How to Use Password Management in Marketing Technologies

A password management tool is something that every marketing team should use. One can save you a lot of time, and it could be what keeps your company in business. Intrigued? Read on, and I’ll explain how this simple security tool works, why you’ll never go back once you try one, and how to select the best password management tool for your needs.

What is a Password Management?

At a basic level, password managers store your login credentials. They keep them secure inside a password vault and save you the trouble of remembering multiple passwords. A single self-service password management password tool can work on all your mobile devices, laptops, and desktops, saving you from the dreaded password reset button and providing peace of mind. While capabilities are different across platforms, many will automatically fill out forms for you, suggest strong passwords, and help protect your sensitive data from cybercriminals.

This concept can also be broken down into privileged password management, which is more enterprise-level technology. Instead of managing passwords, privileged user systems monitor all programs. As a result, they can help you ensure regulatory compliance and even tell you what passwords your employees are using.

The Dangers of Leaving Password Management to Employees

People are bad at creating strong passwords. Although it may seem harsh, 23 million account holders use "123456", per DataProt. According to their research, the average password is eight characters long. Kim Komando, tech, says that if a brute force hacker wants access to the account, they can do so within eight hours. Most passwords are easy to crack in an hour or less.

People recycle passwords. According to Harris polls, 60 percent of Boomers recycle passwords despite being the least likely group. Gen Z leads the pack with 78 percent sharing passwords across multiple accounts. Based on ITP.net research that showed more than 22 million records being shared on the dark internet last year, 13 billion compromised credentials can unlock other accounts.

The same passwords are used for work and personal. Half of the population reuses their passwords between work accounts and personal accounts. Most passwords are only changed once per Hypr. If your company requires them to be updated at pre-determined times. This is not enough to protect your programs and data.

People make mistakes. According to Cybersecurity Ventures, two-thirds (33%) of data breaches occur in "inside jobs." According to the company, although these people are not necessarily bad employees or trying to leak sensitive information, they could unintentionally share data or fall prey to phishing schemes. The password management tool is a useful component of an access management strategy that addresses many of these issues. These tools can also identify phishing pages designed to steal password information. This helps reduce cybersecurity risk.

People can be reckless. Most people use unsecured methods such as spreadsheets and post-it notes to store passwords.

Enterprise Password Management: Why You Need It

According to HubSpot data, the average marketer uses 12 tools. Nearly one-tenth of marketers use 31 tools or more. This can be overwhelming. However, it only refers to marketing tools like social media accounts, email marketing platforms, and CRMs. This doesn't include time-tracking apps, file manager programs, or project management tools that can increase the number of passwords needed by a marketing team. Let's face facts. It doesn't make sense to use password management software if you have multiple accounts. You can't use the same passwords across all of them, and then you need to refresh them each time you need to protect yourself from hackers. Although single sign-on (SSO) is an option, not all platforms provide them. SSO does not address all human-caused problems.

Hacking is also a concern. According to research from Inc, nearly 50% of small businesses have been victims of cyber-attacks. Additionally, 60% of businesses will close within six months after an attack. Passwords are a common target. As a result, your company requires more security than your employees or a traditional tool.

Your company can also use enterprise password management tools to control the password types and who has access. You can share passwords or groups of passwords with users, but not the password. This is useful if the entire team uses one login to access a program that does not require separate logins, such as certain design programs. In addition, you can easily remove access to your data as necessary to protect your data when employees leave the company.

A single breach could ruin your company's reputation and marketing efforts. Imagine waking up to see your social media accounts cluttered with posts that you didn’t make, outboxes full of messages from clients you didn’t send, and your website loaded with malicious links. It doesn't matter whether the hacker didn't get sensitive data. Your trust will be affected, your business may suffer, your search engine ranking may drop on Google, or you might see a warning about a hacker's presence in your listing. Your marketing team is the external face of your company and must be vigilant to prevent a breach.

Trends in Password Management Market Growth, Impacts of COVID-19 and Forecasts (2021-2026)

Historically, Avatier (CA Technologies), FastPass, and Core Security Technologies have been the dominant players in the password management market. This is because people are wary about trusting new entities with sensitive data.

The market for password management has seen rapid growth in recent years due to the increase in work-from-home arrangements, the blurring of the line between personal and professional life, and the growing risks to companies. The industry is currently valued at $1.2 billion. Market dynamics are expected to increase the value to $3.1 billion by 2026.

What Features Should You Look For in a Password Management System?

Reputable platforms will use the National Institute of Standards and Technology ( NIST ) guidelines to determine their password requirements. It is the main standards organization in the United States, which sets the information security standards applicable to federal agencies. This makes it the best place to go if you must comply with HIPAA, FISMA, and SOX guidelines. The agency also issued a set of new digital authentication guidelines a few decades back. These details included details like allowing users to use up to 64 characters and having a minimum of eight characters for passwords.

