Why You Need a Password Manager

In this video, our very own Matt Moline gives several reasons why you absolutely need a password manager for your business (not to mention your personal life!).  He also runs through some of the features of the one we have come to love called Dashlane. 

So why should businesses start issuing password managers to their employees?

Simply put, the risks of not using one are just too great.  Between 2020-2021, 52% of small to medium-sized businesses were affected by ransomware or stolen credentials.  As that number is only going to rise, it’s not just a good idea to have a password manager, it’s a necessity.

Recent reports have shown that cyberattacks are up 600% from 2020. A quick Google search, or glance at the evening news, and you can see that cybercrime is a continually growing issue and one that is only going to get worse over time.

Despite all these statistics that reveal how prevalent cybercrime is, and how much it impacts organizations, data shows that over 50 percent of Americans use the same username and password for all their logins. This is a huge security risk because one stolen credential can be used to gain access to all the accounts (banking, credit cards, e-mail, you name it) that share the same credentials.

The truth is, we can all do better and avoid unnecessary risks when it comes to password management.

A password manager helps us accomplish the goal of creating unique, complex, and ridiculously strong passwords for each account that we have, keeping them secure, which in turn keeps our data protected.

Password managers are applications that generate new, random passwords for all the sites you visit. It stores these credentials for you in a secure, encrypted, virtual vault that you access with one master password.

Once installed on your phone or as a browser plug-in, when you visit a site or open an app where you need to log in, the password manager automatically fills in your login name and password for you.  No more passwords to remember!  The app does it for you.

The best password managers will also let you know if your existing passwords are weak, reused, or have shown up in a data breach.  Dashlane shows you this in real time and even gives you a password hygiene score.

So, as you can see, having a password manager for your business is something that is easy to adopt, provides a high degree of password integrity and security, and is absolutely essential as part of your overall cyber-resiliency strategy.

If you’re interested in learning more about implementing a password manager or increasing your cyber-resiliency, give us a call or drop us an e-mail.  We’d love to hear from you!

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