Why you need a password management system

Stop hunting for passwords ...
AND harden up your cybersecurity

Many staff members need between 10 and 200 passwords just to do their job. And generally they'll either be secure or be quick and easy to use. For many businesses, every day, staff are either wasting time hunting for passwords, or running cyber-risks that could put the whole company out of business - or both!

Studies show that most people know they should use a strong, unique password for every website and online login, and yet people simply do not do that! Why? Because remembering and entering strong unique passwords is too hard and too time consuming.

As business owner, how do you feel about your staff playing password-roulette?

If your staff are keeping all their passwords in Chrome, or worse just using the same password over and over, then one small slip by just one person on just one day, can mean all your supplier logins, confidential client information, and own company information can be stolen, misused or destroyed.

Business-grade Password Manager

Thankfully there is a better way. Where the business owner has visibility and control over all company passwords, and staff get issued them in a way that is super-easy for them to use, and highly secure.

Plus - your staff only ever need to each see their own "master" password, all the passwords stay hidden and confidential. So if a staff member leaves in less than ideal circumstances, you don't need to worry if they want to cause damage by signing in and ordering a million widgets, or cyber-mooning the CEO of your top customer.

And, if you choose, your IT Service Provider - hopefully that's GTB :-) - can handle day-to-day and emergency management on your behalf.

A back-of-the-envelope ROI calculation might go like this:

⦁ daily time saved per staff member: 10 minutes = 50 minutes per week = around 40 hours per year per staff member.

⦁ cost per staff member per year for LastPass MSP $90-$120.

⦁ decreased risk of being hacked - conservatively 30% less risk

LastPass Business from GTB IT Solutions

GTB provide and recommend LastPass MSP business-grade password managers, which delivers all this ease of use combined with massively improved security.

How about a free password manager?

There are excellent free password managers available, and we at GTB are happy to recommend LastPass Free for home or "basic business" use. And they

Reasons to get a business-grade paid password manager

As well as a host of small "extras" with the paid versions, there is one master reason to step up to a paid password manager, and that is Control Console. With the Password Control Console you, or GTB on your behalf, can have full control and visibility over what passwords are issued and used. This has several benefits:

Easy to onboard new staff member

No need to issue passwords to new staff member to keep track of, they just get their single LastPass password which gives them all the access they need to supplier websites, key apps.

Access Control and User Management

Ability to manage user access levels and revoke permissions when employees leave the company.

We can even set it up so your staff members never see the passwords they use, all they have is their own LastPass password which then invisibly auto-enters the company-managed passwords for

When staff member leaves your team

All permissions can be revoked quickly and securely

Centralized Management

Your employee passwords are easily managed from a single platform, ensuring consistency and enforcing password policies across the company.

There is nothing worse than trying to keep tabs on every employee’s passwords. When a staff member is on leave, the last thing you want to do is try and find the post-it note they left with the login details.

Similarly, if a disgruntled employee leaves and takes their passwords, this can create an unnecessary headache.

Audit and Reporting

Provides insights into password usage patterns, allowing IT administrators to identify potential security vulnerabilities.

Improved Productivity

Eliminates the need to remember multiple passwords, saving time and minimizing user frustration.

Compliance with Regulations

Many industries have data privacy regulations that require robust password management practices, which paid password managers can help businesses meet.

What about creating new passwords?

LastPass automatically generates fool-proof passwords based on your specification. This ensures you always create extremely secure passwords, thus avoiding hacks.

Top 6 Reasons GTB recommend you get business-grade password management system

#1. Generate secure, fool-proof passwords

With 80% of all data breaches happening because of weak passwords, having a password management system to strengthen and protect your business passwords is crucial.

LastPass automatically generates fool-proof passwords based on your specification. This ensures you always create extremely secure passwords, thus avoiding hacks.

#2. Eliminate employee password reuse:

Passwords are automatically updated and renewed with the integrated LastPass Password Generator. This ensures employees practice good password hygiene. 

#3. Manage passwords from one place:

There is nothing worse than trying to keep tabs on every employee’s passwords. When a staff member is on leave, the last thing you want to do is try and find the post-it note they left with the login details. 

Similarly, if a disgruntled employee leaves and takes their passwords, this can create an unnecessary headache.

With a password management system, you can easily give every user their own personalized vault, while maintaining oversight of all passwords with an admin dashboard. 

#3. Protect your sensitive data:

Keep everyone’s credentials, notes, and info safe using LastPass’ zero-knowledge security model. 

#4. Admin functions make managing passwords a breeze:

Have multiple employees working on a particular app? No problem. With a good password management system, you can securely share credentials where employees and clients require access and organize shared credentials by Groups. 

Admin functions include:

• Instantly add and remove team members.

• Safely share passwords with others.

• Give each employee their own vault for safeguarding passwords.

• Store digital records: WiFi logins, software licenses, employee IDs, and more.

• Set security controls and restrictions based on your team’s needs.

#5. Notification of a data breach

LastPass constantly monitors all of your email addresses and sends instant alerts whenever it suspects that your data has been compromised. This allows you to act promptly and change all the necessary passwords, thereby preventing your information from being used by hackers and identity thieves.

#6. Multifactor authentication for employees

LastPass has numerous features suitable for large-scale enterprises, and one of them is multifactor authentication. This provides a second layer of security to verify the user’s login, usually in the form of fingerprint verification, one-tap mobile notifications, SMS codes, etc. This can be used to ensure the highest levels of security in businesses.

Advantages over other Password Management systems

One of the key advantages of LastPass is that it is simple to use. It has been used by many top companies world-wide, and has a long track record.

Why get LastPass Business from GTB?

• GTB can provide the help you need to get LastPass Business setup and working so that it becomes effective for you not only now, but also as time goes on and team members change.

• GTB provide this at the same price as LastPass.

• PLUS, each of your staff with a LastPass Business license gets LastPass Families FREE for personal/whanau/loved one’s use. 

To find out more information about LastPass Business and to see if it is right for your business, please contact GTB.