are working from home and contributing to their company remotely. But how secure is remote work? What cybersecurity challenges does it face? And what can be done to mitigate the risks remote work poses?

During the global COVID-19 pandemic, as lockdowns are in place all around the world, working from home has become more prevalent than ever. Many businesses had to face a variety of issues while transitioning to remote working. One of the main challenges has been, quite obviously, keeping their operations secure and efficient.

Remote working is tricky — no doubt about that. We are required to use the internet as the medium for communication and collaboration for what would normally be a face-to-face interaction. We often need to share sensitive data such as internal company documents and even passwords. This poses a cybersecurity risk that should not be overlooked. Today, we’ll be looking at what risk business operating remotely face and how those security risks can be mitigated.

Alarming rates of cybercrime

It’s true that the story of 2020 was the story of the global COVID-19 pandemic. But there is more to this story. Often dubbed as the worst year in recorded history, 2020 will also be remembered as the year that changed our relationship with digital technology and exploded with cybercriminal activity.

A recent PTSecurity report notes that cybercriminals are continuing to seize the moment as more and more businesses move to working remotely. Since Q2 of 2020, cyberattacks on companies have grown by 12%. The report states:

Due to the pandemic and the mass transition to working from home, many companies have made additional services available on the perimeter for the first time. Weak protection in many cases has given more opportunities to attackers.

A Trend Micro analysis has revealed that in Q3 of 2020, some 3,818,307 spam messages, 1,025,301 hits on malicious URLs, and 15,513 malware files (all related to COVID-19) were detected. As we look ahead to 2021, cybercriminals are expected to focus on businesses using Remote Desktop Protocol attacks to gain unauthorized access to corporate networks via employees working remotely.

Why do you need a password manager for business?

Cybercrooks are getting better at what they do with each passing day. Think about how many new headlines concern data breaches these days. Common sense alone might not be enough to protect you or your business. It’s 2021, and having a password manager for business should be a no-brainer.

During the lockdown, spam-related cyber attacks increased by a staggering 400%. Social engineering attacks, including blueprinting and spoofing, are on a rise. And passwords are often the main target of such cyber attacks.

However, sometimes, cybercrooks don’t even need a sophisticated scam to get hold of your passwords. A recent survey revealed that almost 70% of people share passwords with their co-workers, often in plaintext over unsecure and unencrypted channels such as email or messaging apps.

This happens to the best of us. Take the recent Mensa story: turns out that the smartest people in the world kept their passwords in plaintext, which resulted in the Mensa site being hacked. Consequently, sensitive data was leaked, and the rest of this story we’ve heard far too many times.

So, it should go without saying that a password management solution is a must for any organization or business operating remotely. It not only mitigates human error but also allows for more secure collaboration efforts where passwords and other sensitive data has to be shared.

Must-have password habits for business in 2021

  • Secure password sharing

In today's internet-connected world, sharing passwords should be secure and simple. In the context of business, security is of the utmost importance. The best setup for sharing passwords is to employ end-to-end encryption so that sensitive data is always protected even when being transferred. Secure password sharing is made possible with the help of password managers such as NordPass. With NordPass, password sharing is not only safe but also simple and quick, which helps maintain operational effectiveness.

  • Create strong passwords

Passwords are the basis for all of your cybersecurity efforts. This is especially true when it comes to business. Unfortunately, people often use a single password or variations of it for most of their online accounts. What’s even worse is that people tend to use simple and easy-to-crack passwords. Our own research revealed that “password” is still one of the most common passwords people use. This is an obvious security risk that could turn into a disaster. It is extremely important to educate the workforce on what a secure password is and what its requirements are. Password managers usually make this process a whole lot easier thanks to password generators, which are inbuilt features of password managers that are designed to create strong and unique passwords.

  • Manage access to business passwords and vaults

In a business setting, controlling and managing access to sensitive data is critical. Knowing who has access to what can prevent a data breach. With a reliable password manager such as NordPass, companies can easily manage their employees' access to passwords. You can revoke or grant password privileges depending on your needs. This also mitigates the risk of a horrific situation where, for instance, an employee leaving the company on bad terms is able to remain in full control of the company's passwords and do as they please.

NordPass Business at your service

Everything starts with a password. It’s the first line of defense. With NordPass Business, you can bring peace of mind to your company when it comes to password protection.

Designed for complete security, NordPass Business comes with a user-friendly interface and a variety of handy features. You can easily manage all the active users within the Admin Panel — a single platform where you can grant and revoke privileges or create, delete, and suspend users. Secure password sharing is another feature that greatly reduces the risk of exposing your company’s sensitive data to devious third parties. With NordPass Business, your employees don’t need to memorize tens of dozens of passwords. In fact, they don’t need to know them at all.

Here’s what else NordPass Business offers for your company:

  • Pay for active members only.

  • Add more members when your business grows.

  • Top-level security and ease of use.

  • New features at no extra cost.

We’re here to help

If you have any questions, we are happy to help. We also offer training opportunities for your team to get the feel of NordPass Business quickly and easily. Feel free to contact us at [email protected] for a product demo call.

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