A Guide to Choosing the Best Password Manager That’s Right For Your Business

Passwords, passwords, passwords. We live in the age of information, and passwords reign supreme when it comes to digital security. According to the Verizon Data Breach Investigations Report (DBIR), in 2019, 80% of hacking-related breaches involved compromised and weak passwords. That’s a huge number, which signifies that businesses regardless of their size still struggle to adequately protect their first line of defense — passwords.

But, for those looking for a way to boost their business security by deploying a company-wide password manager, the options are vast. So vast, in fact, that it’s easy to lose focus on what to look for. But have no fear! Today, we’re looking at how to find the best password manager for business. Let’s dig in.

What to look for in a password manager for business

Choosing a password manager for personal use is one thing, but finding one that suits an entire organization is a whole different ball game. This is mostly because, when you’re deciding on a personal password manager, you’re looking at the things that are important for you personally. However, when you have to make a decision about the best password manager for business, you have to look at it all from a different perspective.

When opting for a password management solution for business, you need to consider the needs and preferences of your team, as well as the peculiarities of your business. One option might be naturally more suited to your set of needs.

Here are a few pointers that will help you make the right choice for a business password manager.

Vendor’s credibility

Check the credibility of the vendor providing the corporate password manager solution. Learn as much as possible about their privacy policies and whether the vendor uses appropriate security measures to properly protect your data. Check their track record of data leaks and breaches and whether the solution’s security has been independently audited by a third party. Also, ask where they store data and whether they own their servers or use third-party ones. If they run a rented data center and others have access to it, it could make your information more vulnerable than you’d want it to be.

Security features

Password management is fundamentally about security. It is, first and foremost, a tool that will be tasked with protecting some of your most sensitive business data. So, before you opt for a business password manager that offers the best deal, take a minute and look into what you’re getting. Fortunately, the majority of business-oriented password managers provide advanced encryption. You should accept no less than end-to-end encryption as it’s the only way to ensure your data’s absolute security. Another security layer that you should look for in a business password manager is Multi-Factor Authentication (MFA). But remember that the offered MFA options need to suit your users and your organization’s technology.

Cross-platform compatibility

In a business setting, the password manager’s cross-platform compatibility could make or break the deal. Take into account all the technology that your company uses to see whether the password management solution is compatible with most if not all the devices. Whether it is Windows, macOS, Linux, or any mobile device, a password manager in 2021 should be fully compatible with all of them. Reputable password managers usually offer corporate password management solutions with automatic sync features, which allow for a quicker, easier, and safer access to sensitive data.

User friendliness

There’s only so much a password manager can do if you and your team can’t use it effectively. If possible, get a trial version of the password manager you’re considering so you and your team could check whether it’s a fit. A good password manager for business should have an intuitive UI that enables users to use it efficiently and without distractions. A business solution should also include an Admin Panel, which should be a single place for solution admins or owners to easily and effectively manage members of the organization.

Customer Support

The importance of good customer support is often underrated. But, if something goes wrong, all your accounts could be at risk, and that’s when you need to be sure you can rely on customer support to provide quick, clear, and successful troubleshooting.

Top providers often include detailed help centers along with 24/7 customer support, and some even provide a dedicated case manager.

Additional features and tools

Many reputable vendors of password managers offer a whole set of additional tools for their business clientele. While additional features and tools can make your life easier, be sure not to concentrate entirely on them. Primarily, they need to be practical for your cause. Tools such as Data Breach Scanner or Password Health can be of tremendous help. A Security Dashboard allows solution admins to be aware of any critical situations within the organization that have to do with passwords.

Bottom line

There are more than a few password managers out there, and choosing one that fits your business can be tricky. The key is to take your time and avoid the mistake of going for the cheapest option on the market. There’s a saying – if you get a product for free, you’re the product.

See if there is an easy way to scale the solution as your business grows. Learn whether you’re in full control of the solution and whether it’s you who can add, remove, or terminate members’ licenses. Choosing a password manager for business can also be a great way to take a different look at your company. Remember — a password manager doesn’t just make things easier for your employees but also keeps your business information secure from prying eyes.

If you are interested in NordPass Business, do not hesitate to contact us and schedule a demo. We’re here to help you with all your security needs!