Try to imagine this scenario: It’s a beautiful Monday morning, and you just sat down at your office computer after a long and relaxing weekend.
Sipping on your warm coffee, you're ready to get started with the week’s tasks, only to realize that you’ve been locked out of all your accounts.
Were the passwords reset by the IT administrator? Did you accidentally disconnect from the corporate network? That feeling in your stomach and sweat on your forehead is how it feels when you realize that all your accounts have been compromised. Who on earth has access to your accounts, your information and data? How did they get through your security?
In an age where security breaches, identity theft and corporate espionage is on the rise, password management software is an absolute necessity in any organization.
More than 60% of small to medium size companies face a cyber-attack at some point, and according to the National Cyber Security Alliance, the majority of these businesses close within 6 months from an attack.
Based on industry and government reports, almost 90% of cyber-attacks are initiated with stolen passwords from employees. In recent years, 17 of the biggest companies have suffered some type of cyber-attack costing them millions of dollars in damages. In 2013 for example, Yahoo confirmed that it had 3 billion user accounts compromised. The breach knocked an estimated $350 million off Yahoo’s sale price before being acquired by Verizon in 2016.
Can Employees Be Trusted With Passwords?
While employees are free to manage their personal passwords in whichever way they please, company accounts are a completely different story.
Allowing employees to decide how to manage company accounts can be dangerous.
In a lot of cases, employees will use insecure methods to save accounts such as using Word files, Excel spreadsheets, or even a sticky note on the front of their computer screen to store details. The risk of having passwords stolen from such unprotected mediums is much higher than using the right software.
Other employees may instead choose to use their own personal software. Management may see this as a method to ensure protection without added cost.
Single users do not have access management to group passwords, however. Nor do they always set standards for passwords that match company protocol. In the future, they could leave the company with corporate login details still in their accounts. Naturally, these are valid security concerns.
To top things off, consider the following password statistics:
- Some employees are prepared to sell their password for as little as $150.
- More than 20% of employees routinely share passwords with others.
- Majority of users use bad passwords such as blank passwords, “123456”, “password” or "1" when they are given the authority.
- 56% re-use their passwords across personal and corporate accounts.
- 21% of passwords are over 10 years old and 47% are over 5 years old.
- 73% of all passwords are duplicates used for accessing other accounts which means one stolen password may be used to access multiple accounts.
Why Use A Password Manager?
Password Managers are designed to manage a user’s personal details securely. We all enter our information online, whether it's a bank account login, our social media accounts, or an e-mail password. Most users have dozens of accounts. Team members in business may have hundreds. All of them protected by usernames and their corresponding passwords.
Most password managers can recognize duplicate and weak passwords. If it registers as such, they prompt the user to either create a stronger one or to generate a stronger key randomly.
Password Management For Enterprise
The average consumer level password manager is enough for the needs of a single user. However, the enterprise world has much higher standards for security.
IT staff need a central point of collection, or a team password manager should a user lose access. Admins must also be able to manage details for shared accounts and to set and revoke permissions. Moreover, enterprise level managers can store all kinds of data, not just login details; licenses for certain software, activation keys and serial numbers to name a few. Some options store files of all format types.
The right software can lift much of the burden that server admins endure. Those running an IT system often deal with regular interruptions. Members of the team forget passwords and a simple password reset usually does the job. Corporate password managers perform many of these functions automatically.
Password Management For Managed Service Providers (MSPs)
Managing passwords for the enterprise is stressful enough. Now take that stress, and amplify it by 1000, that’s the load that Managed Service Providers (MSPs) face due to the ever-increasing number of privileged passwords they need to manage for themselves and their clients.
Without appropriate management tools, this can lead to a haphazard style of password management where the administrative passwords (which grant unlimited access privileges on the IT assets) are stored in plain text in volatile sources like sticky notes, spreadsheets, printouts and text documents, insecurely shared among technicians without relevant protection, leaving the client organizations open to security attacks.
Earning and sustaining the trust of customers is essential for all businesses, more so for MSPs. Lack of proper password management could destroy the very foundation of trust.
Password Management Software Features To Look For
Using password management software for enterprise enables the separation of personal, single-use accounts and shared details.
One of the best features of enterprise password managers is access to central dashboards. These dashboards allow security engineers to check user activity and aggregate data. Many include interesting visualization tools that make it easy to monitor behavior and security practices.
Analyzing employee habits can help improve and reinforce your company’s password practices.
Enterprise Password Management Using Myki
Myki for Managed Service Providers (MSPs) is the perfect solution to securely and conveniently manage your client’s passwords in a streamlined and scalable manner. You'll have the best of both worlds, having the ability to not only safely and securely manage the accounts and sensitive information of your MSP, but also for all of your clients.
Stay on top of your client’s security status using the smart dashboard and improve your security score by keeping passwords unique and complex.
The Myki for MSP portal allows you to manage your clients, licenses and your own team from within a single web application. Simplified invoicing and billing allow you to generate and share individualized invoices with your customers with clear reporting history and statuses from a centralized dashboard. Our advanced security features allow you to create advanced access control rules, enforce two-factor authentication and maintain a secure infrastructure.
Keep your client’s passwords organized in user groups and item folders. On-board and off-board new users with one click. Invite collaborators easily and provide limited access.
Our MSP solution is designed to keep your sensitive data stored away from the cloud. Only you hold and control your data. Built-in Multi-Factor authentication is at the core of the product which provides a strong layer of protection for your business that can only be offered by an offline solution.
Unauthorized use of passwords is one of the most common methods of entry in data breaches.
Using a strong and reliable password management software like Myki for MSPs has a reputation for high-security standards and will minimize the risk. Whether you run a small 10-person business, or a 1000 employee enterprise, the centralization of your password management is crucial.