Password Management Software Is All About Securely Creating, Storing and Sharing Login CredentialsBy Tamoghna Das, Technical Content Writer at SelectHub
Key Takeaway 1
Password management software helps companies improve data security, boost productivity and reduce the risk of data breaches.
Key Takeaway 2
It enables system admins and security officials to monitor threats and breaches, enforce security policies, gain visibility into password health, manage access and compliance, and improve ROI.
Key Takeaway 3
Core capabilities include password generation, password management, proactive security insights, single sign-on integration and zero-knowledge encryption.
Key Takeaway 4
The platform enhances user experience by safely storing passwords and digital assets in encrypted formats, freeing employees from the need to remember numerous passwords.
Key Takeaway 5
When choosing the best password management software, invest time in researching vendors and asking probing questions.
Key Takeaway 6
Remember to take advantage of the free trial or request a product demo to test the software before making a purchase.
What This Guide Covers:Primary Benefits
Enhance Security
Enterprise password management software boosts security by using robust encryption like AES-256 for secure credential storage. They generate strong passwords and automatically fill in your login details. Additionally, password managers keep you safe by only auto-filling your credentials on the website the credentials were originally created for, helping you avoid phishing attacks.
To ensure security with the latest patches and features, some platforms like 1Password offer automatic software updates. Password managers also enhance security management by giving security managers the flexibility to create roles and groups to customize employee access.
Streamline User Access
Employees who reuse passwords for their accounts can unintentionally create significant security risks for your company. According to the 1Password State of Enterprise Security Report, 61% of employees admit to poor password practices, such as reusing passwords. This widespread issue increases the risk of a single compromised password giving cybercriminals access to multiple systems, potentially leading to severe data breaches or financial losses.
With password management software, you only have to remember one password that protects and fills all your other credentials (and sensitive information), so you don't have to. It's like having a master key for your digital world so your employees can log in easily without having to create and memorize different passwords.
Simplify Account Control
With password managers, you can manage employee accounts from a centralized system for streamlined account management. These tools offer features like password sharing, audits and access control, providing a seamless and secure way to manage multiple accounts efficiently.
Improve Productivity
Avoid the hassle of managing passwords and waiting for IT support. The software tackles these tedious tasks for you, such as storing and auto-filling credentials.
Employees no longer need to remember multiple passwords or waste time recovering forgotten ones, helping speed up workflows, minimize disruptions and give users time to focus on other core tasks.
Maintain Regulatory Compliance
Password management tools help enforce strong password policies, automatically generate complex passwords and enable secure sharing of credentials to help you meet regulatory requirements.
Password managers maintain audit trails, enable role-based access and offer multi-factor authentication, helping organizations demonstrate their commitment to safeguarding data and adhering to industry standards. This reduces the risk of non-compliance issues.
Key Features
| Multi-Factor Authentication (MFA) | MFA uses various authentication methods, including hardware tokens, software tokens, one-time passwords (OTP) and mobile push, significantly enhancing security compared to passwords alone. The only downside is that its increased complexity may lead to some employee frustration. |
| User Reports and Activity Logs | Generate reports and logs on activities such as file access and application usage. You can also filter or customize these reports to narrow the scope and focus on specific details. This functionality helps administrators monitor important events in the account, like when team members set up new devices, ensuring comprehensive oversight of account activities. |
| Password Generator | Creating unique, robust and random passwords is key to protection from hacking attempts. Password manager systems automatically create passwords that can withstand such attempts. |
| Zero-Knowledge Encryption | This feature ensures that only you, as the owner, can access your data or passwords, not even the password management software vendor. It safeguards your data and reduces the risk of security threats. |
| Password Management | You can store and auto-fill unique passwords securely. It eliminates the need to write down or store passwords in insecure locations. It also relieves users from the burden of managing multiple passwords. |
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Single Sign-On Integration | An integrated single sign-on interface provides access to all managed applications. Log in once, and you’ll be signed into all the modules you need, enhancing both user experience and security. |
| Automated Provisioning and Deprovisioning
| Onboarding new employees or changing job roles can be a nightmare for IT teams. It’s difficult to manually handle permission approvals, account setups and endless forms. When integrated with your company’s SSO provider, some password managers can automate provisioning by instantly granting access based on the employee’s role. However, the extent of this automation may vary. When someone leaves, deprovisioning automatically revokes their access to ensure security and save you time.
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| SIEM Integration | Gain comprehensive visibility and control over authentication activities. You can collect, analyze and correlate data from password management solutions to identify suspicious behavior and potential security threats in real time. |
Current & Upcoming Trends
Biometric Authentication
Biometric authentication is on the rise worldwide, with several password management systems increasingly adopting this method over traditional ones. They use your fingerprint, facial recognition or IRIS scan to access your password vault without having to remember complex combinations. This makes accessing your digital assets more convenient, enhances user experience and reduces password-related risks.
