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How to Choose the Best Password Manager for Business

Properly securing your data is one of the most important obligations that entrepreneurs are tasked with. After all, the cybercrime industry is estimated to reach $6 trillion and worth by the beginning of 2021.

Incorporating a reliable password manager is a big step toward safer data. But, not everyone knows where to look for while choosing one. 

Not quite sure how to begin? We’ve got all the info you need.

Let’s explore everything you should keep in mind when it comes to when choosing the best password manager for business purposes.

Quality Password Generation

As you may expect, one of the most important attributes of a quality password manager for your company is its password generation algorithm.

To elaborate, the safest passwords are ones that include random strings of numbers, letters, and special characters. So, there’s a huge difference between a password like waves96 and d#gz8q5^56wtr%2sb.

It’s also important to understand why these complicated passwords are integral to optimizing your data security. Many hackers implement a method known as ‘brute-force hacking’ when looking to compromise information.

As the name suggests, this involves repeatedly guessing a potential password over and over again until they’re able to find the right one. Hackers typically make use of a large number of compromised computers to help facilitate this endeavor.

So, a long, complex password is exponentially harder to guess than a shorter one.

Secure Access

A password manager won’t do you much good if anyone who is using your device is able to access the passwords stored within the software. Instead, your password manager should require a master password before any other information is displayed.

Otherwise, all somebody would need is your device’s login info in order to gain access to all of this data.

Since businesses are inherently more at risk than individual users, it’s best to choose a password manager that has two-factor authentication. This will allow you to prevent unauthorized access to your list of passwords, keeping your data far safer.

End-to-End Encryption

The only way to keep your data as secure as possible is by incorporating end-to-end encryption.

This term simply means that nobody but the user is able to access password information. If a password manager’s provider is able to see password data, then a data breach that occurs at this company could cause your information to get leaked onto the Internet.

In combination with brute-force hacking and other traditional hacking methods, you could quickly find your accounts compromised by a third-party. It’s important to know, though, that you’ll be entirely responsible for remembering your master password since your provider won’t be able to facilitate access to it if you forget it.

As such, you should take the appropriate measures to ensure this information doesn’t fall into the wrong hands. 

Browser and Operating System Support

In general, most password managers will have no trouble integrating with popular browsers and operating systems. This is particularly important for businesses that don’t always use the most current version of a software.

Common reasons for this include the fact that older software occasionally has more favorable licensing terms. In other scenarios, newer software can actually make the use of certain programs impossible.

This type of incident was a point of contention regarding Apple’s Catalina operating system, as it made the vast majority of 32-bit plug-ins unusable. Businesses that made use of software that was only offered in 32-bit format found themselves either searching for an alternative solution or downgrading to a previous version of their OS.

Keep this in mind when browsing potential password manager options so that you can find one that accommodates all of your company’s needs. Otherwise, you may find yourself spending additional time while searching.

Ongoing Development

Unfortunately, cybercriminals are continually making advancements in the techniques that they use to compromise data. This is one of the primary factors why the cybercrime industry is projected to be worth so much money by the end of this year.

Fortunately, there are just as many advancements being made in data security. In order for current password management technology to remain effective, it’s imperative that developers continually improve their software.

This often comes in the form of enhancing the passer generation algorithms, pushing frequent security patches, and being transparent when it comes to the known vulnerabilities of their software. Otherwise, it’s highly likely that a hacker can gain access to all of your password-related information.

A data breach can easily be crippling for a business of any size. For example, the Equifax data breach that occurred in 2017 caused a large amount of disruption in the company’s operations. In this incident, they also had to compensate clients and customers who were negatively impacted by the data breach.

For smaller businesses that don’t have a ton of capital to work with, this could be potentially impossible to recover from. You should be able to easily locate development history on your provider’s website, so be sure to take a look before making a decision.

Choosing The Right Password Manager for Business Purposes Can Seem Complicated

But the above information will make the process far smoother.

From here, you’ll be able to ensure that you choose the best password manager for business and help protect your company’s data as you continue to scale.

Want to learn more about what we have to offer? Feel free to reach out to us today and see how we can help.



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