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Why you need a password management system

Why you need a password management system

January 17th, 2022 - 5 minute read

What is LastPass Business and why do you need it?

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. 

From a business point of view, it is crucial to have the ultimate control of passwords, so that you can allocate and remove access to business systems and website logins when needed, for example, when an employee arrives or leaves.

LastPass cuts through all of this so that you can have much better security – because it is easier to use it than not to.

This means you cut out the largest way that hackers get into a business, via weak, reused, or old passwords.  

At GTB, one of the biggest client requests we had in 2021 was to have a password manager suitable for use by teams. We’ve researched and selected LastPass as it does the job, has the pedigree, is simple and effective, and we can support you using it. 

Why is a Password Management system important for businesses?

LastPass Business is a password management system that stores encrypted passwords online making digital security accessible and simple for businesses to manage the passwords for all employees.  

In today’s world, most businesses have dozens or even hundreds of passwords for different employees with different accounts, profiles, and applications.

With the increased need for security, and rising Cyber Security threats, it is imperative that all businesses have a strong password management system.

80% of data breaches are caused by weak, reused or stolen passwords.

#1. Generate secure, fool-proof passwords

With 80% of all data breaches happening because of weak passwords, having a password management system is crucial.

If you want to ensure your data safety, you must use complex passwords or pass phrases that include a combination of letters, numbers, symbols, and uppercase/lowercase. 

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

This also prevents your employees using generic and basic passwords such as their dogs name, or date of birth, and lets the password management system create a unique password that has all of the factors required for high security, including symbols, upper and lower case, numbers. It is much harder to hack KiUR&*!RTQ then it is Snoopy1222!

#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. 







 

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