Password management tools are software programs that put up enough security and safety mechanisms in place to ensure there’s no password breach.
Your employees can use the program to generate random, high-security passwords as per the industry best practices. They don’t have to worry about remembering them either, because these tools have built-in mechanisms to store the passwords securely and retrieve them automatically when needed.
All passwords are encrypted and stored privately, so no one, other than the authorized user has access to their passwords.
It takes care of timely password update reminders and password reset, so you don’t have to worry about them.
Password management tools make it easy for you to enforce role-based access permissions. For example, a data entry executive may be able to enter data into the sheet only once, and may need authentication from the manager to edit the data, or only someone at the managerial level may be allowed to make edits to the data.
Some password management tools support multi-factor authentication, thus helping you make this important security feature a part of your data security process.
Password management tools also offer administrators and managers full view of the log-ins and also generate detailed access reports. You will know which user logged in, at what time, using which device. Some password management tools can send alerts when there’s a log-in from devices, networks or locations that are unusual.
There are a variety of password management tools available in the market. While their basic function is the same–keeping your passwords secure, password management tools can offer you a lot more in terms of data security. Consult with an MSP who deals with cybersecurity as they can help you pick the password management tool that’s right for your business. But, remember, at the end of the day, there’s no substitute for good password hygiene, so no matter what tool you deploy, you still need to educate and train your employees to follow good cybersecurity practices.