PASSWORD VAULTS

WHAT ARE PASSWORD VAULTS?

A password vault, also known as a password manager or password locker, is a software application designed to securely store usernames and passwords for various accounts. These credentials are encrypted for protection. Users can access all stored information using a single “master” password. This system encourages the use of complex passwords, as users only need to remember one master password, reducing the risk of passwords being stolen or compromised.

WHY ARE PASSWORD VAULTS IMPORTANT?

In companies all over the world, people still use weak passwords or reuse the same password across multiple accounts. Such practices enable cybercriminals to steal passwords and easily breach enterprise networks. Passwords with privileged access are particularly attractive to cybercriminals, as they can use this single “key” to access numerous resources for malicious purposes. The risks of such attacks increase when organisations don’t properly manage their passwords. A password vault is one way for organisations to minimise the risk of password-based cyberattacks.

PRIVILEGED ACCESS MANAGEMENT – PAM

A password vault is a key element of Privileged Access Management (PAM). It is ideal for organisations that need to securely protect user accounts in a centralised manner. The application is user-friendly, as users don’t have to remember multiple passwords. It also helps enforce password best practices and protects the enterprise from external threats. PAM is best suited for enterprises that need to monitor, manage, and protect privileged accounts. PAM isolates the control and use of privileged accounts with granular Role-based Access Control (RBAC) to minimise the risks of accidental or malicious credential misuse. PAM also enables organisations to automatically create audit logs and meet compliance requirements set forth by GDPR, ISO/IEC 27001, and other standards. PAM consists of a password manager, an access manager to manage user access, and a session manager to detect, prevent, and terminate suspicious activities. When implemented as part of a broader cybersecurity strategy, PAM can reduce the overall attack surface and mitigate security risks.

MAIN BENEFITS OF PASSWORD VAULTS

Here are the nine main advantages of using password vaults or password managers in your business.

• One password to rule them all – Stores all your passwords in one account. The master password is the only one to remember. You can link it with biometrics for fingerprint access.
• Generate random passwords – Creates strong, random passwords for each account. This protects against password-cracking programs.
• Simple access to multiple accounts – easy login with a browser extension that autofill logins securely.
• Easily change your passwords – Simplifies password changes and resets. You can use a built-in password generator for new passwords. Some managers can reset passwords with one click. You also have the option to periodically change all passwords for optimal security.
• Use the convenient autofill feature – Safely stores personal details for form autofill, instead of using the web browser.
• Share passwords securely – Allows you to share passwords for joint accounts with family or co-workers. You can control who has access to shared passwords.
• Store more than just passwords – Securely stores answers to security questions, shopping profiles, memberships, medical prescriptions, and more.
• Use the same password manager across multiple devices – Provides access to passwords across mobile and desktop devices and supports app passwords.
• It’s time to take IT security seriously – Secure, frequently updated passwords are effective protection. Password managers generate robust passwords to guard against reputational damage and loss of revenue.

WHICH PASSWORD VAULT SHOULD I CHOOSE?

There are a plethora of password vault vendors to choose from. In 2024, these are considered to be five of the best.

SECURE YOUR PASSWORDS WITH ZHERO

Zhero is London’s #1 IT business IT support and cybersecurity company for SMEs. Crushing your IT chaos, and protecting your devices, network and precious data is our business – not yours. Password management forms part of our tailored Protect IT Better package. Protect IT Better has been carefully crafted and developed to proactively nurture and build a sustainable cybersecurity environment giving your business a competitive advantage. We’ve incorporated the most advanced technology-as-a-service innovations and created Protect IT Better. Want the best cybersecurity for your business that that money can buy? Reach out to us today. We won’t disappoint.