A shared password manager is an essential tool for SMB teams, ensuring secure password sharing and streamlined access to critical business resources. Passpack offers robust features to enhance cybersecurity and improve team productivity, making it the go-to solution for growing businesses.
Whether your company is a small business or one with hundreds of employees, you might be wondering if you need a password manager. Trust us. You do.
This article explores why every business should use a password manager and why Passpack is fast becoming the password management application of choice for SMBs. It discusses the needs for and challenges of secure password sharing, and how Passpack addresses them even for businesses just starting out.
What is a shared password manager, and do I need one?
A shared password management application is primarily a Software-as-a-Service (SaaS) solution for the secure creation, storage, and sharing of strong user and business credentials. The software is hosted and delivered over the internet by a cloud-based service provider, enabling users to access the platform from wherever work takes them. SaaS password management applications are usually sold via monthly or annual subscriptions on a per-user basis.
Installing a password manager is one of the best things you can do to provide a solid foundation for creating and enforcing proper cybersecurity policy in the business today and as it grows.
Common challenges to password sharing for SMB teams
In addition to managing access to applications, devices, and digital services internally, today there’s just no way around a business not having an external online presence, even if it sells the most tangible goods and services. Just about every SMB has a website, uses email for communications, promotes itself on various social media channels, does its banking online (and perhaps takes credit cards), and has a database full of private customer information – all of which should be password-protected. Consider the following challenges and situations:
- IT service providers that securely manage and control all credentials on behalf of their clients.
- Provisioning of knowledge to access critical systems, confidential information, and bank accounts to employees, as well as efficiently handling access revocation.
- · Growing SMBs often organize themselves into teams to handle clients. Multiple people servicing the same account will need access to the same online resources. Over time, they may add new ones or eliminate others; even the team members will change. How do you securely share passwords and credentials among evolving team of users? If one team member changes a password, will the others still have access?
Risks of NOT using a secure shared password manager
In situations like these, absent of a centralized password management application, many users resort to weak and unsafe password creation and sharing methods that expose the business to unnecessary security risks of data breaches, ransomware, or theft. For example, they may:
- Create weak, easy to break passwords.
- Use the same password or similar root password across several accounts that can expose multiple accounts in one attack.
- Reuse expired passwords that may have been unknowingly compromised.
- Keep hardcopy spreadsheets of usernames and passwords in their work area.
- Share passwords with colleagues in unencrypted emails, voicemails, or text messages.
- Keep frequently used passwords and PINs on notes stuck on the edge of a PC monitor.
- Store credentials in their unsecured PC web browser so anyone can logon from their workstation.
Further, team-based collaborative environments suffer productivity drains when passwords are lost, changed without notice, or there is confusion over who has ownership of a credential. Everyone sits idle until access is restored.
So yes, you need a secure password management and sharing application.
Passpack simplifies password sharing for SMBs
SMBs have an expanding roster of partners, vendors, employees, and customers. They will all have passwords to protect the account numbers, PINs, and confidential data associated with each, and chances are multiple employees will need to access the same resources at some point.
You will need a tool to create and enforce consistent rules for password creation, management, and secure credential sharing. You will need a tool that eliminates unsecure handwritten lists, keeps everyone informed of changes, yet grants access to critical business systems and resources based on job function. You need Passpack.
- Centralized Management. Passpack serves as a secure vault for all credentials in use at an organization. The Owner/Administrator has 100% visibility into all password-related activities. Designated multi-admins can manage on- and off-boarding of team members, and any changes to user credentials must pass through them. Passpack offers a built-in random password generator. Your Admin sets the rules for credential length and strength, as well as policies for sharing passwords with users inside and outside the company, ensuring best practices.
- Encrypted Sharing. Share passwords safely and paperlessly with authorized team members. Passpack employs military-grade end-to-end AES 256-bit encryption to protect passwords while in transit and at rest. Further, Passpack is built on a Zero Knowledge Architecture. No one, not even Passpack employees, can access your data. Plus, Passpack adds an extra layer of defense through our Packing Key technology, a unique master code known only by each account owner.
- Role-Based Access. Passpack gives Administrators user-level permissions to ensure data security. Grant or deny access to specific password-protected resources based on job function or team assignment. Admins can also enable Read/Write, or Read Only privileges to users, thereby controlling who can modify passwords.
- Activity Logs. Passpack monitors all password-related activity to track and trace user history in the event of a breach. A number of reports and dashboards inform Administrators of login activity and password usage to identify trends, suspicious behaviors, and any violations of password policy by users.
Passpack delivers security and convenience to SMBs
Initially conceived for small businesses, Passpack has evolved to be infinitely scalable and capable of handling the password sharing and management needs of organizations with thousands of users.
Today, Passpack remains focused on SMB priorities of affordability, ease of use, and delivering the kind of personalized customer support you won’t get from larger providers – even as we roll out advanced new features catering to larger enterprises like multiple administrator support, domain access management, and Single Sign-on (SSO).
Passpack is a tool to protect sensitive information and a springboard to collaboration for team-based environments in one platform. For SMBs aspiring to be something more, Passpack offers a solid first line of defense in your cybersecurity posture while providing unfettered access to shared online resources for authorized team members.
- Improved overall security. Encrypted sharing and centralized storage of passwords, PINs, and account numbers lower potential exposure to data breaches.
- Enhanced team productivity. Easy access to shared credentials saves time, improving user efficiencies and the customer experience.
- Scalability. Flexibility for SMBs to scale as employees, teams, customers, and online resources multiply. You’ll never have to worry about outgrowing or changing providers with Passpack!
Try Passpack Shared Password Manager for FREE
Enforcing good password hygiene habits in the early stages of a business’ development sets the tone for a strong overall cybersecurity strategy going forward. Check out this case study to learn how small businesses use Passpack to bolster cybersecurity and teamwork.
Then, if need you more convincing, we invite you to try Passpack risk-free. Sign up for a no-obligation 28-day free trial of the Passpack Business Plan and see how Passpack can deliver the security and convenience your SMB needs to control user access and share passwords without worry.