If you ask a security expert, you’ll likely receive traditional advice regarding password sharing: “Avoid sharing passwords.” However, we know that approach isn’t always feasible with the amount of applications being used within an organization today. In many workplaces, sharing a password for a specific website or app can be useful in saving time and money. For example, SurveyMonkey requires additional payment per user, so by sharing the same account amongst employees an organization is able to cut costs. Additionally, collaborative tasks often require password sharing, and the most effective way to safely and securely do that is by utilizing a password manager. These tools are cost-effective and user friendly, providing fortified layers of added security. Password managers provide the safest and most convenient means of storing and sharing your company’s confidential passwords.
Why Would You Need to Share Passwords?
Shared accounts are the primary reason why employees share passwords, whether they are working from home or in person. Password sharing can help streamline workflow, promote collaboration on assignments, cut down on company spend, and much more. However, if employees are not sharing safely and responsibly, critical information can be left available to malicious hackers. According to an IBM Security report, in 2022 19% of breaches were due to stolen or compromised passwords. So that poses the question, how do you share passwords correctly?
Avoid These Common Mistakes When Sharing and Storing Passwords
- Avoid Sharing Passwords Through Email: Cybercriminals primarily target emails, and unfortunately, most email services are not encrypted. Even the email services that are encrypted are still at risk due to the amount of emails that are stored in servers coming in or going out of your account.
- Do Not Send Passwords Over Text or Chat: Similar to email, sharing passwords via text or chat is unsafe. Once you have sent that information out, it is available for anyone to steal.
- Never Write Down Your Passwords: Although it can be convenient, do not write your passwords down on a sticky note, in a notebook, or even type them on a Word Document.
- Do Not Store Passwords on Your Device: If your phone or laptop gets stolen, there is nothing stopping the thief from using every password you have saved on your device.
How to Safely Share and Store Passwords
A password manager is the most secure way to store your passwords. Only those with your master password can access the information you have stored, and password managers also have the most secure sharing features. These features include:
- Zero-knowledge architecture
- Multifactor authentication
- Unique password generator
- Weak password notifications
- Breach notifications
Enable secure and straightforward password sharing with a password manager. Certain applications allow you to designate which passwords your employees can access while keeping others in a private vault. They also offer the capability to share documents or records without revealing important credentials.
Using a password manager also eliminates the need to remember several unique passwords for different websites. Now, the only password you need to remember is the master password to access the application.
Smart Organizations Use Password Managers
Sharing passwords is risky, but there is a safe way to do it when necessary. Using a dependable password manager helps you maintain control over who accesses your credentials and ensures that your private information isn’t at risk of being stolen. It is also important that your employees are knowledgeable on safe cyber hygiene, and they are aware of the do’s and don’ts of password storing and sharing.
If you’d like to get set up with a password manager but aren’t sure which one would be best for your organization, give us a call today and we can help.
