Password Best Practices: Creating and Managing Secure Passwords for Your Business

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Password Best Practices: Creating and Managing Secure Passwords for Your Business

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From brute forcing to credential stuffing, cybercriminals have designed a few clever ways to
steal the passwords of unsuspecting victims. And with over 721 million passwords being leaked
in 2022, the result has been an unprecedented number of widespread data breaches.

So how do you manage passwords for all your accounts, and more importantly, how do you
keep them secure? For many organizations, the answer lies in deploying a company password
management policy that the entire team can follow.

Fundamentals of Business Password Management

But before jumping right into policies to manage passwords across a business, it’s important to
first lay some ground rules for creating strong passwords

How To Create a Secure Password

While it may be tempting to create a single password that’s easy to remember and then use that
same password across multiple accounts, don’t. Cybercriminals are equipped with sophisticated
software that can crack any six character password in less than five seconds.

Once a password is cracked, hackers then try using it across a variety of sites in hopes of
gaining access to banking information and sensitive business data. Therefore, it’s crucial to not
only ensure each of your employee’s accounts have a unique password, but also that the
passwords they’re creating are complex enough to survive a hacker’s code-cracking software.

In turn, a complex password should contain:

  • A minimum of 16 characters
  • A mix of numbers, letters, and special characters
  • Lowercase and uppercase letters

Now, if you’re following these guidelines, it’s likely each member of your team will quickly end
up with more passwords than they could ever possibly remember.

Improper Password Management

Although some people may use post-it notes, journals, or Excel files to record their login
credentials, storing passwords in one of these locations creates a huge security risk.

For example, writing a password on a sticky note and placing it on a computer monitor grants
those passing by with immediate access to the account. On the other hand, having all of your
passwords in a single book ensures that when that book is lost or stolen, every one of your
accounts is at risk. And, finally, when you place all your passwords in a single Excel file on your
desktop, you’re essentially giving cybercriminals easy access to all of your accounts if you’re
hacked.

Now, if you or a team member have been using one of the methods listed above, it’s likely
you’re left wondering how to manage all passwords securely. For security-minded
organizations, business password management tools are the solution.

Benefits of a Password Manager for Small Business Use

Rather than using post-its, journals, or Excel files, a password manager stores and encrypts all
your passwords in one secure place. In turn, you only have to remember a single master
password that is used to both open your vault and decrypt the credentials inside.

Additionally, if your password manager offers a browser extension or app, installing it will grant
you access to a couple of helpful features.

First, password managers allow you to sync your login credentials across devices, such as
smartphones and laptops. This provides you with the ability to quickly login and access
information from any location.

Second, password managers come equipped with an auto-fill function. Using this feature
ensures you’re not constantly typing your password online and lowers the chances of falling
victim to malware that can track your keystrokes.

Which Password Manager Is Best?

While there are numerous password managers available in today’s marketplace, it’s important
to select one that you can trust with your work and personal information, as you’ll need separate
accounts for each.

In turn, 1Password, Dashlane, and Bitwarden are reputable options that include the security
features, encryption methods, user-friendliness, and cross-platform availability that businesses
need.

Elevate Your Security Practices

Regardless of the password manager your organizations selects, attempting to deploy it without
a solid plan is likely to take some time. That said, Rocket IT’s Ideal IT solution helps
organizations dramatically reduce deployment times with proper security configurations, team
trainings, and company-wide password policies.

To begin your journey towards better account security, request a consultation to learn more
about Ideal IT.

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