Top 5 Benefits of a Corporate Password Manager

Posted October 17, 2023

According to a study by Keeper Security, poor password practices are putting 3 in 4 people at risk of being hacked. The simplest way to eliminate weak passwords and avoid this common attack vector is through the use of a password manager.

As we wait patiently for the long-anticipated world without passwords, we often find legacy applications holding us captive to weak single-factor authentication through passwords and the inherent problems with passwords. Humans are incredibly bad at creating and remembering unique and complex strings of characters and numbers. Even if we think we are being random, there is often an underlying pattern to our perceived randomness. This is where password managers come in to save us from our human shortcomings.

Password managers are software applications that help users generate, store, and manage passwords. They take away the burden and security risks from weak passwords and relieve the user of the tension created as we attempt to balance password strength with memorability. Once you incorporate a strong password manager into your digital existence, you’ll wonder how you ever lived without one. Below are some of the key user benefits found in many of the leading password managers today.

Strong Passwords
One of the most significant benefits of password managers is that they help users generate strong, random passwords that are difficult to guess or crack. Password managers can create passwords that are long, complex, and unique for each account, making it nearly impossible for hackers to gain access to multiple accounts with the same password. This feature is especially important since many people use the same password across multiple accounts, which can lead to a domino effect if one account is compromised.
Convenience
Password managers make it easy for users to log in to their accounts without having to remember multiple passwords. Users only need to remember one master password to access their password manager, which can then autofill login credentials for each account. This feature saves time and reduces frustration, especially for users who manage dozens of online accounts.
Security
Password managers provide strong encryption for a user’s data, helping to ensure that no one else can access it, even the password manager provider. Password managers also protect against phishing attacks by verifying that users are logging in to legitimate websites and not fake ones. Additionally, password managers can alert users if their passwords have been compromised in a data breach and prompt them to change their passwords.
Multi-Device Support
Password managers can be used across multiple devices, including desktops, laptops, smartphones, and tablets. This feature allows users to access their passwords from anywhere, making it easy to log in to their accounts on the go.
Password Sharing
Password managers allow users to share passwords with others securely. This feature is especially useful for businesses that need to share passwords with multiple employees or contractors. Password managers can also revoke access to shared passwords if an employee or contractor leaves the company.

Password managers offer numerous benefits when it comes to security and convenience. They help users generate strong, random passwords, save time and reduce frustration, provide strong encryption for user data, support multiple devices, and allow for secure password sharing. By using a password manager, individuals and businesses can protect their online identities and reduce the risk of cyber attacks. Check out WatchGuard’s Authpoint Total Identity Security or contact us to learn more.

Kyle Vinar

Kyle Vinar is Partner / President of Verus Corporation. He oversees all business operations and coaches Verus teams to continually improve on their solutions from client experience to product development and overall solution implementation. He works with all Verus resources to increase efficiencies and excellence in every aspect of their organizational roles. Kyle believes that people are the last real competitive edge that a company can have and constructing a rich culture is a vital step in running a world-class organization. Therefore he strives to create a culture within Verus that allows everyone to show up authentically and grow both personally and professionally, which in turn allows Verus Corp team members to provide clients with top-of-the-line service. Kyle helps balance strategy, capacity, and culture in such a way that has allowed Verus Corp to achieve exponential growth since he joined the company in 2013. One of Kyle’s greatest professional achievements has been in helping lay the foundation upon which Verus Corporation could be named the 2nd Best Place to Work by the Minneapolis/St. Paul Business Journal. Kyle holds a Bachelor of Science in Marketing from St. Cloud State University. He lives in Champlin with his wife and 3 children. He has enjoyed volunteering as a soccer coach for over 6 years and was the former Director of Coaching for Rebels Soccer Club. If Kyle isn’t on the sidelines of one of his children’s soccer games or in the audience of his eldest’s musicals, he can often be found cruising scenic routes on his Harley, in a deer stand, or on the golf course.