Why do I need a password manager?

If you’re new to password managers, you might be wondering why they’re even necessary. To clear things up, we’ll explore three major password-related security challenges that businesses face and how a password manager, like Passwork, can help you and your business to work smart, boost security and reduce the stress of managing numerous credentials.

Digitalisation and human factor

The rapid shift to digital platforms, especially during the COVID-19 pandemic, has significantly increased attack vectors for cybercriminals. With so many people working from home, unaccustomed to using complex security tools, human error has become a major vulnerability. Imagine an entire wave of old-school office managers in their fifties buying laptops and working from home for the first time. Of course, it’s no surprise that cyberattacks are on the rise; in fact, phishing attacks skyrocketed in 2020, with 75% of organizations experiencing some form of attack.

Human error, in this sense, needn't be accepted when you’ve got a password manager on hand. When you access a website that requires a password stored by your password manager, it is presented automatically by the software. However, this only occurs when the webpage is authentic. Phishing attacks rely on false web pages that mimic the real thing, and whilst this may trick a user, a password manager can tell fact from fiction, every time. When the user doesn’t see his password pop up on the screen, he knows that he’s not in the right place. But what if the user decides to put in the password manually? Well, password managers are on the case; oftentimes, complex and unmemorable passwords are generated, and users are forced to rely on auto-input. Human error? Eliminated.

By eliminating human error through automation, Passwork helps ensure that your company’s sensitive information is never compromised by phishing attempts or careless mistakes.

Preparing for security audits

The benefits of password managers don’t end there. Preparing for security audits can be stressful, but solutions including and similar to Passwork makes the process smoother by significantly improving password hygiene. A key part of any security audit is evaluating the strength and management of passwords. Weak, old, or compromised passwords can raise red flags during an audit and expose your company to cyberattacks.

Password managers automatically alert users when passwords need to be updated—whether they're too weak, outdated, or compromised. This keeps your password security strong and helps your business pass audits with flying colors.

Additionally, and more importantly, password managers minimize human involvement wherever possible, and as has already been established, this is key to secure operations. Should an employee leave the company, Passwork will notify administrators to change any passwords that the former employee had access to, reducing the risk of data leaks. The automation of this process ensures that passwords are continuously updated without depending on manual efforts, preventing potential security oversights.

Handling absences and staff changes

On a similar note, temporary staff absences, rather than permanent personnel changes, can also cause problems for companies without password management software. If an employee is on vacation or out sick, it can become difficult for the rest of the team to access crucial files or systems, causing inefficiencies and delays. Let’s say you’ve gone away for a relaxing beach holiday in Bali. It’s unlikely that you’ll be on your phone responding to Sharon from accounting, who needs the password to your email account, right? Well, Sharon can’t access an important PDF that was sent by a client last week, so she has to ask them to send it again. It’s inefficient, unprofessional, and will cost your company time and money.

This is an issue that password managers can solve. With solutions like Passwork, employees no longer need to memorize passwords or jot them down in hidden places. Passwork securely stores them either on your local server or in the cloud, ensuring easy access and enhanced security. This means that they can be accessed by anybody with the appropriate security clearance. Business can run smoothly, regardless of staff absences, and you can get back to reading Sapiens with your mojito.

Conclusion

Solutions like Passwork are simply a necessity in the modern world, it's more than just a password manager—it's an essential tool for modern businesses looking to strengthen their security posture and improve operational efficiency. By automating password management, reducing human error, and offering centralized, secure access to sensitive information, Passwork helps businesses safeguard their data in a fast-evolving digital world. If you’re reading this, wondering whether your business is even big enough for such infrastructure, think again; don't wait—take the next step in securing your company’s data with Passwork.