Four best practices for efficient password management

Password Management Blog--

Applications cannot function without passwords and we cannot function without applications, and given the influx of technology in our lives, the process of using applications and securing them with passwords is only growing in its importance.

However, managing as many passwords is a task easier said than done and add to that – the sense of fear we harbor about passwords being hacked or stolen, in an event that they’re not well managed. In fact, this intriguing read covers that a study on Google investigators found out that hackers swipe nearly 2,50,000 passwords a week!

It is therefore crucial to have an efficient password management strategy in your organization that not only helps you manage multiple applications effortlessly but also protects your business information from cyberattacks.

Are you acing Password Management?
In addition to creating a password as per best practices – at least 8 characters, at least one upper case character, at least one lower case character, a combination of number and special characters, organizations are encouraging the use of an Enterprise Password Manager.

A Password Manager is a software that is used to store and manage the passwords and it can be of various types – cloud-based, web browser-based, portable, etc. The passwords are stored in an encrypted format and one can access the password related information with only one master password. So, all your passwords are streamlined, secured and you can mitigate cyberattacks to a great extent.

However, there is a major drawback of using a Password Manager – In case a hacker successfully decodes the master password, all the information within the password manager gets quickly into his possession.

Therefore, by merely using complex passwords and installing a password manager within your organization; you are not quite acing at password management, so here’s what you need to do instead –

1.Shift from ordinary password management protocols to IAM solutions.
IAM solutions are designed to address the core issues related to identity and access management which primarily include password management.

According to the Gartner, AM products are used by organizations of almost all sizes and for workforce, B2B and B2C use cases. Each application that can be successfully managed by AM products can reduce the password management burden on users and help desk staff.

So, it’s about time you deployed the new-age, robust Identity and Access Management solutions within your organization, here’s why;

Single Sign-on (SSO) is a great starting point for a holistic IAM system. But, SSO at times is confused with Password Managers, given that their advantage is similar – the user can ultimately access multiple applications with only one set of credentials, eliminating the need to create and remember many passwords. However, with a Password Manager, the user must put efforts in generating a hard-to-crack master password and still be unsure of the security, whereas, SSO solutions entirely depend on a ‘federation identity’.

New-age, Single Sign-on solutions leverage trust and are built on federation protocols such as SAML and OpenID connect that allow sharing identities across trusted systems. Once the trust across systems is established, the user can access multiple applications at one go, using only one, strong set of credentials.

SSO works perfectly well with VPN, Firewalls, Wifi, and any application – native, hybrid or cloud, an option that you may not get with password managers.

Therefore, Single Sign-on is an ideal combination that provides a single login as well as unbeatable security to the password.

2. Give enterprise-class security to passwords with Multi-Factor Authentication.
Multi Factor Authentication (MFA) is a stringent validation technique, where all the identities are validated with 2 or more independent set of credentials; usually an E-mail OTP, SMS OPT, biometrics, soft token, challenge-response questions, etc. This adds an additional layer of protection to your passwords, making them more secure and less vulnerable to cyber threats.

3. Safeguard crucial passwords with Privileged Access Management
While all your passwords must be secured and managed, every organization has certain key people who have access to critical business applications and the passwords of these applications should be especially monitored and secured. Known as Privileged Access Management, it is an integral part of efficient password management.

4. Reduce helpdesk dependencies
Dependencies on helpdesks for password updates and reset is a classic challenge. The more the number of passwords, the more are the number of users contacted and thus the wait until the helpdesk desk resolves their issue is longer. Overall, it is a time-consuming and productivity hampering process.

IAM solutions offer password reset as a service (PRaaS), self-password reset options and password synchronization with your directories; helping you manage all your passwords effortlessly.

Try our Xpress Password
Ilantus’ Xpress Password is a password management product that offers enterprise-class password management, remote password reset, consumption-based billing and is compatible with mobile devices as well.

Drop in a line to implement an efficient password management within your organization, today!

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