A recent report showed that cybercrime costs the UK economy €27 billion a year, with individuals and small businesses being the most vulnerable to cyberattacks. For some time now, experts have been urging companies to strengthen their security defenses as the financial cost of breaches continues to rise with increasing threats. According to the 2020 Hiscox Cyber Readiness report, cyber losses have increased nearly six-fold worldwide over the past year. The largest loss from a single cyber incident was recorded here in the UK, costing the company €15,8 million. As more consumers and businesses rely on online services in response to Covid-19, these numbers are expected to rise further in 2021. As large organizations and certain industries, particularly financials, recognize the risks and reinforce their defenses, small and medium-sized businesses are being left behind. In the past 12 months, almost half of UK businesses (46%) reported having experienced cybersecurity breaches or attacks. Smaller budgets often mean cybersecurity tools are lower on business agendas. However, with the growing financial impact of cyber breaches, businesses of all sizes must examine their defenses to determine if their information and passwords are well protected. About the Author Gary Orenstein is Director of Customer Service for Bitwarden Unfortunately, problems tend to stem from a lack of knowledge about how to stay safe online, to bad cyber hygiene habits among employees entering the workplace. Research shows that people always choose weak and vulnerable passwords, even though they are aware of the risks associated with doing so. That said, employees are challenged with remembering many passwords, keeping information secure, and other data secure for a myriad of systems on a daily basis, so it's no surprise that those passwords are still in use. choice course. For passwords to be secure, they must be complex and unique to each app or service being accessed, making them harder to remember. The risks of cyber breaches are even higher, since employees have not yet learned how to spot basic phishing scams. We also found that too many employees fall into the trap of thinking that having an antivirus gives them all the protection they need. So what can organizations do to keep their information secure?
The solution
Cyber breach incidents can be drastically reduced with the adoption of password managers across teams and organizations. Password managers allow employees to generate unique and strong passwords for each site they have access to or for which they have opened an account. This ensures that passwords are not reused and allows organizations to create password complexity rules to minimize the risk of using weak and vulnerable passwords. Other policies can be implemented to ensure a certain level of security across all of your employee accounts, even for systems they don't control.
Some password managers also add an extra layer of security by securely creating and storing organizational passwords in collections that allow the administrator to share and update credentials without having to contact users with updated information through less secure channels. In this way, organizations can exercise centralized control over who has access to information.
Choosing the right password manager for your organization may seem like a daunting task, but it's relatively easy. First, the product must integrate seamlessly into existing applications to ensure there are no interruptions to employees. More importantly, it must be secure, reliable, and scalable. With that in mind, we've put together a list of top tips to help you choose the right password manager for your organization: 1). Make sure your password manager allows secure sharing with administrative controls; Good password managers aren't just about protecting your own password, they also provide a full set of collaboration features that can be rolled out across your organization.
2). Look for cross-platform coverage; make sure you can access the vault on multiple platforms and devices, including iOS and Android, Windows, macOS, Linux, and more. When working from home, employees are more likely to use multiple browsers and devices.
3). Check if two-factor authentication is supported; Two-factor authentication adds that extra layer of security. Good password managers support all major 2FA vendors and technologies.
4). Consider open source products with vibrant communities; The larger and more active the community, the more resources your team will have to help you resolve any issues or situations that arise. There are forums that can help you navigate simple queries as well.
5). Make sure products are audited and approved by security professionals; Look for products that have a seal of approval from third-party security experts. If security professionals use the products, that's fine.
6). Find simple and transparent pricing plans; Always look at the fine print in pricing and look for options that can be easily increased without a significant price tag. Use forever free plans or trials to test out password managers before committing.
seven). Maintain options for cloud or self-hosting; If necessary, make sure you have self and cloud hosting options to meet all your business needs.
8). Look for global coverage; For organizations with a global workforce, be sure to research user activity in the markets in which they operate, including language translations. There's no point in having a password manager that your global staff can't use.
9). Find a solution that developers can work with; Find products that you can integrate into your existing programmatic workflows for a smooth transition with options like a command line interface (CLI) and application programming interface (API).
ten). Find easy and safe ways to get started; Take advantage of the free plans to test the products.
In the future
Password managers have always been an important tool in preventing cyber breaches within organizations. With highly affordable options, you can be sure your organization is sharing secrets and passwords securely, while ensuring password complexity and best practices are adhered to within your organization. As employees continue to work from home due to organizational, cultural, or global pressures, it has become a critical business objective to implement a robust strategy for managing remote access securely with a manager. password. Password managers combined with continuing education can go a long way toward ensuring the cybersecurity of your organization.