Password management is an important part of the overall security of a network and user accounts. Passwords need to be updated from time to time and managed carefully to keep them secure. The more the password is used, the more likely it is to be compromised at some point.
If someone uses your work email address and password to shop online, a data breach could give a cybercriminal the key to all the sensitive data the user has access to at work. From there they could enter the entire network.
It’s easy to blame the employee for recycling work passwords for consumer use, but organizations are also responsible for not improving their password management strategies. The lack of password management solution and password security puts the group at higher risk of credential stuffing.
How do Companies Ensure the Correct Management of Company Passwords?
The lack of processes, insufficient resources, and insufficient emergency situations are all contributing factors. All these factors help in creating a robust password management strategy.
1. Next, the technology must be adapted to appropriate role-based access. That is, multiple people should have access to credentials and passwords when they are properly delegated to multiple people or groups.
2. The solution must have adequate verification and reporting tools to demonstrate when and by whom passwords were recovered. These features are absolute requirements for any enterprise-class password manager, but they don’t address core business needs like password upgradation and third-party integrations that make each solution truly useful.
3. Ultimately, real risk reduction can only be achieved if the scope of use is appropriate. Password managers should manage all accounts that may have access to confidential data and infrastructure.
A compromise on any of these accounts or resources can result in an attack vector that can bypass a password manager that is provided with a very limited scope. Coverage is important. And an enterprise-class solution with enough coverage is the only way to protect the multitude of passwords a typical business might need to manage.
And don’t forget one of the most important aspects of managing privileged access: Hackers target passwords with admin access because they are your “keys to the kingdom,” and if your password manager is “full” of privileged accounts, you likely have a lot of administrators and admin accounts in your day-to-day operations. The least privilege or removal of excessive admin and administrator rights is the correct strategy to resolve this issue.
Educate Your Employees
Many cybersecurity breaches can be prevented by applying strong security measures, such as Strong passwords and security best practices. By educating your employees about cybersecurity, you can protect your organization against some of the most common types of cyberattacks on businesses.
For example, phishing attacks using emails with spoofed domain names, allow attackers to impersonate legitimate websites or impersonate someone they trust to trick employees into clicking fraudulent links or revealing confidential information.
When your employees are familiar with security best practices, they can prevent a host of cyberattacks.
Password management is a highly crucial area that every organization should focus on. Updating the passwords from time to time and educating the employees about password management and data security can help organizations keep their user accounts secure.