Why You Should Be Using a Password Manager

Whether it be for email accounts or social media management or any number of other things, most businesses need to make use of several different online accounts.

This leads to the creation of many passwords, which can slow businesses down with the amount of time it takes to find and enter the right password for each site. It can also lead to unacceptable security breaches, such as writing a password down or setting your computer to remember it each time.

A password manager (such as LastPass or Bitwarden) makes all these problems go away. Here are just a few reasons why you should be using one...

You Don’t Have to Rely on Memory

The obvious benefit of using the manager is that you never have to remember another password again. The machine remembers it for you, also eliminating the need to write your password down somewhere.

Most websites these days offer a ‘remember password’ option but when using a manager you are far more secure. When you remember a password on a website you are giving that website access to that password. More than that, any hackers that can access that website can now access your password.

Fast Access

The convenience of having a password manager cannot be overstated. With a single click you can access any password you have saved in the manager. Any member of your company that is allowed access to the manager can access what they need with a push of a button. This cuts down on the time spent struggling to recall a password or waiting on a superior to give it to them. 

If you have some concerns with giving all your employees access to all your passwords, worry not, for within the manager you can restrict access to certain passwords as you wish.

Stronger Passwords

For many, a password is the only form of security they have to keep people out of their secure networks. Just last year, a hacked password led to havoc being wreaked upon the largest oil pipeline company in the world, Colonial Pipeline. Hackers managed to get a hold of a single password and used that to launch a cyber attack on the company, effectively shutting off half the country's fuel supply. The company chose to pay the ransom, which is known to be anywhere between $2-6 million. A single password cost them millions and could have irreparably damaged the US economy. 

When making a password we will usually make it something we can easily remember such as: ‘Password123’. It’s also common to use the same password for all our logins. If we make use of a manager to hold our password for us, it means that we can now use far stronger and more secure passwords that could never be remembered off the top of our heads. For example: he69Ck3Z7yLs9fB4. Try remembering THAT without writing it down. Unguessable passwords held in a hacker-proof virtual vault; the peak of password security.

In Summary

If you want to keep your business safe, invest in a password manager. It is an inexpensive tool that could run less than $5 a month to use that ensures your business is more productive and secure.

Do you want to learn more about virtual tools for your business? Book a free 45 min consultation and let the experts at Little Pig Consulting handle it for you.