The challenge of password management in companies: An overview

Despite numerous studies and reports on how hackers have used weak & default passwords to cause breaches and data thefts, companies are not taking password management seriously. The uninspiring and casual approach towards taking appropriate measures has cause massive damage to companies. Even a small security breach can have cascading effects, especially on small and growing businesses that don’t have the necessary resources or protocols for damage control.

In this post, we are discussing password management in detail, and how companies can do better.

Why are companies failing with password management?

The primary reason is the lack of a proper plan. Employees are using same passwords for various accounts, and there is often no transparency on who has access to various networked devices and resources. Also, default usernames, passwords and other details are not changed in time. Even for novice hackers, hacking weak passwords isn’t a hard job. Companies are not spending as much on cybersecurity measures as they should, and that’s often being cited as a cause for weak password management.

Underestimating the consequences

Businesses are also taking the consequences of security breaches for granted. When there is a backdoor exploit, or theft of consumer data, the impact is not just about losing profits. It is also about not adhering to necessary measures, and noncompliance can lead to serious fines, penalties, and other consequences. Regulatory bodies have been trying hard to penalize companies that fail to adhere to the privacy and data protection measures. To add to that, the damage to business branding efforts can be detrimental to say the least, and many companies never really recover from the aftereffects.

Being a step ahead

If your company hasn’t hired cybersecurity experts, or has established protocols and basics for password management and protection, it is high time to be proactive. Don’t wait for a mishap to happen, before you take the right measures. Also, what is critical is to have educated and well-informed employees, who know the threats and are capable of countering the same to the best possible extent. If they are not using a password management tool as yet, consider recommending a reliable one, even if that means paying for premium version.

Lastly, find a way to manage access rights. There is no way but to have a clear system, where only people who need access are given authority. Every step towards password management and protection does matter, and it’s not late.