Excel spreadsheets have supported organizations and businesses for over 30 years. The user-friendly program has replaced tedious physical documentation and empowered professionals (e.g., accountants and HR managers) in making quick and efficient edits.
While Excel spreadsheets remain highly advantageous at the workplace, they lack the security features necessary for password storage and management. Specifically, when it comes down to quality password management, there are various must-have security features.
By leaving credentials in the spreadsheet, you are placing valuable assets at risk of manipulation and exploitation. Spreadsheet-based passwords will become more impractical as cybercriminals grow increasingly adept at cracking regular passwords.
TeamPassword’s dedicated password manager provides users with granular control over the security of their credentials. Sign up for a trial today to reinforce your passwords against sophisticated threats.
A Worrying Trend in Excel
Many organizations and individuals continue to use Excel spreadsheets for password storage despite rising cybersecurity concerns. Individuals may retain these risky practices out of convenience and because they have zero cost. The Excel spreadsheet has become a popular office fixture, leading some to use them for password storage.
While excellent for data processing and computations, IT experts never intended to design Excel spreadsheets for password management purposes.
Users should avoid using Excel spreadsheets for password storage due to the high risks of a data breach. With the rise of phishing, malware, and brute force attacks, a basic password-protected spreadsheet offers little to no defence for your sensitive information.
Excel Lacks Encryption
Some Excel spreadsheets may be password-protected, but these are inadequate in deterring skilled cybercriminals. Additionally, some individuals and organizations may continue to use outdated versions of Excel (i.e., Microsoft Office 2013 or older) that lack the most fundamental security features, making them an effortless target for hackers.
Alternatively, TeamPassword’s dedicated password manager offers encryption, an additional layer of protection for stored credentials.
The specialized program also offers a two-step verification process, making it even harder for a cyberattack. In addition, users may request one-time backup codes if they lose access to their authenticators.
Excel Lacks Transparency
Remote work arrangements and collaborations involve multiple user endpoints that are difficult, if not impossible, to track and monitor. In addition, Excel spreadsheets lack the security features to account for each password management activity.
As such, advanced cybercriminals may effectively impersonate an unauthorized user in exploiting and manipulating passwords in a spreadsheet while remaining undetected.
TeamPassword’s dedicated password manager offers a dashboard that reflects password management activities in real-time. You will be immediately notified of each user’s latest movements, enabling you to respond quickly to suspicious activities.
Excel Spreadsheets Are 'Transferrable'
Malicious parties can easily download an Excel spreadsheet from a backdoor program and spend time studying and decoding its contents from the comfort of their hidden location.
Similarly, users may accidentally or deliberately (in the case of disgruntled former employees) upload spreadsheets on unencrypted communication channels, exposing them to countless online threats such as traffickers on the dark web.
Alternatively, TeamPassword’s password manager stores all credentials on a remote cloud-based server, encrypted, hashed and salted against unauthorized parties. As a result, users may proceed with their daily tasks and activities while knowing that their credentials remain secure wherever they go.
TeamPassword protects your most valuable combinations with an accredited hosting provider that meets industry standards such as ISO 27001 and PCI Level 1. Sign up for a trial today to migrate your precious passwords to a more fitting location.
Messy and Risky Password Sharing with Excel
Password sharing is a sensitive process that requires a secure and consistent management structure. Excel documents lack the core features to facilitate active password sharing among multiple users. Each unprotected login may potentially compromise the security of every credential stored in the spreadsheet.
TeamPassword’s intuitive password manager makes it easy for administrators to share passwordsusing a heavily secured master password. Administrators may add or remove users on their accounts with a few clicks and receive email alerts on every user activity within their group. As such, users can collaborate with external vendors, partners, and teams seamlessly across complex projects.
Auditing Is a Nightmare with Excel
Modern organizations are required to fulfil and maintain the latest industry and cybersecurity compliances, including password management practices. Specifically, as more organizations migrate to the cloud, there is a greater need to account for every user’s access and privileges.
However, Excel spreadsheets lack the advanced features necessary in regulating PAM (privileged access management). Essentially, password management with Excel is manual, tedious and prone to human error. As a result, organizations may face significant inconsistencies and issues during the auditing process.
Alternatively, TeamPassword’s dedicated password manager offers activity and audit logging across all devices, users, and groups. Additionally, the specialized program offers routine vulnerability sweeps that detect and resolve suspected issues while constantly deploying patch updates to help users reach and maintain best practices.
TeamPassword – Ditching Spreadsheets
TeamPassword offers an advanced password management solution that fulfils the security standards required in the connected world. While Excel might continue to serve multiple functions at work, password management should not be one of them. A dedicated password manager will make it extremely difficult for hackers to compromise your accounts while optimizing login processes.
The leading password manager works seamlessly for desktop and mobile devices and offers browser extensions (for Chrome, Safari, and Firefox) that optimize online user experiences. Additionally, TeamPassword’s solution comes with a password generatorthat creates and stores strong passwords for your accounts.
Replacing your Excel files with a dedicated password manager safeguards your assets and credentials from preventable cybersecurity risks. Sign up for a trial now to enjoy accessible and secure password management synced and ready for when you need it the most.