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2021 has been a wild ride cybersecurity-wise. Defined by high-profile breaches such as the Reserve Bank of New Zealand hack, 2021 saw a staggering 50% increase in cyber-attack frequency. About 37% of all businesses and organizations were hit by ransomware. The numbers are alarming, and experts agree that this trend is here to stay. They expect an increase in cybercriminal activity in 2022.
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The financial industry was one of the most frequently targeted industries. Companies operating in this field are quickly realizing their cybersecurity risks and taking swift action to fortify their defenses. Today, we’re sitting down with Virginijus Girnius, chief operating officer (COO) at 1StopVAT to discuss cybersecurity and why it’s important when dealing with sensitive customer data.
1StopVAT: handling international taxes compliance for you
1StopVAT is an international indirect tax compliance company that focuses on helping organizations of all industries to become fully VAT compliant around the globe. In addition, the company offers indirect tax advisory services and innovative solutions for sales threshold tracking.
Cybersecurity in the financial sector: the backbone of trust
Due to the nature of the data that 1StopVAT handles for its customer base, it is natural that cybersecurity comes first. It’s the bedrock that cements the trust between the two parties.
We see that the whole industry is putting more and more effort into protecting themselves in order to secure themselves from cyber attacks as well as malicious insider activity. Us being in such a sensitive industry, we know we have a lot of sensitive information. Therefore, we are doing our best to secure it.
- Virginijus Girnius,
COO at 1StopVAT
With business growth, shared password files had to go
Password security without the right tools can be a challenge regardless of organization size or industry. While acquiring new clients and expanding its team and operations, 1StopVat realized that going forward, it will need to tackle password security head on.
Prior to adopting NordPass, we used to have a shared file, which was not even password protected. We would put all of our passwords there and that file would get shared around.- Virginijus Girnius,
COO at 1StopVAT
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A trusted family of cybersecurity products
With the password manager market saturated, businesses often have trouble making a decision. A variety of variables come into play, including security practices, ease of use, customer service, deployment procedures, and features. But for 1StopVAT, it all came down to a familiar name it already trusted via network security – Nord Security.
We didn’t consider other password managers, because we already had a great experience with other Nord Security products. The deployment and onboarding procedures were smooth and quick, and we got the feel for NordPass immediately. Now we’re looking forward to the launch of NordLocker solutions for business to further improve our security infrastructure.
- Virginijus Girnius,
COO at 1StopVAT
Making password security one less thing to worry about
Usually, getting hold of a new security tool can be a challenge for an organization. Getting to know the ins and outs of the tool takes time. But once the familiarization phase was over, using NordPass became a habit for the team at 1StopVat.
NordPass has definitely improved our day-to-day life and made it more secure here at 1StopVAT. I personally used to have the same password for all my accounts. However, after getting NordPass, I changed all my passwords and generated strong and secure ones. I definitely feel more secure now. Now password security is one more thing that I can relax about, and it’s all thanks to NordPass. I think the same goes for the rest of the team as well.
- Virginijus Girnius,
COO at 1StopVAT
Saving time with Groups!
Different strokes for different folks. Different businesses look for different qualities and features in products – that’s natural. What 1StopVAT loved about NordPass the most – and what they claim to be the feature that transformed the way passwords are managed in the company – is Groups.
We enjoy the Groups feature the most. This feature allows us to organize passwords neatly according to our particular needs. It’s also great that we can share credentials with the entire group at once, which saves us a great deal of time and makes our lives a whole lot easier.
- Virginijus Girnius,
COO at 1StopVAT
For more stories covering successful NordPass integrations at different companies, please visit our case studies page.
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 can make password security at your organization simple and effective.