Five Facts About Using a Password Manager in Your Business Network
As the stakes of cybercrime rise, companies face increasing pressure to do everything in their power to secure their digital infrastructures and protect proprietary information. With annual reporting from IBM and the Ponemon Institute showing the average total cost of a data breach has reached a shocking $3.92 million, businesses simply can’t afford to leave themselves exposed to online bad actors.
While companies may grasp the importance of investing in cybersecurity, that doesn’t always mean related goals are universally adopted throughout those organizations. This is especially true when it comes to password management. According to research on end-user behavior and password management from Google, 51% of survey respondents reuse a “favorite” password across their business and personal accounts.
For businesses, the challenge is working within their ranks to encourage proper password behavior. For managed services providers (MSPs) tasked with managing their customers’ digital infrastructure and cybersecurity measures, the challenge is more complex. To properly protect customers, MSPs need to effectively organize credentials across each business, secure them against internal and external threats, and back up data so it’s always available—even if something goes wrong.
Luckily, MSPs have a range of helpful tools at their disposal. Especially for MSPs working with varied customers, SolarWinds® Passportal is a great option to help organize, secure, and store passwords for clientele.
What do I need to know about password managers?
If you’re deciding which password management software to invest in, consider these five facts about the core functionalities of SolarWinds Passportal for MSPs and organizational IT teams.
- Passportal supports a multi-user password manager mode. This capability allows IT professionals to easily work together when organizing, protecting, and storing enterprise credentials.
- The popular password management tool can create a common information environment for teams. It also offers the option to set up consolidated backups. With organizational credentials, its critical data is routinely backed up and safely stored.
- Passportal is compatible with key security features for Microsoft Windows. This makes it an effective tool for teams that need to carefully manage user groups and access rights within those groups.
- Passportal comes with 256-bit AES encryption. With 256-bit protection, cybersecurity professionals can rest easy knowing their data is safe from internal and external threats.
- Passportal offers a powerful audit log. By doing so, it gives IT experts the tools they need to monitor user activity and effectively manage changes across an organization.
What is the recommended password backup storage strategy?
With data as important to mission-critical operations as passwords and other credentials, MSPs and their customers need to ensure that they’re following recommended password backup storage strategies. By taking the right steps now, IT professionals and key stakeholders can be confident that their business can get back up and running quickly should they suffer outages from natural disasters, cyberattacks, and more.
One key password backup storage strategy is the 3-2-1 backup plan. Under this strategy, IT professionals should maintain at least three copies of critical data—such as password records. They should put two of these copies on different types of storage media and store one of these copies offsite. The 3-2-1 backup plan guarantees the greatest possible flexibility for IT experts looking to store and protect essential business information.
For MSPs and their customers, the best way to help ensure safe backups is to invest in password management tools that have backup storage capabilities built in. While some password manager options may have enough backup features to serve a portion of organizations, SolarWinds Passportal offers the robust storage options necessary to serve multiple clients with ease.
What different password backup strategies and tools are available?
Although there are a variety of password managers on the market, many may not be enough for MSPs tasked with organizing, securing, and storing passwords and other credential information for multiple customers. To best support their customers, MSPs should consider investing in SolarWinds Passportal, an award-winning privileged password security solution specifically designed for the way MSPs operate.
With Passportal, SolarWinds has created a streamlined approach to password management that consolidates storage, search, and configuration capabilities in one centralized, cloud-based platform. From data encryption and intuitive compatibility with Windows Active Directory Service Control, Passportal offers the functionality that MSPs need to effectively handle the most granular aspects of password management while still keeping an eye on the big picture.
- Benefits of Password Management
- Applying Privileged Knowledge Management to Your MSP
- What to Look for When Choosing a Password Management Solution
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