Benefits of password managers for your business

A password manager stores all your online credentials safely in one place. Get one for your business today.

The unwritten rule of password creation is to never use the same password twice, or use any of the most common passwords so that means we’re left trying to remember lots of different passwords, which is hard. If you need help remembering passwords for your business, a password manager could be the perfect solution.

What are Password Managers?

Password managers won’t call you into meetings that could have been an email or need to sign off annual leave days, they’re an online security program designed to keep all your passwords safely on an encrypted database.

They add a level of convenience to your cyber security as you simply have to remember one ‘master’ password to your password manager account. This one is super important as it’s needed to access or change all of your passwords, so keep it safe and secure. Check out 5 great password managers on the market right now.

Why are password managers important?

Verizon’s annual Data Breach Index Report, showed around 80% of successful data breaches are the result of password hacks. Password managers mean you won’t have to create strong passwords that are impossible to remember or feel the anxiety of only having one more attempt before your account is locked. Password management programs do it all for you and keep your personal and business information secure, preventing hackers from accessing your accounts.

• Your passwords are kept safe under layers of professional security. This is important for accounts such as banking, email, or social media.

• They generate strong passwords for you.

• Password managers prevent you from forgetting your passwords.

How do Password Managers Work?

Password managers work by only needing one password that works for all your accounts. When you visit a website or app that you have an account with, a password manager recognises this and automatically fills in your password when you log in with your master password. Most will have two-factor authentication like fingerprint, facial recognition or a verification code sent to your email for extra peace of mind.

Are password managers safe?

Yes, password managers are safe, easy to use and affordable. They don’t just store your passwords; they have other security benefits too, such as notifying you if your password is found in a data breach or warning you if you use the same password twice. Password managers are much safer than making every password the same or writing them in the notes app on your phone (Yes, we’re looking at you).

Are password managers worth it?

For businesses, password managers offer a level of security and convenience that works across multiple platforms and benefits both office and remote employees. Lots of password managers offer a free trial, so you can see if it's worth it for your business. Here are a few of the highlights:

• You only have to remember one master password.

• They are quick and easy to set up.

• Your passwords are synced across your devices.

• They protect your password from cybercriminals.

• The cost is a small price to pay for online security and the cost of a security breach could be much higher.

Password managers are just one of the ways V-Hub can help your business, for more tailored support, get 1-2-1 advice from our V-Hub Digital Advisers. For more cyber security help for small businesses, visit our cyber security hub to help keep your business safe and secure.