A Brand-new, Innovative Solution to Put a Stop to Corporate Data Breaches

It’s no secret that the world of technology is developing at breakneck speed. However, the familiar password continues to play an instrumental role in this world. As remote working replaces office working with the development of hybrid business spaces, the password still functions as the most comfortable method of authentication for the masses.

Bill Gates said in 2004: "There is no doubt that over time, people are going to rely less and less on passwords. People use the same password on different systems, they write them down and they just don't meet the challenge for anything you really want to secure."

But while biometric verification methods continue to evolve, the humble password remains the go-to for most. 

Unfortunately, security has often taken a hit. According to the Verizon Data Breach report, 81% of hacking incidents have been caused by either stolen or reused login and password information. Moreover, Keeper Security found that that 31% of employees frequently use the birthdates of their children as their passwords. And that’s not all – 41% reuse passwords across platforms according to TechRepublic.  

The adoption of Multi-Factor Authentication (also called two-factor authentication) and a global shift toward zero-tolerance security have also improved the attitudes toward passwords. However, disciplined habits are still required by users if they are managing their passwords manually.

This, however, isn’t a problem, so long as we are able to effectively manage a system’s passwords. The truth is, when handled correctly, the password proves itself as a robust solution for fending off threats. Resilient and bespoke security systems are a must; they are the foundations of the new digital enterprises that will be built in the future. 

Securing passwords and eliminating breaches

To ensure that your enterprise security is solid, an automated system with in-built best practices is ideal. It should be able to manage passwords, ensuring their integrity while connecting multiple channels and access points. It should especially be able to protect the single point of access that businesses may use when taking advantage of remote and hybrid working models. And it needs to be paired with a clear password management policy for employees.

A single compromised password could lead to a data breach that would cost a company millions of dollars, so it’s of the utmost importance that companies educate their workforce on the risks and best practices when it comes to managing their passwords. The education itself must be combined with a password manager. Such a password manager should be able to provide notifications to the users, warning them of old, compromised or weak passwords. 

Passwords must be generated, updated and deleted like clockwork. Aspects such as onboarding, staff rotation and resignations all call for a seamless, secure and scalable password management tool like Passwork.

A look at the Passwork password platform

Passwork creates a secure environment that is able to connect to any existing system of authentication. Moreover, Passwork offers SSO (Single Sign-On) as an installation option, in addition to Lightweight Directory Access Protocol (LDAP) for Active Directory. The platform is also able to map LDAP groups and roles, which means that integration can be quick, efficient and safe. There are plenty of benefits to businesses here, the most notable of which is that they’ll be able to manage, organize and access stored passwords securely from anywhere in the world. 

Passwork’s self-hosted version uses AES-256 encryption and is stored on local servers. In this way, IT managers maintain complete control over password management. This is especially important when dealing with hybrid working models. Because of this, regardless of where in the world an employee works, they’ll be able to securely access Passwork’s system to manage passwords within their corporate environment. 

It's also important that the barriers preventing strong passwords from being created and managed are removed. First Contact found that 57% of employees feel that password management is an obstacle to effective work. Passwork solves this problem.

The platform offers a series of vaults where passwords can be securely stored. Passwork’s vaults are tailored to each individual use case and will benefit the whole team, from administrators to those working in marketing or finance. It’s also possible for users to create private vaults to which only they have access. Moreover, new, strong passwords can be created at the touch of a button. The functionality is wrapped up in a clear and intuitive interface which is fast and comfortable to use.  

Passwork doesn’t just offer self-hosted and cloud editions, but also has a browser extension and a mobile app. No matter how a user chooses to interact with Passwork, it’s always available. Indeed, the same cannot be said for legacy password managers. 

It’s clear that the password will continue to dominate the core of business activity for many years to come, so it’s critical that passwords are effectively managed. 

Passwork has been designed to solve all of the problems related to security and tedious manual routine when it comes to password management. To learn more, request a demo of Passwork’s self-hosted password manager today.