What is an enterprise password vault?
An enterprise password vault is essentially a hub for your company’s password management. It removes the need for your IT team to track and monitor passwords, as the vault does this for you – this is a great time saver, especially for larger companies.
Features of a vault include the ability to automatically manage and update passwords, regularly issue new ones to ensure that older credentials are not valid, keep track of credentials, and remove access.
Using a vault, it’s possible to remove access to a system for the entire company, or for an individual, with immediate effect. This means that should a password be compromised, or a member of staff leave the company, their access can be revoked instantly – reducing the chance of any sensitive data breaches.
Can password managers be trusted?
There has yet to be a system created that is entirely infallible, and we’d be lying if we said that password managers hadn’t been compromised in the past. The good news is that these instances are few and far between, and the damage has been minimal. By and large, password managers are safe to use.
In 2015, LastPass suffered a breach, when hackers were able to access its systems. However, they didn’t get away with anything of use: all the passwords were protected with a Master Password, which isn’t stored on the Last Pass servers. This meant a wasted day for the hackers, and verification that yes, password managers are worth using (and paying for).
When it comes to your company, would you rather trust your staff with the keys to your kingdom – thus allowing potentially dubious practices, such as writing passwords on post-it notes, or sharing login details over non-secure channels? Or would you rather trust a dedicated password manager company whose main goal is to impress you with its service so that you keep on paying?
Does Microsoft have a password manager?
No. While there are rumors that Microsoft may offer a password management service to consumers as part of its Office package this year, it doesn’t currently offer any such service to businesses.
What’s the difference between LastPass teams and enterprise?
If you’re a business looking for a suitable password manager for your company, then you might have run into some confusion when looking at LastPass’s offerings, as it has two separate products available: Teams and Enterprise.
Teams is recommended for smaller companies (LastPass suggests 50 employees or fewer), and offers features such as personal vaults, basic reporting, an admin dashboard, and priority tech support.
Enterprise includes all of the features of Teams, but with the additional functionality of two-factor authentication, API access, directory integration, and dedicated customer support.
Enterprise is the pricier of the two – billed at $72 per user annually, compared to Teams’ $48 – although of course, you do get more for your money (should you need it).
Can you use a free password manager for business?
Yes, but we wouldn’t recommend it. While there are no free dedicated business password managers that are worth writing about, your staff could potentially sign up for personal password managers individually with free services.
While this would mitigate some of the issues around lost passwords, and potentially save your company the odd headache here and there, it’s simply not worth it in the long run. The lack of central oversight of your employees details could lead to issues, and should a member of staff leave the company, they could potentially take their login details with them via their password manager.
Business password managers are bespoke services that are tailor made for your exact needs, and cost as little as a couple of dollars a month per user. If you want to take your company’s security seriously, it’s a worthwhile investment that will ensure you peace of mind.