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Why Password Management Software Matters

Since practically the beginning of the Internet, passwords have been a necessity. This role has only grown over the years, whether we’re talking about emails, forums, social media, bank accounts, or ecommerce sites. If your company deals with any of those platforms or any other where security is an issue, passwords are an essential tool for ensuring sensitive information doesn’t get in front of the wrong pair of eyes. One of the most important ways to ensure your company’s security is ideal is with password management software.

What Is Password Management Software?

Password management software has been around for years, but it has become increasingly important as of late. That’s because people have more passwords now than ever before. Even if we’re just referring to the passwords an employee needs within the confines of their workplace, there are often still as many as a dozen they have to keep straight. Many employees need one password just to access their computer. Then they need another one to access their company email. After that, countless passwords may be necessary to access the employee-side of the company website, the software platforms they use, client platforms and more.
While it makes sense to have unique passwords for each one—this ensures compromising one won’t compromise them all—it also makes for a possible vulnerability. How is anyone supposed to keep them all straight?
There are two options that might occur to an employee. First, they can simply make every password fairly similar. They can pick a single word and simply add a different number at the end of each one. This makes them easier to remember, but it also kind of defeats the purpose. When you consider the types of hacking software available, like those that process millions of combinations of characters over and over, an employee who tries this method is bound to get victimized eventually.
An employee could also pick completely unique passwords and then elect to write them down and store them somewhere safe. Of course, if someone with malicious intentions finds that dossier, they now have all the passwords they need to create all kinds of problems.
By far, the best option is the third one: password management software. It stores all the employee’s passwords in one secure, digital location. So long as the employee can remember that one unique password, they can easily keep 100 more safe if they needed to.
This version is the ultimate combination of security and convenience and makes the other two options completely unnecessary.

The Five Things to Look for in Password Management Software

Alright, so hopefully you now understand that password management software is essential to keeping your company secure. However, if you pick the wrong software, you could simply create a much bigger problem. As we covered, this software can store countless passwords so if a hacker is able to gain access to it, that written record idea was no better.
Therefore, the first thing to consider is the actual company you’re purchasing the software from. New versions are always coming out and many of them are leveraging greater amounts of technology. That’s great, but a brand new company may not be up to the task of fending off security threats like the kinds you’re up against. There’s something to be said for those brands that have been in the trenches for years and have experience with the real world. Of course, if their years in the industry have been marred by successful hacks, you’d do well to pass that company up.
Secondly, consider where these passwords will be stored. Many versions these days use a cloud platform so anytime you alter your passwords, synchronization ensures the same changes are made across devices. This is important so an employee isn’t tempted to write their passwords down when they plan on working remotely.
Third, you’ll want to know the platforms any given software supports. If you plan on having employees pull their passwords from the vault, then you only need to worry about the operating system. However, some versions will automatically fill in passwords for your staff, for this feature, you’ll want to make sure your platforms are supported.
Fourth, consider if the software provider will charge you for each new employee using the service. For smaller companies, the costs could add up quickly.
Lastly, you should always look into greater security measures than just the obvious. For example, many versions will close a vault down if an employee’s computer goes idle.
Password management software takes an essential element of digital security and brings it into the modern age. With more passwords than ever before, software to secure them all has never been more important.

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