Companies in general have invested in digital security for some time now. However, cybercrime is constantly reinventing itself, so it’s important to have more than one strategy to protect your business, including password safe as an essential tool.
But what exactly is a corporate password safe? How can it benefit your business or IT department?
This article will help you understand more about this tool and see how a password safe can also be a competitive advantage in the market.
What is a password safe?
A password safe is a system designed to securely store and manage access credentials. In other words, it acts as a database where all passwords used in the organization are stored after being encrypted.
It means that only authorized users can access this information, significantly reducing the risk of password security breaches.
This way, the storage method is particularly important in the context of the General Data Protection Regulation (GDPR). After all, this legislation establishes a number of obligations for companies and individuals that handle and manage personal data.
These obligations include security measures to protect data from unauthorized access, destruction, loss, alteration or inappropriate processing. Therefore, password safes for corporate IT help organizations meet these requirements by providing an extra layer of security and regulatory compliance.
How does a password safe work?
Password safes use advanced cryptography to protect stored credentials. In other words, it consists of protecting information using encrypted algorithms, cryptographic hashes, and signatures.
In addition, encrypted data are stored in a secure location, either on the user’s device (on-premises safe) or on a remote server (cloud-based safe).
Therefore, encrypted data are indecipherable to anyone who doesn’t have the access key. This key is your master password, the main key to your safe, and it should be long, complex, and unique.
When creating this password, you should combine upper and lower case letters, numbers, and symbols. On the other hand, you should not use passwords that you use on other sites or services. After all, the security of your password safe depends directly on the strength of your master password, and any data leakage could compromise it.
Some password safe solutions can simplify this task and generate strong, unique passwords for each website and application. Despite the technical details, password safes offer a user-friendly interface and allow users to add, remove, and share passwords easily and safely.
Another important aspect is that reliable safes have measures to enhance the protection of your data, such as two-factor authentication. It provides an extra layer of protection by requiring users to provide an additional proof of their identity.
Other solutions include security audits and detailed reports on password usage. It helps IT teams monitor and manage access to corporate resources.
Milvus, for example, is a platform that manages simple and complex IT demands, inventory, remote access and more, and provide a complete password manager solution.
With the management tool, you can securely store credentials, share them with other team members, and perform access audits.
The Milvus platform also integrates your password safe tool with the GDPR tool, which helps corporate IT ensure GDPR compliance when handling your customer data.
This integration allows organizations to keep their passwords secure while complying with legal data protection requirements, providing a comprehensive solution for data security and regulatory compliance.
The benefits of the GDPR tool include:
- Automated cookie checker;
- Consent registration;
- Real-time dashboard;
- Access to customer portal;
- OutSource DPO for client.
Why you should use a password safe
Implementing a password safe for corporate IT changes the way an organization manages credentials and protects sensitive data. It also provides a number of benefits that go beyond simply storing passwords.
In this section, we’ll explore the key benefits of a password safe. See how this tool can help prevent data breaches and speed up the access to critical information and the work of IT teams.
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Prevents data breaches that can negatively impact your business
Data breaches can lead to the theft of confidential information, including customer data, financial data, and intellectual property. Or it can even interrupt operations in the case of DDoS or malware attacks, making systems unavailable and, as a result, causing financial losses and reputational damage that may be irreversible.
What’s more, handling a cyber attack can generate costs related to data recovery, system restoration, forensic investigation, and lawsuits. Not to mention fines for data breaches.
Password safes minimize this risk by ensuring that only authorized users have access to credentials. With end-to-end encryption, even if a criminal manages to access the password safe, stored passwords won’t be decrypted without the right key.
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Provides fast and secure access to passwords
Quick and convenient access to passwords is critical to maintaining productivity. With a password safe, the members of the corporate IT team and of other teams within an organization can quickly access the credentials they need to perform their daily tasks.
A password safe also eliminates authentication errors, facilitates the onboarding of new employees, and reduces the time spent recovering forgotten passwords.
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Reduces IT support time
A significant amount of IT time is spent with password reset requests.
With a password safe, users can securely manage their own credentials, reducing the number of requests to technical support. In other words, the IT team isn’t constantly contacted and can focus on more strategic tasks that benefit the company as a whole.
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Eliminates the frustration of resetting passwords
Resetting passwords can be a frustrating and time-consuming process for both users and IT staff. Password safes eliminate this problem by providing an easy and secure way to recover and update passwords. It improves the user experience and increases operational efficiency.
How do you keep password safes secure?
As you’ve seen above, it’s important to be proactive and follow some best practices to keep your password safe secure. First, choose an approved and reliable solution that offers robust encryption and multi-factor authentication.
Multi-factor authentication (2FA) requires additional proof of your identity in addition to the master password to access your password safe, creating a barrier for unauthorized individuals, even if they know your password.
Second, consider the importance of using a strong and unique master password. Protecting it will ensure that no one, not even the safe developers themselves, has access to your stored passwords.
Remember to highlight that the master password should never be shared. To enhance security, you can also store your master password in a different password safe from the one you use for your other passwords.
You should also keep your password safe software up to date, as regular updates patch security flaws and vulnerabilities that can be exploited by hackers.
In addition, always be careful when clicking on links or opening attachments and make regular backups of your password safe. This way, you can recover your data in the event of loss or system failure.
It’s also important to monitor the activities in your password safe, so check your login history to see who has accessed your password safe and when it happened. Some solutions allow you to receive email or SMS notifications whenever someone accesses your account.
A complete solution for your IT team
In the search for secure and efficient password management solutions, Milvus stands out as a consolidated option in the market. More than 3,000 companies use the Milvus platform features to manage customer service and complex IT requirements.
With an intuitive interface and advanced security features, our password manager offers all features you need to protect your credentials and optimize the productivity of your IT team.
Still have questions about how our solution can benefit your company? Contact our experts and see how we can help you!
