Top 5 Best Practices in Password Management

Globally, over 81% of all cyber breaches occur due to weak password management. In 2020, data breaches exposed over 35 billion records just in the first half of the year.

The rising security risks can impact your business. In fact, according to IBM, the average cost of a data breach was as high as $3.86 million in 2020.

So what can you do to protect your business and employees?

Our partner Keeper Security, in their latest webinar titled ‘Zero-Knowledge Password Security with Keeper’s Market-Leading Cybersecurity Platform’, highlighted a list of actionable tips for all businesses.

Here are some IAM (Identity and access management) and authentication methods they share to increase your cybersecurity posture –

Deploy multi-factor authentication –

Secure all mission-critical data with MFA (multi-factor authentication) or 2FA (two-factor authentication). This has become a standard to safeguard access to organizational resources. In addition to their username and password, the system shoots out an OTP (one-time code) to the user’s device.

Alternatively, as a part of MFA, users can also add biometric verification, such as Face ID, Touch ID, iris scans etc. Adding multiple layers of authentication is highly recommended to ensure your account is difficult for hackers to attack.

Enable a Single view –

Have a comprehensive view of privileged identities. Privileged user accounts require special protection and can be of different types, such as administrators, SSH keys, break glass/emergency accounts, non-IT accounts (CXO profiles), system accounts, etc.

Centralizing right of entry to such accounts helps get you a single view into their activities, streamlining access, and ensuring visibility.

Update your software –

Always perform software updates to confirm the latest security protection and patches. Updates to your operating system and other software help you to keep on top of the changing threats from hackers. Key system fixes ensure that you do not compromise access, which can cost you identity, information and financial losses.

Create a clear escalation path –

Make sure your employees have a clear path to report any suspicious activity or incidents on their devices. Post security incidents, a prompt response by your incident team can help contain the damage. Establish clear escalation protocols in your incident management process, so that your employees are well equipped to deal with any password breach effectively.

5.Train your employees –

Last, but not the least, training your employees is critical when it comes to cybersecurity. Many types of cyber-attacks target employees and gain access to their accounts, infiltrating their organizational data.

Schedule regular, frequent training sessions and workshops to help them understand potential attacks and what type of passwords are the most secure.

Also, include the following in your password management strategy in 2021:

• Prohibit same password usage
• Set a minimum password length
• Deploy authentication apps

Conclusion:

Passwords are a critical part of your overall cybersecurity strategy. Managing multiple passwords gets complicated fast. To cope, users end up memorizing simple passwords such as ‘Password’, repeating passwords across platforms or writing them down in unsecured locations.

Either of these practices makes you vulnerable, and therefore, an easy target for identity theft. Using a password management software makes it much easier to generate and store your credentials under encryption, reducing the likelihood of attacks such as credential stuffing.

About Keeper Security:

Founded in 2011, Keeper Security offers a leading enterprise-grade cybersecurity platform for preventing password-related data breaches and cyber threats. The company’s Password Manager & Digital Vault is a security-first password management solution available for all popular platforms and browsers. Know more about Keeper Security here.

Planning to choose the best password manager for business? As leading cybersecurity distributors in the Middle East, our team can help! Speak to a certified specialist today.