Should you Password Vault?

When we preach that your Passwords better be complex, what to take-away when it comes to vaulting them?

Passwords, aren’t they complex, a hassle to manage and on top of it they are too difficult to remember?

The world is online and the number of online properties per user is going up exponentially. Data is being stored, processed and accessed on a variety of devices like phones, laptops, tablets, devices attached via IoT and PDA’s. The only thing which saves our data and info from a hacker or thief is the password shielding our data.

That is from an individual standpoint, when we look at this from the standpoint of business – users are not just individuals connected via devices, but in this case they are privilege users connected to critical systems/ servers/ network of password-vaulted digital assets.

If you are an IT decision maker, the term password vault is not new to you. But we swish to reiterate, what is “Password Vaulting”? In simple words means securing all your passwords and other sensitive information behind a more secure passwords and more importantly having this automated.

Listed below are the benefits of Password Vaulting for business:

1. Defense against phishing attacks: Even privilege users are susceptible to tricks of cyber-attackers. Unlike human beings, a password vault can automate a login script that first compares the current URL to the stored URL. If they don’t match, then the password manager does not automatically fill in user credentials.
2. Keep a check on approvals and workflow: Password vaulting combined with internal approvals and ticketing mechanisms keeps a check on the accountability specially while accessing privileged accounts thereby enforcing a dual control system.
3. Manages complex passwords by auto saving details: Many of the newer password vaults / password managers generate passwords, handle complex passwords, auto fill-ins, and multi-factor authentication. They also help save your Credit and Debit card info making shopping a breeze.
4. Introduces a better Audit framework: By bringing in password vaulting, it becomes easier to have an independent dashboard/report which can be accessed by the auditors to make security checks seamless.
5. Facilitates multiple device to sync with Cloud based facility: A password vault makes sure that your passwords are synced across all your devices to make it accessible anywhere with dedicated apps available for the most popular OS for phones and laptops. This can also be extended to ERP and CRM applications in your organization.
6. Ensure Better Access Distribution Capabilities: Vaulting can be used to allow access to different servers across the organisation which adds SSO capabilities without compromising on security.
7. Makes way for Password Self-Recovery and Provisions: Password vaulting minimizes human intervention in times of password recovery as well can be used to automate provisions for privileged accounts.

Additionally, newer hardware capabilities like fingerprint sensors and Retina scanners built into devices, security will be taken to another level and password vaulting has become one of the most sought after service for preserving highly sensitive corporate data.

As our online consumption increases, it becomes vital to make sure our identities and financial info is secured without impacting accessible and user friendliness. For businesses it narrows down to users, and the most vulnerable lot is the privilege users. To them what it means is that each of these would save you the hassle of remembering complex passwords by storing them securely behind layers of encryption so even the most sophisticated hacker can’t break in.

So break Free with a password vaulted Privilege Access Management system!