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//Cyber Security Framework
Password Management
Password management is one of the most effective ways to protect your business and employees from cyber attacks.
Password Management is the process of actively managing all passwords across business and personal networks. This means establishing strong passphrases, creating unique passwords for each application, and ensuring all usernames and passwords are securely stored – only accessible by the intended user.
As weak, common, and multi-use passwords account for 81% of hacking related breaches[i], effective password management dramatically decreases a business’s risk of a cyber-attack. Our Password Management System is included in our Cyber Security Management System (CSMS) package.
The Australian Government’s Australian Cyber Security Centre (ACSC) has reinforced that cyber security is essential when preparing for COVID-19 stating that “as more staff may work from home, and the use of remote access technology increases, adversaries may attempt to take advantage. ASD’s Australian Cyber Security Centre (ACSC) encourages Australians to remain vigilant and ensure sound cyber security practices.”.
What is a Password Management System?
A recent report revealed that the average person had over 90 online accounts and would use the “forgot password” link for approximately 37 of those accounts each year [ii]. Therefore, having a Password Management System is vital to ensure best password practice.
The simplest way to manage all your passwords is via an online secure Password Management System. In addition to an online system, a strong company Password Management System should also include policies, procedures, and password management training for employees. Via our CSMS, Jam Cyber delivers the following features as part of our Password Management System:
Secure storage of unique passwords:
each application or program accessed by a user should have a unique password/passphrase to ensure maximum security. As the average user has 90 accounts requiring passwords to remember, this task is almost impossible without a secure password storage system. Our system can store and retrieve effortlessly as required, enabling both maximum protection and simplified use.
Connection to applications and programs:
by connecting the Password Management System to your web browser, you can connect passwords to open cloud-based applications as required. This saves time and energy, and you never have to worry about lost or forgotten passwords. This is particularly important when logging into applications/programs that are used irregularly.
Companywide passwords:
a key feature of this tool is shared corporate passwords. Many companies have multiple users accessing the same cloud-based tool using the same username and password. This can become problematic if someone forgets the password and resets it, or if the same password is used for multiple online applications. With a shared password function, all employees can use the same login and password securely, no matter where they log in from.
Password best practice & employee training:
Jam Cyber provides cyber security awareness training for all employees. This training features best practice in managing passwords for all employees and business owners.
Password policies and procedures:
a secure Password Management System should include a range of business policies and procedures to ensure all employees, contractors and clients/customers (if applicable) implement strong passwords to increase the cyber-protection of the business. Our CSMS includes policies and procedures to enhance password protection for your business.
Your Business May Need A Cyber Security Framework
With our FREE report, you can estimate the financial impact a cyber security breach would have on your business, as well as the potential likelihood of an attack.
Benefits of Password Management
Password management is part of building strong cyber safe habits into the business routine. It can be one of the most effective ways to protect your employees and your data. Below we list five core benefits of implementing a Password Management System.
Five reasons to implement Employee Cyber Security Training
As most employees are required to log into their computers daily, weak passwords can result in hackers gaining access to a computer. Consequently, they can then access any data and programs that employee has access to. This can easily lead to a company-wide infiltration. A secure Password Management System greatly mitigates this risk at both the initial log in stage and stops hackers for accessing any additional company data.
Lost, forgotten and old passwords can result in hours of unproductivity for businesses. This can be particularly difficult if an employee leaves and new employees need to access accounts. Having one system where everything is stored can dramatically reduce down time – even if there are minimal cyber-threats.
Unfortunately, businesses that store confidential customer data are often at higher risk of a cyber attack. Thus, having a strong password management system, particularly when using cloud-based platforms with client data stored, is vital to ensure your customer information is protected.
Proactive password management business-wide will increase the overall strength of your cyber security. Whilst not included in the ACSC Essential 8 recommendations, password management adds an additional level of complexity for hackers and bots, resulting in minimal successful cyber security breaches.
Mistakes do happen. Even the best-meaning employees can be tricked into giving over passwords and usernames via phishing emails and sophisticated hacking attacks. Unique passwords and complex passphrases ensure the hacker can not gain ‘access to all areas’ via stealing one password.
Implementing a Password Management System
Jam Cyber offers a highly intuitive Password Management System as part of our CSMS.
This system gives all employees independent control over their passwords to ensure employee privacy is maintained. At the same time, the system enables a company vault to store shared passwords across the company.
A major benefit of the Password Management System is it syncs with online applications, allowing users to access any application logged. This means, users can have hundreds of unique passwords but need only to authenticate once to access their applications.
Jam Cyber has also developed a streamlined approach to ensure all current passwords are easily imported into the online Password Management System.
Find out more about how to implement our Password Management System today.
What is a Passphrase?
Jam Cyber always recommends using a passphrase in replace of a password. This means, instead of using a word or letters to form a password, you incorporate numbers and symbols. For example, instead of using the password ‘example’ you may use ‘3x@Mp!3’.
This simple technique makes it much harder for hackers to crack and gives users a wider range of password options.
For more tips on passwords, please read our blog here: How many is too many passwords?
