Small businesses have become a prime target for cyber criminals in recent years, especially since the pandemic when most staff have been forced to work from home, and network and device security is sometimes less than ideal. There has been a 600% increase in cyber crime since the pandemic started.

Cyber criminals rely on the fact that most small businesses lack robust security measures, and that they are often less likely to report attacks. As a result, small businesses need to be especially vigilant about password management and other cybersecurity measures.

Proper password management is a simple way to prevent detrimental problems to your company’s security. We’ll discuss some password best practices for your company to utilize in an effort to prevent any data breaches.

Why Should SMBs Care About Password Protection?

Small businesses can be attacked by different risks like viruses, ransomware, and phishing schemes. Threats targeted at small businesses make up 43% of online attacks in general. These threats can often be prevented with hefty cybersecurity measures, including password management.

Breaches can occur due to poor password management and bad practices, including using easily guessed passwords or reusing the same passwords across multiple accounts.

To protect your business from a data breach, you need to follow password best practices, and make sure that your employees are trained on proper password management so that they can contribute to the security of your company’s cybersecurity structure.

What Does Password Management Entail?

Password management involves the proper handling and protection of passwords. This consists of creating, storing, changing, and sharing passwords. Some password best practices include tracking which passwords are used for certain accounts and ensuring that only authorized users can access passwords.

Password management is important because it helps to protect your data by ensuring that your passwords are secure. It also makes it easier for you to keep track of your passwords, and to change them regularly so that your accounts stay secure.

While it’s important to frequently change and not share your passwords, it’s crucial to use a password management program to prevent the need for writing your password down in a location that can be easily found by other people—or even emailed as this practice is equally unsafe.

Best Password Management Tools for SMBs 

There are several password management tools available for SMBs that can securely save all of your passwords in one place. To access these passwords, you only need to remember one master password. Some great password management tools include the following:

  • Norton Password Manager – This is a free-to-use option that includes a password generator and password audit, and it also uses 2-factor authentication.
  • 1Password – This manager features dark web monitoring and also allows you to save payment cards, but requires a monthly subscription to use.
  • LastPass – LastPass allows you to store unlimited passwords and utilizes multi-factor authentication, while also prioritizing convenience and simplicity.
  • Keeper – This option uses both multi-factor authentication and biometric authentication for added security and allows for cross-platform correspondence.
  • Passportal – This tool features the ability to audit your full password history, so you’ll know each password you’ve used for each account. It also allows you to automatically renew your credentials across all accounts effortlessly.

Each password management tool has its pros and cons, so you’ll want to look through the details that matter most to your company when finalizing your selection.

Further Enhance Your Business’s Security with Axiom

Partnering with a trusted managed IT service provider can enhance your business security as you continue to follow password best practices and other fundamental security measures.

To learn more about password security, check out our training videos today!

Contact Axiom today to optimize your company’s security!