Why Company-wide Password Management Just Makes Sense

When pressed for reasons for not deploying a comprehensive password management system company-wide, leaders conjure a variety of answers. Among the most common refrains is, “We haven’t been attacked or breached, so why bother? We have other priorities.”

What they should be saying is, “We haven’t been attacked or breached – yet.” Data from the 2016 Ponemon Institute’s State of Cybersecurity in SMBs research study shows that half of SMBs today will suffer data breaches involving customer and employee information this year. And in the 2016 Data Breach Investigations Reportby Verizon, a key finding is that nearly two-thirds (63%) of confirmed data breaches involve weak, default, or stolen passwords.

With strong passwords clearly a deterrent to attacks, it is sobering that the Ponemon study also finds that nearly six in 10 SMBs have no visibility into employees’ password practices. Worse, in typical SMBs today, 60% of employees use the same password for everything – and they’re often not strong passwords at that.

Password solutions that deliver big time

By contrast, SMBs that have adopted company-wide password management solutions have achieved measurable results in upping their security efforts. Keeper Business includes a security audit dashboard with its comprehensive password management solution. The dashboard scores various password practices in effect in the organization, such as whether two-factor authentication is in use, the relative strength of passwords in use, whether the same passwords are used for access to different systems, and so on.

For example, a small financial institution registered a score of 50 (on a scale from 1–100, with 100 being highly secure) prior to deploying the Keeper solution. A few weeks after the deployment, that score shot up to 95, reflecting consistent usage of very strong passwords by employees and an end to using the same passwords repeatedly.

A big benefit of the Keeper security audit dashboard is benchmarking an organization from a security perspective so they can see over a three-to-six month period how well they are doing in increasing security and mitigating risk.

Additionally, organizations opting for a company-wide password management solution may find that it pays for itself. With Keeper’s solution, the often dozens of passwords and login credentials employees typically have are boiled down to just one. Keeper customers notice a marked reduction in helpdesk calls for password resets, saving measurable IT helpdesk time. Given that Keeper’s comprehensive password solution costs about $30 per employee, that cost can be recouped through these helpdesk savings.

Fast deployment, ease of use

Some organizations choose to manufacture their own password management solution, often an on-premises one. But those solutions lack the flexibility and agility of a true cloud-based offering like Keeper’s. Also, companies like Keeper are constantly updating their offerings to combat the ever-changing threat environment, updates that may not occur when companies opt for a homegrown system.

A business can fully deploy the Keeper company-wide password management system in five to 10 business days, depending upon the local administrator’s availability to do so. Users are then invited to very quickly learn how to use the solution. As an indication of the product’s ease of use, 90% of all employees at organizations that have adopted Keeper are using the solution.

One Keeper customer, Education Advanced, has this to say about the experience of installing Keeper across the entire organization: “We needed no support from Keeper whatsoever because getting the solution up and running was so simple,” says Eli Crow, CEO and company founder. “I really couldn’t imagine it being any easier.” In fact, the solution was so easy to install and use that several employees quickly adopted the Keeper solution for their personal use.

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