Let’s face it, our digital presence has increased exponentially in the last decade or so. As end-users, we are always worried about our account security.
And we’re not afraid for nothing.
According to data published on Statistica.com, there have consistently been over 1,000 successful data breaches exposing millions of user records each year!
Such severe threats from cyber-terrorists also add pressure on businesses to provide top-notch account security & password management services to their users to boost user confidence while using the online services offered by the business.
Businesses aren’t always to be blamed for the successful data breaches that occur out there. Well, how can you blame business data security features when “123456” is still the most commonly used password of 2020!
Yes, “123456” is still used as a password by over 2 million people in 2020!
Do you know how much time it takes hackers to crack “123456”?
Less than a second!
Well, on the flip side, businesses must also focus on providing a highly secure password management system to their users.
There are many enterprise password management solutions out there that businesses use to provide account & privacy security to their users.
If you’re planning to incorporate an enterprise password management solution with your business, first of all, what took you so long, and second of all, please don’t go and pick a service provider blindly.
There are several features that every enterprise password management tool must have to provide reliable account & privacy protection. Today we will be looking at the top 5 essential features that every enterprise password management solution must have.
4 Essential Features that Every Enterprise Password Management Solution Must Have
Complex Password Generator
Well, having a strong password is still the best way to keep our accounts safe.
Yes, most websites nowadays ask you to create a complex password consisting of letters, numbers, and symbols. But whenever we create a password, there is always a pattern so that it is easier to memorize and remember later on.
These patterns are the very reason why hackers can break your passwords easily.
With a software-generated complex password, any kind of pattern or combination can be completely avoided, and the password can be completely random.
Moreover, as the password manager itself can also store the generated password, there is one less hassle – you don’t have to remember the password as well.
Encrypted Password Storage
After generating a complex password, it is important to store it in a secure environment to make it harder for hackers to gain access.
Password encryption is the best way to ensure that the original password string isn’t easily breakable for hackers. Modern password encryption algorithms such as SHA-256, SHA-3, AES, and RSA are great in offering complex encoding of the original password text that is highly difficult to break.
End-to-End Encryption (E2EE)
Cyber attacks happen at the user end or server end and happen during the transmission of the data between the endpoints. Thus, it is also necessary to secure data between the user and the password management system.
End-to-end encryption (E2EE) is the method used to ensure secure transmission of data between the sender and receiver without allowing any third-party access to the data during transmission.
As the data will be encrypted during transmission, snooping attacks and man-in-the-middle attacks can also be avoided.
Multi-Factor Authentication (MFA)
Multi-Factor Authentication refers to the process of providing users with a sequence of authentication steps that they need to complete to gain access to their account.
Usually, Multi-Factor Authentication steps include the user entering the password of their account and then confirming their login by entering an OTP (One-Time Password) sent during the login process registered email or mobile number.
MFA ensures an additional layer of security, thus making it very difficult for hackers to gain access to the user’s accounts.
Conclusion: Is Password Management All That Can Be Done?
Creating strong passwords and managing them in a secure & encrypted manner is one of the most effective ways to secure our accounts from hackers and malicious activists.
However, using an enterprise password management system isn’t the ultimate means to offer account protection and data security for businesses.
User awareness to stay clear of malicious hacking attempts is necessary to ensure better account & data protection. In fact, according to Netwrix, over 29 percent of data breaches happen due to human error.
Which is quite a lot!
Thus, proper awareness concerning cyber security threats such as phishing attacks and the standard procedures for account safety like periodically changing user passwords must be offered to the users.