Why password managers are essential

Published: 17 October 2022
Published: 17 October 2022

It’s Cyber Security Awareness Month, which means this month we’re shining the spotlight on cyber security and sharing our expert advice on keeping yourself and your business safe online.

Cyber attacks are one of the biggest threats to your business. As a business owner, you’re at greater risk than the average internet user, with much more to lose from a successful cyber attack. Businesses are being attacked daily – don’t let it be yours.

Introducing password managers

One of the most important aspects of a successful cyber security strategy is password management. A single password breach can have a devastating impact on your business. . If you use the same password for multiple accounts, a hacker could gain access to all your confidential data. Effective password management is key to keeping your customers’ data safe and  keeping you on your ‘A game’ when it comes to data protection.

Investing in a password manager (like Keeper) is a great way to protect your passwords from cyber criminals. Put simply, a password manager is like a vault with all of your passwords stored in it. This vault is fortified by data encryption and secured by a master password, which allows you to access all your other passwords. Clever, right?

Despite offering a simple and cost-effective solution to password management, many businesses don’t use password managers, which leaves them more vulnerable to attack than companies that do. Whilst it might seem daunting to store all your passwords in the same place, how much more convenient does it sound to remember just one password?

What are the risks of not using one?

A password manager makes it harder for cyber criminals to find out your passwords and gain access to your private data. If you decide against using one (would not recommend), your business has an increased risk of a data breach.

If a data breach occurs, your business could face serious repercussions including:

  • Financial penalties under GDPR for breaking data protection laws
  • Operational disruption within your business (and resulting loss of income)
  • Lawsuits from upset customers
  • Loss of business (and resulting loss of income)
  • Damage to your reputation

Which password manager should I use?

There is a lot of different software out there, but one of the password managers we provide is Keeper. Keeper is a leading password management software, which is easy to use and specifically designed with small to medium businesses in mind. In our opinion, it’s the obvious choice for business owners.

For more information on Keeper or password managers in general, get in touch with us today.  We also provide a range of cyber security services that could benefit your business, from cyber security training for your employees to compliance checks and auditing.

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