Last Updated on March 13, 2023 by Awais Aftab
Data breach costs are at their highest, with reported losses of $4.24 million so far this year. As a business owner, you can imagine how valuable business data is on the digital black market.
There are measures that you must take to avoid any loss on your company’s end. Focus on going through weak spots in your digital setup. Passwords are particularly sensitive, and it’s unwise that some teams choose to have one password for all logins.
Having secure passwords for your firm is non-negotiable. Read on for a guide that will give you tips on how to secure passwords for your business.
1. Minimal Requirements
The first step to secure passwords is by creating a standard for your employees to follow. Setting up strength requirements can stop employees from using weak passwords.
For instance, the system can request employees to create passwords using a capital letter, a symbol, or a digit. Advise your team against using passwords with their names or birthdays.
2. Change Passwords Often
The majority of the data breach cases occur because employees choose to use one password for various accounts. As a result, once hackers have cracked into one account, they have access to all others.
You can set up a system that warns a user if they use the same passwords twice. The best password manager will remind your employees to change passwords after an interval, every two months.
3. Use a Password Manager
As a business owner, it’s okay to be skeptical about password managers. Are password managers safe to begin with?
A good team password manager enables you to keep your business passwords in one secure location.
Updating your passwords regularly so that they are all distinct is the best way to create a secure password tradition.
4. Limit Access to Secure Passwords
Some records hold a firm’s most sensitive information. You cannot have all employees having passwords to all accounts. An employee in marketing does not need access to data in the finance department.
Grant access to only those who need it to do their job. You can secure passwords even more by keeping the critical ones only to you and a top technician.
5. Track Activity
It’s wise to be aware of everything that is happening in your business. Many business owners make the mistake of leaving the monitoring process to the IT department.
You can gain from being active in monitoring activity in the databases. This will make sure that you react to suspicious activity as soon as possible.
6. Promote Employee Awareness
All your efforts would be futile if your employees don’t understand why it’s important to secure passwords.
Explain to them how sensitive data security is while training them on how to create a password. In this way, they will be keener when setting up passwords and using password managers.
How to Create a Secure Password
Getting the best password manager can be a hassle, but it is rewarding in the end. Training employees on how to secure passwords is a viable investment for your business.
Check out the rest of our website for more security tips.
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What is the safest way to protect passwords?
Passwords are the keys to our digital lives, and it’s essential to keep them secure. Hackers use various tactics to crack passwords and gain unauthorized access to accounts, making it crucial to protect them effectively. The safest way to protect passwords is by using a combination of strong and unique passwords, two-factor authentication, and a password manager.
Firstly, use strong and unique passwords that are difficult to guess. Avoid using common words, such as “password” or “123456,” as they are easy to crack. Instead, mix uppercase and lowercase letters, numbers, and symbols. Use a different password for each account, so if one password is compromised, the others remain safe.
Secondly, enable two-factor authentication, which requires a second form of verification, such as a fingerprint or a code sent to your phone. This adds an extra layer of security and makes it harder for hackers to access your accounts.
Lastly, use a password manager to generate and store your passwords securely. Password managers encrypt your passwords and store them in a vault that can only be accessed with a master password. This ensures that you don’t have to remember multiple complex passwords, making it easier to use unique and strong passwords for each account.