Enterprise password managers have come a long way from their humble beginnings. As the internet becomes more and more integrated into our daily lives, passwords become more of a cybersecurity concern. The great thing about passwords is that they can be one of the most powerful tools at our disposal. The flip side is that a poor password can be the weakest link in your security architecture, potentially putting the entire organization at risk.

Choosing a password manager for enterprise organizations requires a better understanding of what exactly an enterprise password manager does, as well as how the industry has changed over the years. Let’s take a closer look at password managers and where they’re headed in the future.

What is Enterprise Password Management

Password managers are digital cybersecurity tools that generate, store, and manage passwords for enterprise-level organizations or individuals. Password managers are designed to provide secure storage for login credentials that are too often left to the mercy of sticky notes, Google Docs, or other unsecured storage methods.

Enterprise password managers are designed to integrate with third-party software programs to increase the business’s overall security architecture. With better passwords that are stored securely and shared safely throughout the organization, businesses can worry less about logins being compromised.

Where it Started

Password managers started out as simple software programs that provided encrypted “vaults” for passwords and other login credentials. Some of the first password managers only offered these digital vaults and some basic password generator tools.

The idea behind the first password managers was to address the growing problem of people not taking passwords seriously. Even high-level organizations didn’t seem to take passwords seriously, despite the majority of data breaches being linked to compromised passwords.

With a more secure location to store passwords, organizations could worry less about hacked passwords and logins, and the password generator features helped curb the problem of duplicate/poor quality passwords.

Basic Features

Most password managers today perform the same basic function of storing passwords. But they can also perform other functions. Here are some of the basic features of today’s password managers:

• Generating more secure passwords with built-in password generators. You can control the alphanumeric requirements, length of the password, and what file it’s saved under.
• Password storage and management with encrypted password vaults. You can store passwords and even secure documents in separate folders with specific permissions based on roles.
• Dark web monitoring to keep track of personal or company data being traded or sold on the dark web. The dark web is a part of the internet where illicit activities, such as selling credentials, occur daily.
• Password sharing within high-level organizations. With user-specific permissions, enterprise organizations can safely share passwords based on a system of roles.
• MFA or 2FA to help increase the security of logins. Some password managers also integrate with third-party software for TOTP or other authentication methods.
• 24/7 support to address any issues that might arise with accessing the password vault, adding users to the vault, etc.

Today’s Enterprise Password Managers

Today’s enterprise password managers are more secure and affordable than ever. Most high-end enterprise password managers, like Keeper, cost less than $10 per month. They’re loaded with advanced features and most are hosted on the cloud. That means that the vault is accessible from anywhere, and provides a better tool for sharing company passwords without jeopardizing the overall security of the company.

The enterprise password managers available on the market are designed to be efficient, affordable, secure, and compatible with third-party security software. It’s safe to say that we’ve come a long way from the simple vaults of the password management timeline.

Tomorrow’s Enterprise Password Managers

So, what does this mean for tomorrow’s password managers? With advancements in cybersecurity and authentication methods, we’ll see more advanced password managers entering the market with higher-level security features.

The presence of TOTP authentication has drastically improved enterprise security across the board, but biometrics are the true future of cybersecurity. Biometrics are nearly impossible to duplicate. Everyone has a unique fingerprint, iris, and DNA signature. Biometrics are one of the most secure methods of securing logins, but that doesn’t mean they’re perfect.

As the cybersecurity threats of today become more and more sophisticated, the password still remains one of our greatest defenses as individuals and businesses. If your enterprise-level organization still isn’t using a password manager, there’s never been a better time to start!

Conclusion

Password managers have come a long way from their humble beginnings, but now, they’re one of the most important cybersecurity tools available today. With so many great features available, you can find the perfect password manager for any sized business. Even as the threats of the digital world become more serious, protecting passwords remains a top priority.