Modern organizations face a hard time keeping company passwords secure. There are multiple user endpoints on the cloud, and it is difficult, if not impossible, to keep a close tab on every user. Additionally, non-human identities on the cloud — such as autonomous devices and shared accounts — complicate the tracking process.
Therefore, modern organizations should consider eliminating traditional password management methods that may expose their credentials to unauthorized users. With the rising threat of cybercriminals, teams need to prioritize password security to prevent the infiltration of entire networks. And the first step involves identifying the most vulnerable password management practices and avoiding them at all costs.
TeamPassword’s dedicated password manager can help teams protect their company passwords without fuss or complex steps. Sign up for a trial to optimize your password protection processes.
Concerns with Company Passwords
Company passwords provide access to confidential business secrets and privileged information that have a large-scale impact when they fall into the wrong hands. Compromised business processes, irreversible damage to customer trust, and financial losses are just some of the many possible issues that may occur.
Additionally, there’s the need for occasional password sharing among teams and role handovers when an individual leaves the company, which further complicates the steps required in securing company passwords.
Manual password management processes such as multi-access spreadsheets and shared Word documents are becoming extremely risky with remote operations.
Securing company passwords requires going beyond on-premise systems to achieve reliable management across multiple remote locations.
Email Is a No-Go
While sending email password details via a self-addressed email seems like a foolproof way to remember login credentials, it is highly vulnerable. Most emails appear unencrypted, in plain text that third parties can easily intercept and exploit.
Additionally, a delivered email appears in multiple folders — i.e., sent or inbox folders, and even locally cached directories — which means that hackers have various options to hijack the credential.
The same risk applies to password creation on a website (i.e., signing up for alternate office email accounts), where sites may send users a reference of the default credentials via email. In such cases, users should immediately replace the default password or pass it through an encryption program.
Avoid Local Password Storage
Local password storage is convenient but highly at risk — especially against insider threats. Insider threats have been a lingering issue among various organizations, where aggrieved ex-employers hijack an enterprise network to cause disruption, potentially resulting in heavy financial losses and damage to professional reputations.
Local password storage may come in the form of a stick-it note by a workstation or located within a folder on an office device. Either way, former employees may find their way to unauthorized credentials (i.e., a seemingly casual visit to the workplace or remote access to the organizational network via backdoor programs).
Instead, companies should keep passwords managed on the cloud, where confidential data is constantly monitored by IT specialists and safeguarded by advanced cybersecurity measures.
Similarly, choosing cloud storage is a much safer option in every way, you can also use virtual data rooms that allow you to store passwords and all sensitive data in a secure location, so you can eliminate these kind of risks.
Strengthen Company Passwords
The best password security systems will be rendered ineffective with weak passwords. These include repeated digits (i.e., 5555, 9999) or birthdates. In addition, malicious parties can quickly “force an entry”’ by flooding a series of combinations until they hit the target.
Employers can avoid the risks of weak passwords by providing teams with regular cyber hygiene courses and conducting tests to gauge learning and awareness. Additionally, users should regularly change their passwords. Hackers and cybercriminals constantly seek novel ways to crack a security system, and consistent password changes will prevent the risks of a compromised combination.
Employers may enforce employee policies for stronger passwords that include numerals, symbols, and a mix of upper- and lower-case letters.
However, a complex combination might prove difficult for users to remember, especially when a workplace requires multiple passwords. Consecutive failed logins may lead to logged-out accounts and a dip in productivity, especially in time-sensitive environments (e.g., the healthcare industry).
TeamPassword’s dedicated password manager includes an advanced password generator that creates and records complex strings of combinations for immediate use. Sign up for a TeamPassword trial to optimize passwords without remembering them.
Never Trust P2P
P2P (peer-to-peer) programs such as messaging platforms enable teams to communicate and collaborate seamlessly. However, users should never consider them as a secure password storage alternative despite encryption features.
These applications are generally built to support small organizational teams (i.e., 10 or more users) and lack a centralized data management server. Therefore, each user is fully responsible for managing data across their channels, and data such as precious password credentials reside on local machines.
Therefore, a malicious third party that accesses an open chat may view and compromise the passwords stored in its message cache. Unauthorized users would have full access to the information as though they were the account owners. At the same time, a P2P network lacks the means to identify, authenticate, or track permissions for an account.
TeamPassword – The Solution for Secure Company Passwords
TeamPassword offers a dedicated password manager that safeguards your office passwords, from the office and via your mobile devices. The program runs smoothly on an intuitive interface, enabling office admins to add or remove a password with a few clicks.
Through the use of an encrypted master key, decision-makers may entrust team members with temporary access over accounts to complete tasks in their absence while maintaining optimal security. Every password stays salted and peppered to keep them safe from prying parties.
Additionally, TeamPassword’s organized dashboard maintains uncompromised transparency among users, tracking every password activity to offer organizations peace of mind.
When it comes down to company passwords, a single breach could lead to devastating consequences for the entire organizational network. Sign up for a TeamPassword trial today and protect your most precious passwords and assets without the risks and guesswork.