What if we told you that 81% of hacking-related breaches result from weak or recycled passwords?  

Sure, regularly changing your password can feel like a chore.

However, it’s critical if you want to strengthen your cybersecurity and protect your business.

That’s because once cybercriminals access your password for a specific account or site, they’ll try it on hundreds of other different accounts. And if you’ve been using the same password for every one of them, they could gain access to sensitive information and cause great damage to your company.  

And while employees might not be aware of the impact of using weak or recycled passwords for your business, it’s your responsibility to train them on this issue.  

After all, 73% of users duplicate their passwords in both their personal and work accounts!

The Benefits of Using a Password Manager  

Using a password manager has many benefits for your company.

Here are some of the main ones:  

• Enhanced security: Password managers are designed to generate and store strong, unique passwords for each user account. This reduces the risk of password-related attacks, including brute force and dictionary attacks.  
• Increased productivity: Retrieving a forgotten password can be time-consuming. With a password manager, employees can easily log in to each one of their accounts without having to search for passwords. This reduces frustration and saves time and, therefore, money for your organization.  
• Simplified password management: A password manager allows administrators to grant or revoke access to employees as needed.  
• Compliance with security standards: Many security regulations, including HIPAA and PCI-DSS, require strong password requirements. A password manager helps ensure your business complies with these regulations.  
• Cost savings: A security breach can cost your business thousands or more. Using a password manager reduces the costs associated with password-related attacks.  

How to Choose the Best Password Manager?  

Not all password managers are created equal.

Consider these three factors when choosing your password manager:  

• Usability: Your password manager should be easy to use for you and your employees. It should feature functionalities such as auto-filling passwords, secure storage, strong password suggestions, and the ability to securely share your credentials.  
• Simple onboarding and offboarding processes: Your password manager should allow you or your administrators to easily grant or revoke access to resources. This facilitates the onboarding and offboarding process, saving time for your admin team and allowing your new employees to get up and running quickly.  
• Administrative controls and monitoring: Finally, your password manager should allow you to monitor your business’ password hygiene, build compliance, and ensure each employee is using your company’s best practices.  

Conclusion  

Investing in a reliable password manager will help improve your overall security posture, reduce the costs of weak or recycled passwords, save you time and money, preserve your reputation, and increase your bottom line.

Present offers the password management solution PassPortal from N-able. With features such as password autofill, password rotation, and automated password changing, Passportal makes it easy to enforce password security best practices across your organization.

At Present, we are on a mission to help clients like you implement the best cybersecurity practices to protect their sensitive and valuable information. Contact us to learn more about our services and see how we can help protect your business.