There’s no doubt we are past the era of using a Google spreadsheet to help manage all business logins. It’s an inconvenient and insecure way of managing your passwords.
Interestingly, a Password and Authentication Security Behaviors Report by Ponemon Institute revealed that 44% of the respondents were victims of phishing attacks while at work, indicating that password security continues to present a challenge.
Read on to learn more about enterprise password management solutions for businesses and how to promote healthy password behaviors among employees makes running your business more efficient.
What Features Should You Look for in Enterprise Password Management?
If your business is considering adopting a password manager, consider the following:
- Security: Assess the kind of security/encryption infrastructure that each password manager uses. Go for those offering top-security features, such as extra-strength encryption and two-factor authentication. Two-factor authentication requires an additional level of verification by the owner of the account. Some types of this additional security include:
- Push notifications to your mobile device through the use of an authenticator app. Examples include Google Authenticator and Authy.
- One-time passwords that use a special code to log in.
- Emailed or texted special codes
- USB keys are required to be inserted in order to log in.
- Biometrics, like fingerprints and facial recognition. These are the most difficult to hack. 77% of mobile devices now offer biometric security options.
- Usability: Explore the possibility that all your staff can use the software regardless of their IT background, especially if they’ll be working remotely and won’t have access to immediate help. Consider rolling out password management solutions that are easy to set up and onboard for technical and non-technical staff.
- Compliance: Consider the privacy or compliance standards, if any, to which the password manager follows.
- Admin controls: Think about the kind of admin controls you want the software to have. The password manager should have rules that let you monitor how your workers are managing passwords and whether they’re observing healthy security practices.
- Price: Although good security is priceless, it’s a good idea to assess the cost of the password manager. Chances are you’ll get a good deal that offers excellent value for your money.
- Extra features: Explore any other bonus features the software offers, on top of saving login details. A good password manager will not only have basic password management features like auto-login and autosave but advanced features like secure password sharing, too. Some also generate high-security passwords on your behalf, to be sure you’re not choosing a potentially weak password.
How Do Large Companies Manage Passwords?
It’s common for companies to ask their employees to change their passwords routinely as a security measure. However, this practice may be doing more harm than good. People tend to devise an easy, memorable password and then just change one or two characters when they need a new one.
In fact, 61% of people use the same password across multiple devices, services, and websites.
A password management solution avoids this risk because the passwords that it creates are strong, unique, and don’t have to be memorized.
What Password Managers Do Companies Use?
Based on the features mentioned above, you should evaluate the following password managers and select the best fit for your enterprise. Here are our top seven:
LastPass is ideal for SMEs, although they offer various packages for teams and larger organizations.
Of all the enterprise password management solutions we have come across, LastPass has the best controls for admins.
Users praise LastPass for the following reasons:
- Host of business-specific features.
- Intuitive and easy-to-use interface
- High-quality security framework.
LastPass has multi-factor authentication technologies and single sign-on (SSO), making it one of the best password managers for enterprises of all sizes. Pricing is between $4 and $6 per user per month for business plans, but you’ll need to contact them directly for their enterprise pricing.
The security of your data is key, and LastPass leaves nothing to chance, with TLS protocols and end-to-end encryption.
This is likely the best password manager for both small and big business enterprises. The software comes with a handful of password management features, including user management and multi-factor authentication.
DashLane’s UI is easy to use, allowing your employees to handle things quickly. Their privacy rating is also excellent.
It’s worth noting that DashLane stores no data on their side, only the operational data they require. They are fully compliant with CCPA, GDPR, and SOC2.
Using this third password manager will cost you $5-$8 a month per user as a business user, with discounts given to enterprise bulk buyers. You can choose any of their business plans, DashLane Business with all the features, or DashLane Team with all features and only SSO options as the exception.
DashLane has been operating with a US-patented security architecture for ten years. No hacking has ever happened to this architecture.
Bonus features include a dark web scanner. It notifies you of any data leaks and guides you on changing passwords in the event of a compromise.
1Password is a password manager that’s one of the most secure, the easiest to use, and offers you a wide array of features.
It provides solutions for enterprises, businesses, and teams and includes password sharing, two-factor authentication, and dark web monitoring.
You can choose from any of these three plans:
- 1Password Teams: The least expensive option with several advanced options, such as AD integration
- 1Password Business: Offers all features and, in addition, 20 guest access accounts and encrypted cloud storage of 5 GB per user
- 1Password Enterprises: Includes all features in the business plan. Moreover, it adds a dedicated account manager and training and onboarding assistance.
Business pricing for this password solution runs about $7.99 per user per month. Like with the others, you’ll need to contact them for their enterprise options. Most people use 1Password due to its intuitive admin controls, third-party integration options, and secure password sharing.
#4 Keeper for Business
Keeper is one of the cheapest options on our list of solutions, but don’t underestimate it. It offers one of the best security for communication between team members.
This password software allows a role-based enforcement policy with different organization tiers, each with varying access levels. Therefore, only accounts and passwords in their level of access are available to them.
Keeper For Business is ISO 270001 certified and SOC2 compliant and includes a desirable dark-web scanner feature. For these reasons, it’s ideal for large organizations.
What’s more, its simplicity and straightforward dashboard make Keeper for Business rate highly on usability. This one rings in at just under $4 per user per month with special pricing for enterprise customers.
RoboForm for Business features one of the best auto-fill capabilities in the password management solutions market.
This enterprise password manager offers you SaaS-based management of passwords. Admins have a centralized dashboard for managing passwords, enforcing policies, and generating reports on staff activity.
With RoboForm, you can:
- Create and manage various groups
- Create multiple admin accounts
- Securely share encrypted passwords with a specific team within the enterprise.
On top of being relatively cheaper than most other options, RoboForm pricing varies based on subscription length and the number of users. With a 1-year subscription, it’s $29.95 per user per year with 101-1000 users. With a 5-year subscription, the cost drops to $22.95 per year per user.
#6 IT Glue
IT Glue offers you an IT documentation platform that comes with a password manager feature. Therefore, you can link passwords with the necessary documentation.
Here are some benefits of IT Glue:
- It’s SOC compliant
- It alerts you of passwords at risk
- It allows granular-level control of user access.
With this password solution, your enterprise can also create personal user vaults. That way, each individual can maintain their master passwords.
Pricing for this option is $39 per user on an enterprise level but includes many options others don’t, such as custom SSL branding for your documents, an Office Cloud Editor for collaboration, Workflows, and more.
CyberArk is an advanced password management software that targets the security of your business's entire IT system.
With its advanced functionality, you may require more assistance from cybersecurity experts to set up and use. Thus, CyberArk fits larger organizations, and especially security teams.
Among the things that its features offer include:
- Automatic credential rotation
- Granular, privileged access controls
- Detailed auditing reporting for compliance
- Real-time account monitoring
Their pricing is quote-based, requiring you to contact CyberArk’s sales team to get an estimation of how much using their services will cost your business enterprise.
CyberArk may be a bit more advanced for most enterprises’ needs, but it’s ideal for large firms with requirements for bulky data and strict adherence to data security laws. Since they have so many options and different services that come with a password manager, it’s best to contact them for pricing.
What Is the Best Password Manager for Small Businesses?
Of all the password managers mentioned, LastPass’ features are the most suited for a small business, as it is priced just right and offers everything a small business needs.
Data Magic can offer you the IT support you need to identify tiny details as you seek to improve your company’s security. Therefore, regardless of where you’re located, feel free to pursue our managed IT services.
Contact us today. You can chat with us right on our homepage and find the answers you’re looking for!