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Best Practices for Sharing Passwords

In today’s world, managing and sharing passwords securely is crucial to protect sensitive information and maintain business operations. More than 80% of data breaches are from stolen, weak, or reused passwords.

There currently is no way to get around passwords. So, how do you share them with employees safely? password managers have gained a lot of popularity in recent years.

Let’s explore the benefits of password managers. Just so you know there is no right or wrong password manager. Use whatever you feel comfortable with.

Here’s some friendly tips:

1. Embrace a Password Manager

A robust password manager is the cornerstone of secure password sharing. Opt for solutions like Keeper, Bitwarden, or 1Password, which offer encrypted storage, shared access without revealing passwords, and ease of use to encourage adoption. This streamlines the process of sharing passwords securely within a team. I would recommend staying with LastPass since they have had a few security incidents in the past few years.\

2. Encryption for Password Managers

Password managers deploy advanced encryption methods to safeguard sensitive information. This end-to-end encryption converts passwords into a coded format during storage and transmission, significantly hindering unauthorized access. For employees, sharing passwords through these encrypted channels adds a vital security layer, ensuring data remains private even when shared.

3. Set Up Shared Folders

Many password managers offer the functionality of shared folders. It makes sharing passwords simple with a team. This also means you can group related accounts (like all your social media accounts) and share access to the entire folder with the relevant team. This way, you’re not juggling dozens of individual shares, and it’s easy to manage who has access to what. If a user updates the password, then it’s updated for all users. Password managers also have built-in protection from a user deleting all passwords. And example is Keeper keeps all deleted for 1 year. So, if someone deletes a password you can still retrieve it. You also never have to worry when an employee who knows the password leaves.

4. Use Multi-Factor Authentication (MFA)

NEVER use a password manager that doesn’t have MFA.  This adds an extra layer of security by requiring at least a second form of verification beyond just the password—usually a code sent to a mobile device or generated by an authenticator app. Even if a password gets compromised, unauthorized users won’t easily bypass this second step. According to Microsoft, using MFA can block over 99.9& of account compromise attacks. So, using a weaker password isn’t as critical. We all know users will use the easiest password they can.

5. Password Generation and Complexity

Users can leverage password managers built in password generators. They can put in the parameters making the generated password longer and more complex. This also makes it easy to make sure each account is using a unique password. This also eliminates the use of using a weak password or reusing passwords.

6. Secure Sharing with Third Parties

Password managers facilitate secure methods of sharing company login details with third-party partners, such as contractors, or external agencies, without compromising overall security. This feature enables controlled access to necessary accounts, ensuring that password integrity remains intact and that organizational control over access is maintained.

7. Audit and Activity Monitoring

Many password managers come equipped with monitoring capabilities, allowing administrators to oversee user interactions and password access histories. This feature enhances organizational transparency and accountability by making it clear who accessed specific passwords and when. Such audit trails are crucial for detecting unusual activities, enabling timely interventions to safeguard the integrity of shared passwords.

Conclusion

In conclusion, embracing secure sharing passwords and management practices is paramount for protecting your company’s digital assets. By leveraging advanced password managers, engaging in continuous employee education, and establishing comprehensive security policies, businesses can significantly enhance their cybersecurity posture. This guide underscores the importance of adopting a proactive approach to password security, ensuring that your organization remains resilient in the face of evolving cyber threats. Let this be a call to action to fortify your digital defenses and safeguard your company’s future.

Do you need help with your IT? Cynxt can help! We provide IT Solutions that will provide you a peace of mind. Contact Us today or call (256) 456-5858 to schedule an appointment. We are located at the Shoals Business Incubator in Florence, AL. Let us help you keep your digital life running smoothly!