The 2nd part in our series on password management explains 4 criteria to watch for when choosing a password databank program and includes a few recommended programs.
Password management programs are a great solution for storing passwords, as well as creating complex and unique passwords that secure your company’s data. As data breaches become more common, having complex and unique passwords has become that much more important for the security of a company. There are many password managers available for download online, including free and paid versions. We have developed a list of 4 criteria to consider that will help with choosing a password manager that is the best fit for your business.
For more information on what a password manager is, along with why they are important, check out the 1st article in this series!
The most important features to look into when choosing a password management program are the security features. The number 1 reason we choose to use password managers is their capability to secure our data, so it is very important that the program chosen offers enough security. Here are some aspects to look into when it comes to security:
- Length/complexity of the passwords that are generated: Should allow the use of random characters, and the ability to change the length of the password.
- Accessibility: The databank should only be accessible by a master password, which means the password management service itself should not be able to access the passwords.
- Additional Security: The most secure programs advocate for additional security features such as two-factor authentication (sending a confirmation code to another contact source), or biometrics such as fingerprints or facial recognition technology.
- Active Development: This means the developer should be releasing regular security updates to improve the safety of the program.
- Independent Security Audit: Look for a password manager that has undergone and responded to an independent security audit. This means security researchers took a close critical look at the code of the software and published their findings on the safety of the program. These audits allow for improvement of the software, and hold the company accountable for creating safe and reliable programs.
Next, it is important that the program chosen is compatible with all the hardware and software that is used within the company. This means the password databank must be accessible on all devices such as laptops, phones, and desktops, as well as the different operating systems used such as Mac, Windows, or Android. If the password management program is being used on multiple devices, it is good to research the syncing capabilities. Many cloud-based vaults can be accessed from any device, while desktop-based programs allow vaults to be set up on multiple devices. The password vaults are synced through the internet.
3. User Friendly
Another consideration when choosing a password manager that fits your company, is the ease of use. Depending on who will be managing or accessing the password program, it is important that they consider it to be user-friendly. The best way to do this is to look at screenshots provided by the company, as well as reviews on how user-friendly the interface of the program is. It is also good to check the additional features the program offers, such as notifying the user if the password strength is too weak, or automatically prompting you to change passwords on a regular schedule. These additional features can make the use of the program easier, while also increasing the security that is controlled by the user of the program.
The final consideration of choosing a password management program is the cost. While digital security can be considered priceless in the grand scheme of things, many companies still have budget constraints to consider. There are many free password managers, however, the paid versions often offer higher security measures as well as additional features. To get the best value for your money, make sure to look for unlimited password storage and the features that are most valuable and essential for the business.
Choose the Best Fit
There are many things to consider when choosing the password management software that is the best fit for your company. Security is the #1 criteria of concern when it comes to a password database or vault. It is also important to consider if the program can be accessed on all devices and operating systems used within the company, how user-friendly the program is, and what it will cost the company on a monthly or annual basis to operate the program. When looking into password management solutions for your company, consider the above criteria to choose the best fit for your business.
Next in our series on password management, Part 3 will discuss tips for managing the password databank program.
Download this resource Password Management: Part 2 – Choosing a Program to Use.