While your employees might think their passwords are unhackable, an entire company’s future can rest on a single compromised password. Underestimating hackers leads to a loss in productivity and can cost a company thousands of dollars, maybe even millions.

In the age of social media, hackers have many ways to access your network through your employees. This includes the seemingly secure passwords you and your employees use. Passwords are bought and sold on the dark web every day in a thriving marketplace for hackers.

These days, passwords need to be more complex than the street you lived on and the name of your childhood pet. Throwing a “1” or your birth year at the end is not secure enough. The average person has over 150+ passwords, and while it may be easier to use a common password across multiple sites and accounts, one that's easy to remember, hackers rely on you to do this. Remember, human error is the leading cause for cyber security breaches.

The Importance of Security for Small Businesses

Every day, there are new reports of Fortune 500 companies being hacked. Businesses like Facebook and Google struggle against hackers as much as small and medium businesses. They lose time and money trying to repair their systems and prevent future attacks. Since these are companies that handle massive amounts of personal data, there are often fines to be paid when user information is compromised.

From a distance, it seems like everyone is dealing with the same headache. However, the reality is that these companies have an incredibly different experience from small- and medium-sized business owners. They have dedicated IT departments and a bigger budget for cybersecurity. An absence of these two things makes smaller businesses a prime target for hackers.

With the support of an IT managed service provider, small- and medium-sized business owners can rest easy knowing their passwords and networks are safe.

The Six Benefits of Using a Password Manager

The coronavirus pandemic has changed many things about our world, including the way that businesses operate. Working From Home has been the norm for many employees in recent years, and while this has seen increases in productivity, there are still challenges to hurdle. With many companies considering the pros and cons of permanently working from home, it's become increasingly necessary for them to utilize various methods to keep their networks secure.

Did you know that 47% of individuals fall for a phishing scam while working at home? For hackers, the pandemic is an opportunity to take advantage of your employees. Don’t give them the chance! One way to prevent hackers from gaining access to your employees’ passwords is utilizing a password manager.

Here are the six benefits of using a secure password manager:

  1. Centralized, encrypted, and secure password storage
  2. Organize and categorize passwords with folders
  3. Ability to manage all employees’ access rights
  4. Automated password rotation
  5. Google Chrome browser extension to streamline login
  6. Auditing and reporting tools for full password management

It’s not hard to see the reasons people become lax with their password security. There are so many tasks and responsibilities during a person’s day; imagine finding the time to remember three, four, or even five unique passwords, each with a minimum of eleven characters.

Nearly 81% of cyber security breaches for small- to medium-sized businesses are caused by compromised passwords. Fortunately, with the support of an IT managed service provider and a password manager, your employees and your business are safe from cybercriminals.