Weak or compromised passwords cause about 80% of successful data breaches. Yet many organisations still don’t mandate that their employees use a business password manager. Some companies tell employees to use a password manager, but let them pick their own solutions. This results in a lack of consistency, visibility, and centralised administration — leaving the organisation at increased risk for data breaches.
Here are 6 reasons why businesses need to centralise their entire organisation under a single password management solution such as CyberBITS Vault (powered by Keeper).
1- Obtain complete visibility into employee password practices
If password management isn’t centralised, businesses have no visibility into employee password practices. Visibility has always been an issue, but it’s even more important now that so many employees are working remotely. SC Magazine reports that 93% of at-home workers admit to reusing passwords across accounts. This is a high risk practice that leaves their employers vulnerable to breaches if their personal accounts are hacked.
Keeper’s zero-knowledge password management and security platform provides businesses with complete visibility into employee password practices through one centralised console, whether employees are working on-site, remotely, or a combination of both.
2 – Ability to standardise and enforce password policies
Standardising under one centralised password management platform allows organisations to standardise and enforce password security policies. They can ensure strong, unique passwords and using multi-factor authentication (2FA) on every site that supports it.
Using Keeper’s admin console and policy enforcement tools, businesses can ensure that all employees are adhering to organisational password policies.
3 – Ability to implement role-based access control
Every employee should have only as much system access as they need to perform their jobs, and no more. In addition to helping prevent insider attacks, this helps organisations limit their exposure if an employee account is compromised. Standardising under a password management solution such as CyberBITS Vault enables organisations to implement role-based access control (RBAC) and monitor accounts for anomalous activity that could indicate misuse or compromise.
4 – Secure password sharing for teams
Without a business password manager, employees who need to share passwords will use insecure and inefficient sharing methods, such as email, text messaging or writing the passwords down. CyberBITS Vault allows organisations to create secure shared folders for individual departments, project teams, or any other group.
5 – Simplified onboarding / offboarding for new and departing employees
When all employees are using the same business password manager, onboarding of new starters is easy, even when part or all of the team is working remotely. Using CyberBITS Vault, businesses can set up new employees within minutes. Either by manually adding individual employees through the admin console or provisioning many users at once through one of the many methods supported by CyberBITS Vault. Employees receive a customised email invitation with a link to activate their new CyberBITS Vault.
Former employees who are still in possession of working passwords are a huge cyber risk. When employees leave the company, all of their system access should be terminated immediately. CyberBIT Vault allows businesses to immediately revoke access to former employees. On top of this it allows organisations to mask current employees’ passwords across the platform. This prevents them from taking screenshots of passwords or writing them down, and it gives organisations the option of safely and securely transfer the CyberBITS Vault account to a departing employee’s replacement.
6 – Ability to monitor the Dark Web for compromised passwords
Cybercriminals frequently attack Software as a Service (SaaS) developers and other vendors with the goal of stealing credentials belonging to their clients’ employees. It can take an organisation months to detect a breach; victims are usually the last to know that they have been compromised. In the meantime, cybercriminals have already put the stolen login credentials up for sale on the Dark Web.
Keeper BreachWatch™ scans Dark Web forums and notifies organizations in real-time if any of their employee passwords have been put up for sale. BreachWatch seamlessly integrates with the CyberBITS Vault password management platform, enabling businesses to force password resets right away.
Not a CyberBITS Vault customer yet? Want to find out more about how CyberBITS Vault can help your business prevent security breaches? Reach out to our team today.