Over the last few years, cybersecurity has become increasingly important. With more employees working from home, it’s made organizations and their employees even more susceptible to cyber-attacks. Because of this, it’s become increasingly important for companies to protect themselves from potential hacks. According to a 2020 Data Breach Investigation Report, compromised passwords caused 81% of hacking-related breaches that year.
One easy but effective way to protect your company from cyber-attacks is to invest in a password manager, which allows a user or multiple users to store, manage, and share passwords securely using cloud-based software. The best feature a password management system has to offer is the fact that most of them use some form of multi-factor authentication (MFA) to ensure their safety. For users, this means confirming you are who you say you are through one or more different methods.
Types of Multi-Factor Authentications (MFAs)
The three most common types of MFAs are knowledge, possession, or inherence MFAs. For knowledge-based MFAs, this includes answering a personal security question (like where your favorite vacation spot is or the name of your first pet). Or it can be an additional password. For possession-based MFAs, this includes using a security card, access badge, or something similar or entering a one-time password (OTP) sent to either your email or your phone via SMS or mobile app. Lastly, there’s inherence MFAs, which includes using something that is uniquely yours like your fingerprint, your face, or your voice.
Other types of MFAs include location-based MFAs and adaptive/risk-based authentication. Location-based MFAs look at your location (as specified) by checking a user’s IP address. If it doesn’t match what’s specified on a whitelist, it can block a user’s access to the account or require an OTP. Adaptive/risk-based authentication is similar except it only requires the use of an OTP if contextual and behavioral clues don’t match previous activity. For example, if a user is trying to access the account in a different location or a different time from the last time you logged in, they’ll send an OTP to the user’s phone in addition to providing a username and password to ensure the right person’s accessing the account.
The Importance of a Password Management System
The entire password management system should be a vital part of protecting an organization’s cyber security. With internet hacks becoming more commonplace, Microsoft engineers even stated in March of 2021 that 99.99% of account compromises they deal with could have been blocked by an MFA solution. Plus, password managers help increase productivity and flexibility. While it’s easy to advise employees to choose strong passwords, it’s just as easy for them to forget them. In fact, 50% of helpdesk support inquiries are about resetting passwords according to the Gartner Group. So, it’s not that surprising that a 2020 report from Ponemon Institute claimed 50% of IT professionals reuse passwords across different work accounts.
This is exactly why PSPINC created Pass Wizard. Initially, we released the service for free while it was still in its beta stage. This way, we could test its features and work on implementing payment and strengthening group sharing features for organizations. Since its official launch, Pass Wizard is available for free to store up to 30 passwords. Or users can upgrade to Pass Wizard Pro, which allows users to manage as many passwords as they’d like and share select ones within their organization, starting at just $1.67/month. Sign up for free and upgrade to our Pro account to strengthen your company’s cyber security efforts.
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