Passportal Blog

Why MSPs Need To Care About Password Security

Brady Nash is the CEO and visionary for ConnectBooster. He directs the company’s goals and works closely with the leadership team to focus ConnectBooster’s direction. In addition to working with the team, Brady meets with other business executives to form critical relationships in the IT Channel. 

ConnectBooster is a fully automated payments processing solution that works with your CRM and accounting software. It eliminates your outstanding accounts receivable through recurring billing and provides a secure payment portal for MSPs and their customers.

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Sometimes in business, it can be challenging to stay on top of your security. 

You’re usually not thinking about how frequently your business is updating it's passwords, or even if former employees still access to your internal systems.

As easy as it is to get lost in the shuffle, it can cause a lot of problems. It can put your entire business at risk in times when you least expect it.

Does it matter if you’re storing passwords in a place everyone has access too? Does it matter if an ex-employee has customer logins after they’ve left your company?

Well, it does. If you neglect how your team handles passwords, it can not only damage a client’s relationship with you, but destroy trust and viability you have built in your business.

The risk employees pose when they leave

Nobody likes to let go of staff or see them leave under less than ideal circumstances. You can put a lot of effort into preventing employee turnover or even try to part ways on the best of terms, but at the end of the day, a disgruntled employee is simply, a disgruntled employee. The possibility of an former employee conducting a malicious attack to your business is nerve-wracking.

You trust your employees with sensitive information every day and it is devastating if they leave retaining access to yours or your client’s internal networks. Who knows what they can do with this type of knowledge. You and your clients are ultimately left helpless.

Imagine if an employee left on bad terms and wanted to get back at your business. Well, if they have access to all your internal passwords, they can inflict severe damage to your reputation. They can shut down a client’s account or change your firewall access.

All those actions can lead to painful consequences for your business. The truth is for any company, trust is priceless, and losing it from your customers is often irreversible.

Having the power of password control

The password spreadsheet is real. If you’re not using a password management software such as Passportal, the result is your team manually tracking every single password, locally stored on your hard drive.

This method raises many questions: How many passwords does your company use? How many employees need access to this form? Which version is the current version? How you answer these questions will decide the efficiency of your team and the cost involved. Trust me, you will pay for it.

The spreadsheet method is archaic, and it takes a lot of time and energy away from your team. It puts a massive strain on your business whenever an employee leaves, passwords expire, new clients are added, so on and so forth.

If this is not taken care of, your company will face a fall out. You’ll lose more than a client. The trust that is broken will haunt your business and cost you any future clients in the long run.

To thrive, you need password control. Now is the time to do something about it.

Limiting employees password access

Time in business is one of the most valuable assets you have and can’t make up for when it’s lost. When your staff is wasting time and energy updating every password, it costs your business money.

Keeping pace with security is something that takes time to do right. It’s incredible how much we can insist on changing passwords every three months for a client, but do not require any such restrictions internally.

It’s worth the cost to pay for software if it can simplify the time spent on any task necessary to maintain your business. If you’re managing your business passwords security from a spreadsheet on someone’s desktop or a server, you’re putting yourself at risk.

When my company, ConnectBooster, switched to using Passportal for our internal password managing software, it was a paradigm shift. Now we have a solution where we store all the passwords from every department and keep them hidden from staff who didn’t need access to them. We can generate passwords and see every password a team member viewed.

Whenever someone leaves our company, Passportal gives us a report on all the passwords that a team member has ever had access too, allowing us only to change those passwords. It cuts down tremendously on our risk and improved internal security by making passwords easy to create and change.

Utilizing a password tool does more than protect your private information, but it offers you a chance to provide that protection to your customers. Passportal is excellent because you can give licenses to clients and help them manage their passwords internally and their customers.

Switching your perspective on security

Change is difficult, and it can be hard to move past the way your company has done things in the past.

Technology is here to improve our lives and the way we do business, not ruffle any feathers. A forewarning: just because nothing bad has happened to your business yet, doesn’t mean it never will.

The future of your business is too risky to leave up to chance.

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Written by:

Brady-Nash

Brady Nash, Owner, CEO
CEO Blog | LinkedIn | Twitter

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Topics: Passportal Insights MSP Wisdom Security Education