A password manager is an automated solution that helps businesses and individuals discover, store, and manage their credentials and accounts. Enterprise password managers include built-in functionality to generate strong, unique passwords for applications and services, rotate them regularly, and randomize them. Freeze passwords and generate comprehensive password reports to meet compliance requirements.
Why you need a secure enterprise password manager
Enterprises have millions of critical accounts and credentials that provide privileged users with access to dedicated business-sensitive information systems. While strong passwords help protect access to privileged resources, due to the sheer volume of these credentials, manually managing them is a painstaking process, especially in enterprise environments. Managing large numbers of credentials in real time using spreadsheets and local databases is cumbersome, and even the slightest oversight, whether intentional or unintentional, can make an organization the center of a massive breach.
Password management solutions help prevent risks and threats related to permission abuse by keeping all passwords and accounts secure and updated. They provide the option to organize and organize custom passwords to suit your business needs, making it easier for you to perform bulk operations.
A secure business password manager helps streamline the password management process with automated account discovery, user provisioning and deprovisioning; as well as regular password rotation, auditing and reporting. Additionally, these solutions are designed to eliminate password fatigue by automating other best practices such as password generation, creation, rotation, monitoring, and deletion.
Some password managers offer integration with other IT management tools, such as help desk software, IT analytics, and security information and event management tools, to facilitate seamless compliance with regulatory standards such as HIPAA, PCI DS, and SOX, and help ensure timely and smoother to resolve password-related issues.
Benefits of using a secure password manager for your business
The role of password management software, such as Password Manager Pro, goes beyond providing secure storage of corporate passwords and extends to protecting, managing and governing access to shared sensitive resources. Here are the key benefits of leveraging a password management solution:
- Centrally manage privileged accounts and assets
- More than a digital vault
- Automated password rotation, randomization and reset workflow
- Granular control over critical corporate assets
- Clarify user activity responsibilities
- Strictly comply with industry standards
Centrally manage privileged accounts and assets
Enterprise Password Manager leverages automation to assess all critical IT assets, domains, and related service accounts associated with enterprise endpoints, databases, networks, applications, and cloud and virtual environments across the network. This is typically followed by automated consolidation and storage of credentials into a dynamic, secure vault that uses avant-garde algorithms such as AES-256 for multi-level encryption.
More than a digital vault
Password managers do more than just store passwords; they help autofill credentials to provide faster access to applications and systems. In addition to passwords, these tools help centrally manage other sensitive entities such as web accounts, public and private keys, license keys, digital certificates and signatures, documents and executable files, and service accounts.
Automated password rotation, randomization and reset workflow
A secure business password manager allows you to rotate passwords regularly, which not only saves you a lot of manual work and time, but also prevents risks from exposure and misuse of shared credentials. It also helps eliminate downtime by simultaneously rotating the credentials used to protect access to confidential data and applications. Additionally, Enterprise Password Manager provides password reset options to support a variety of target resources, whether automatically via scheduled tasks or on-demand.
Granular control over critical corporate assets
To help you fully manage privileged passwords, Enterprise Password Manager gives you the option to grant access to critical assets with granular permission levels. You can set up a request-release workflow that requires users to provide justification when making temporary access requests to privileged passwords. The password manager uses built-in automation to revoke access and rotate passwords after the requested period expires to prevent any future abuse or unauthorized access.
Likewise, orphaned and inactive administrator accounts that do not have an associated owner due to user unavailability and inactivity will be automatically transferred to other authorized users or deleted. To ensure further security, an enterprise password manager can provide secure access to privileged systems without exposing passwords in hard-coded plain-text format.
Clarify user activity responsibilities
Enterprise Password Manager enables organizations to practice proactive IT security by providing real-time insights into user and password activity. This helps IT teams make informed security decisions and immediately eliminate bad actors and suspicious activity. Additionally, the password manager provides secure access to privileged resources with the prior review and approval of the administrative user through a request-release mechanism.
Strictly comply with industry standards
Password Manager offers comprehensive reporting and auditing capabilities that enable organizations to effortlessly comply with privileged access control standards set by GDPR, NIST, FISMA, HIPAA, SOX, PCI DSS, NERC CIP, ISO/I 27001, CCPA, and more. This helps IT teams enforce strict compliance with best practices for privileged access management.
How to choose a secure password manager for your business
Here are some of the main features you should consider when choosing:
- Secure cryptographic vault with multi-level data encryption
- Effective password security controls
- Automatic password management feature
- Robust multi-factor authentication options
- Real-time insights into privileged user activity
Secure cryptographic vault with multi-level data encryption
A password manager should serve its primary purpose of storing privileged identities. That said, the ideal password manager should provide an online repository for secure storage and retrieval of credentials. These cryptographic libraries should be encrypted using advanced algorithms such as AES-256, and the data stored in them should also be encrypted at multiple levels.
Effective password security controls
Enterprise password managers should include automated features to enforce strict access management policies and standards, including password complexity, frequency of password resets, SSH key pair generation, timed access to privileged resources, password rotation after each use etc., these solutions should also enforce least privilege controls, where users are provided with least privilege and role-based password access to perform their activities.
Automatic password management feature
To eliminate the fatigue of having to create and remember complex passwords, password managers include built-in password generators that automatically generate passwords based on predefined password policies. They should also include scheduled and on-demand automatic generation after each use and expiration. Ability to randomize and rotate passwords.
Robust multi-factor authentication options
Multi-factor authentication (MFA) is one of our versatile options available that adds an extra layer of security to privileged credentials, and the ideal enterprise password manager will support it via email, SMS, QR code, or integration with a third-party MFA tool M.F.A.
Real-time insights into privileged user activity
A secure business password manager should provide real-time auditing of all identity-related activities, such as user logins, password sharing, failed login attempts, and password resets. It should also include the ability to monitor and log all privileged user sessions in real time, To meet IT audit and compliance requirements.
Password Manager Pro is an enterprise-oriented password security management software for storing and managing sensitive shared information such as corporate passwords, documents, and digital identities.