Understanding how to protect passwords is key for small and medium-sized companies
With cybercrime becoming increasingly sophisticated and prevalent, every small to medium-sized business should be looking into the best password protection. The importance of knowing how to protect passwords cannot be overstated.
The cost of a compromised password is high. Cybercriminals know the instant they capture your employees' passwords they have what they need to have full access to your network data without being detected by antivirus software and other protections. Once they are in your network, they can wreak havoc, causing issues that can permanently damage your company's reputation, put your customers at risk, bleed your finances, and even ultimately lead to the destruction of your business.
Cybercriminals want your passwords: here's how to beat them at their game
It sounds terrifying. Yet even more sobering is the fact that attacks that involve the theft of passwords or log in credentials are also on the rise. Those can include phishing or social engineering, credential theft, and lead to hacked devices.
So, what is the best password protection for businesses? And what are the best practices for how to protect passwords? Let's take a closer look.
Partner with the right IT security expert
For many medium to small businesses, IT security resources can be limited, and that often means network security may fall into the hands of an employee who already has a full plate and usually lacks the right expertise and experience. The outcome: it can be all too easy to let critical tasks slide. Partnering with the right IT security vendor is key to ensuring your protection is up to date against emerging threats, and that your staff is kept on its toes with regular security training.
Use multifactor authentication
Achieve a higher level of security at the login stage through MFA, or multifactor authentication. This security measure gives a user access only after they show at least two factors that prove their identity. This could be a combination of a password and something they know, have, or who they are. The best MFA solutions can be used by your employees across many of your software and network logins.
Utilize a password management program
All of us have too many passwords to remember, so it's natural that we might try to simplify things by using the same password across multiple platforms. But that spells disaster for password security. If hackers gain access to a password on one site, they may be able to access all of your employee’s accounts on other platforms...including your network. Stop this practice before it starts by utilizing programs such as Locknet’s Secure Password Management, which protects password security giving greater control over changing, managing, and resetting passwords.
Consider dark web monitoring
On the dark web, passwords and login credentials are bought and sold on a regular basis. But how do you know if your information is on the auction block? Dark web monitoring can alert you when it appears your stolen credentials are for sale—so you can avoid a disaster.
The best password protection is the right IT partner
Staying on top of the rapidly-evolving world of cybercrime can seem impossible. After all, you've got a business to run. Yet, how to protect passwords is an essential component of the sustainability of your business. Partner with the right IT network security professionals, and you can rest assured your passwords and login credentials are as safe as they can be, protecting your business for the long haul. Contact us to learn more about how to protect passwords for your business, and the best password protection practices for ultimate network security.
