Applications cannot function without passwords and our work cannot function without applications. 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 numerous passwords is a task easier said than done. Add to that – the sense of fear we have of passwords being hacked or stolen if they are not well managed. This intriguing read covers that a study on Google investigators found out that hackers swipe nearly 2,50,000 passwords a week!
It is 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 passwords. There are various types of password managers– cloud-based, web browser-based, portable, etc. The passwords are streamlined and stored in an encrypted format. 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.
So, in addition to using a password, it is best to implement password management best practices. We’ve listed the top 4 ones for you.
1. Deploy an IAM solution
IAM solutions are designed to address the core issues related to identity and access management which primarily include password management.
According to 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 the effort 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. Secure 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 sets 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. Opt for 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 specially 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 is 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 productive hampering process. IAM solutions offer a password reset as a service (PRaaS), self-password reset options and password synchronization with your directories; helping you manage all your passwords effortlessly.
Achieve optimal password security with Xpress Password
Ilantus’ Xpress Password is a password management solution that offers enterprise-class password management, remote password reset, consumption-based billing and is compatible with mobile devices as well.
Connect with us at firstname.lastname@example.org to efficiently password management within your organization.