How to Pick a SaaS Password Manager for an MSP

In recent years, password theft has become an increasingly common occurrence. With so many people choosing passwords with easily identifiable information like their mother’s maiden name or their date of birth, sophisticated hackers have no trouble guessing them.

On the other hand, we all know complex passwords are hard to hack—but there is a lot of labor involved with maintaining, remembering, and updating complex passwords. For managed services providers (MSPs) tasked with managing passwords for all customer users, a password manager can help.

By better managing these passwords, you can improve your clients’ data security and help mitigate the risk of being held accountable for cyberattacks.

What are the main benefits of a software as a service solution?

As you are probably aware, software as a service, or SaaS, refers to a centrally hosted cloud-based service that allows you to access an application through your internet browser. SaaS offers an alternative to downloading software to your PC or business network, and having to run and update it independently, since SaaS providers take care of that.

While you’re probably familiar with many of these benefits, it may be helpful to review the main advantages of SaaS, which include:

• Accessibility: The ability to run a SaaS product from an internet browser makes these tools easy to use from any location.
• Automatic updates and patches: The SaaS vendor updates the software centrally without adversely affecting business operations for users.
• Hardware: SaaS requires a minimal upfront investment, often providing businesses a substantial amount of savings.
• Scalability: If you need to add more users, SaaS tools make it easy by simply adjusting your billing plan.
• Market reach: Vendors can supply SaaS to most of the market, instead of a targeted market segment.
• Storage: SaaS software is backed up to the cloud, allowing users to switch between devices without losing their work.
• Data and analytics: Using SaaS tools means that everything is run through a centralized platform, making data capture and analytics easier and more widely available.

What to look for in a password manager

For MSPs beginning their own research to choose a password manager, here are some key qualities to look out for that can help separate the right password manager from the pack.

1. Vendor credibility and dependability

If you’re looking for reliable MSP software, it’s good to start by looking into the vendor’s credibility and dependability. Find out how they store their data, where they store it, and the security measures they take. You should also research the vendor’s reputation—read reviews and articles to gain some insight into the company’s brand. The information shared by other users will be invaluable to help you understand what products and services might work for you.

2. Encryption and security

The SaaS password manager you choose should have robust security and encryption features. Password vaults should be encrypted with AES-256 bit encryption and—ideally—end-to-end encryption. You should also consider how the vault is accessed. A combination of multi-factor authentication and role-based permissions will achieve an optimum level of security for your password manager.

3. Transparency

When choosing the vendor for your SaaS password manager, you should endeavor to discern how transparent the vendor’s policies and procedures are. If a vendor provides data sheets or white papers for you to access via their website, that’s usually a good sign. Be sure to review the data sheets to ensure the tool employs the appropriate security measures or has the features you’re looking for.

4. Documentation management

Password management and IT documentation management often walk hand-in-hand. If you’re looking for comprehensive and versatile MSP software, choosing a tool that includes robust capabilities beyond password management can work to your benefit. A password management tool that includes documentation management will centralize your critical account access and procedures via a single intuitive interface.

The SaaS password manager built for MSPs

Choosing the right SaaS password manager isn’t easy—but the decision will be an important element of the services you offer to your customers. Avoid selecting an ineffective password manager simply to save money, as this could compromise your security and cost you more due to breaches in the long run. Remember the safety of your passwords and your clients’ data can have an impact on your brand reputation, customer satisfaction, legal liability, and financial stability.

For a reliable service designed specifically for MSPs, look no further than N‑able^® Passportal. This tool combines advanced IT documentation capabilities with password management, delivering a versatile and advanced SaaS solution. Passportal is fully integrated, cloud-based, and automated, which saves you valuable time and resources. It’s accessible from anywhere, making it a great option for remote workforces or for technicians working in the field.

The tool uses advanced encryption to help keep your passwords safe, including an encrypted password vault—which is further protected by multi-factor authentication and role-based permissions. Passportal also allows self-service password resets via the add-on mobile app Blink. To find out if Passportal is the right SaaS password manager for your MSP, request a demo of Passportal today.