You should look beyond NIST compliance to find features that increase security and simplify password management. Below are a few examples.

Multi-Platform/ Operating Systems Compatibility

The password manager should be able to work with Apple, Android, Windows, and Mac devices. In today's "bring-your-own-device" culture, there's no telling what type of device a team member might use at any given time.

Cloud Vault

Even though the most popular options are cloud-based, you should double-check that it is. This will ensure you don't have any worries about syncing and which devices have what passwords.

Password Generator

While most people can crack manual passwords in less than an hour, a good password generator will generate secure passwords that will take many years to crack.

Master Password Recovery

Each user will be assigned a master password that grants them access to the tool. You may wish to offer employees a self-service password recovery feature that allows them to reset their passwords. However, it is also useful to provide a password reset option for administrators.

Security

Consider choosing a service with multi-factor or two-factor authentication for enhanced security.

Encryption

End-to-end encryption, also known as zero-trust encryption, is another popular option. It keeps passwords secure while they are not being used and sends them encrypted, making your data even more secure.

Data Storage

You may wish to consider file storage and sharing if your team shares confidential items such as contracts.

Password Sharing

You should tie certain tools that your team uses, such as CRM logins or social media logins, to each user. This allows you to easily track who has touched what if audits are required. If you work with programs that don't require sensitive passwords, sharing passwords or groups based on a role can save you a lot of time.

Password Management Solutions: Examples

We've now covered the benefits of password management solutions and how they can be used to help your marketing team. Let's take a look at some actual tools that you will find.

1Password Business

1Password is one of the most well-known platforms. It integrates with many business tools and offers many features. You can choose to buy by the user, in groups, or get a free trial.

BeyondTrust

BeyondTrust, often listed alongside password management tools, is privileged access management (PAM) software. It provides password management and more robust tools for IT departments, such as session logging and analytics. In addition, it helps protect your company against data breaches by monitoring privileged accounts.

Bitwarden

Bitwarden is a free version that receives a lot of attention. As you might expect, the free version is quite stripped down and only allows two users. However, it has a great reputation and can be used if you have a small team or don't need advanced features.

Centrify Enterprise

Centrify, like Beyond Trust, falls under the privileged access management system software category. It will not only manage your passwords but also protect your company from privileged access abuse. This means that the software monitors all users granted access to the software to ensure they are using the items within their intended role or purpose and not taking actions that could endanger the company.

Team Password Manager

CommonKey is one of the newest products on the market. Because it is a browser extension, CommonKey works differently than the other products. It can be used with cloud-based applications. It provides most of the same features as larger platforms, including easy management of your team and a user-friendly interface. It's not compatible yet with all major browsers, but it's one of the most affordable options, and you can get started for free.

Dashlane

Most teams prefer a cloud-based vault that automatically syncs between devices to save time and avoid headaches. Dashlane might be worth a look if you prefer to keep your passwords local. You can also see the password health of your team members, as well as details such as weak passwords. It has an active directory that contains compromised passwords and will alert you if someone is using one.

Keeper Security

Keeper Safety is another option if you are looking for more robust platforms. It is easy to deploy passwords across groups, and it works with various operating systems, including Blackberry and Kindle.

LastPass Enterprise

Over the years, LastPass and 1Password have been fighting neck-and-neck. If one is better than the other in a particular area, the trailing version will do an update to match it or beat it. Both are comparable in price and have many of the same features. LastPass does offer a password import feature, though its Windows interface can sometimes be considered superior.

ManageEngine

While you are searching, ManageEngine may be mentioned. Centrify is the only privileged access management software provider. It's a close second. Users tend to rate it lower for features and higher for pricing.

Pleasant Password Server

You can use Pleasant Password Server or Password Secure if you are a DIYer or have an IT department to create a customized, locally hosted solution.

RoboForm For Business

RoboForm might be a good choice if you are looking for LastPass and 1Password alternatives but don't love the price. You can get all the basic password management tools you need for your team for a very low monthly price.

Zoho Vault Online Password Management for Teams

Zoho has a wide range of tools that you can purchase individually or in a bundle under the ZohoOne name. This includes everything from website builders to a CRM and email marketing software. You can either use Zoho Vault as a Zoho One customer or purchase it separately for a very low price. Although the company is trying to compete with 1Password and LastPass, it doesn't offer quite as much ease of use. However, it integrates with other password tools. This means that Zoho Vault could be a good option if your current service does not offer mobile device password protection but you don’t want to change.

Get Help Modernizing Your Marketing Team

Highly collaborative marketing teams use a variety of tools and work well together. A password management tool allows them to work more efficiently and protect their hard-earned money. As a digital marketing consultant and business coach, I can help small and medium-sized businesses find the right resources and develop their marketing strategies. If you are having trouble taking the next step in your business, unsure where to start, or if you have any questions about how to fix them, I can help. Get a free consultation.

You can also read this article on my website, How to Utilize Password Management for Marketing Technologies.

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