Advanced Encryption
Advanced encryption methods are becoming integral to enterprise password management, with trends shifting towards zero-knowledge security models where service providers have no access to stored data. Several businesses use end-to-end encryption and cryptographic algorithms to ensure that data remains secure and unreadable, even in the event of unauthorized access.
Third-Party Integration
Modern password management solutions can integrate with existing tools and software for authentication and access management. Integration with SIEM tools enables real-time monitoring and detection of security threats related to password usage.
Password managers also connect with SSO providers, allowing users to access multiple applications with a single set of credentials for better security and user convenience.
How To Compare Password Management Software
With various password management software available in the market, selecting the right system can be tricky. You must tailor your software selection strategy to your business needs. The first step is to create a requirements checklist to ensure the software meets all your basic and advanced needs.
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Feature Set: Ensure the software meets your organization’s specific identity and access management needs, including support for compliance with relevant regulations.
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Integration Capabilities: Check compatibility with your existing infrastructure and apps. The more seamlessly a password management solution can integrate, the better its performance and utility will be.
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Scalability: Consider whether the password management solution can scale as your organization grows and if it can manage the increasing number and types of users and services.
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Vendor Reputation and Support: Assess the vendor’s reputation, industry track record and quality of customer support. This can be crucial for resolving potential issues swiftly and effectively.
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Security: Evaluate the robustness of the security features provided, including how the system manages updates and patches to address new vulnerabilities.
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Total Cost of Ownership (TCO): Consider the initial purchase cost and any ongoing expenses. Account for training, support, maintenance and potential upgrades and compare the TCO of shortlisted software options.
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Support and Maintenance: Ask about the vendor’s support and maintenance services. Understand the service level agreements (SLAs) and whether ongoing support comes with the original subscription.
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Data Security and Compliance: Consider security features and compliance certifications. Ensuring that the software complies with data protection regulations is crucial, and any additional security measures may impact the total cost.
After creating the requirements list, the next step is comparing potential vendors. Consider reading product reviews online and contacting past customers for their insights. Don’t forget to ask vendors for product demos or request free trials before finalizing the software.
For a deep dive into the comparison strategy, check out our nine-step methodology called Lean Selection.
Questions To Ask During Your Search
Asking internal and software-related questions before choosing a password management software vendor can avoid miscommunication and maximize your ROI. Here are some key questions to consider:
- Why is password management software important for managing employee access?
- Can we define user permissions based on specific roles, resources and actions?
- What are our must-have features? How will the software address our specific password management needs?
- How intuitive is the user interface?
- What automation and customization options are available?
- Can you provide a pricing breakdown based on the number of users or specific features?
- What customer support do you provide? What contact methods are available, and what are the support hours?
- What recovery and data loss prevention methods are in place?
- Can you clarify contract terms, including termination clauses and renewal processes?
Password Managers vs. Passkeys
Passkeys let you log into websites and apps using something you already have: your phone.
When you want to sign up for a new account, your phone creates a special digital key. This key is like a unique code that only your phone knows. It's much safer than a password because it can't be easily stolen or guessed. You also don’t have to remember or store multiple complex passwords.
To log in, you simply use your phone's fingerprint, face recognition or PIN to prove you're the key’s owner. It's like unlocking your phone to use an app: quick and easy.
Passkeys are a step in the right direction for online security. They're harder to crack and more convenient than passwords. However, they're not perfect yet.
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Limited acceptance: While big companies like Google and Apple are using passkeys, not all websites and apps support them.
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Phone dependence: You need your phone to use passkeys. If you lose your phone, you might lose access to your accounts.
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Security isn't bulletproof: Even with passkeys, it's important to be careful about clicking on suspicious links or giving out personal information. Hackers are always trying to find new ways to trick people.
While passkeys are a great tool, it's still a good idea to use password management software for now. A password manager can store all your passwords, including passkeys, in one secure place. This way, you have a backup plan if something happens to your phone.
FAQs
Q: Is Google password manager good?
While Google Password Manager is convenient, it may not offer the most robust security features. For instance, it doesn’t provide secure password sharing or advanced two-factor authentication.
If you’re looking for a more comprehensive password management solution, consider external options like LastPass, 1Password or Bitwarden. They offer a wider range of features and enhanced security measures to keep your online accounts safe.
Q: Are password managers 100% safe?
Password managers provide exceptional security for your passwords by generating, storing and managing them locally with advanced encryption methods. However, no cyber security solution can claim 100% defense against cyber threats. Several hacking incidents targeting password management software have happened over the years.
One of the most significant password manager breaches in recent years involved LastPass. While LastPass emphasized that the vaults were encrypted, attackers potentially gained access to a significant amount of user metadata, including website URLs, email addresses and other customer details.
Q: Can a password manager be hacked?
Yes, hackers can target password management software. However, even if they gain access, they’ll find it nearly impossible to retrieve your data and files. Password managers store your files and passwords locally in encrypted form, preventing threat actors from stealing your data.
Find the Right Password Management Software
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Free Comparison Report Explore our free comparison report to compare the top features of the leading products and make an informed decision.
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Additional Resources
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