If you ask a security professional, you get by-the book advice about sharing passwords: “Don’t share passwords.” But we know, in reality, that doesn’t work. Your office might be sharing a single password for apps like SurveyMonkey right now to save cash on buying additional users, and some social media accounts don’t even give you the option to have multiple log-ins.

Sharing passwords in your office is sometimes necessary for collaboration, and the best way to do this is by using a password manager.

Affordable (some platforms even offer free versions), layered with security and simple to use, password managers are the safest and easiest way to store and share your company’s private passwords.

Reasons You Would Need To Share Your Passwords

Shared accounts are the biggest reason businesses share passwords, whether their employees work from a physical office or at home. It improves collaboration and makes employees’ jobs a lot easier.

Medical leaves, turnover, vacations and “Bob isn’t coming in because he ate bad fish last night but has our Amazon log-in” are other reasons passwords get handed around.

However, unsafe sharing habits will put your private passwords in the hands of greedy hackers, who can fetch a high price for your data in dark web markets.

IBM Security reported that in 2022, 19% of all breaches were caused by stolen or compromised credentials.

How do you share passwords safely?

Avoid These Common Password-Sharing Mistakes

When it comes to password sharing, remember:

• Don’t send passwords via e-mail: E-mail is the #1 target of hackers, and many e-mail services aren’t encrypted.
  Those that are encrypted are still risky because e-mails are stored in several servers on their way to or from your account.
  That means your e-mail is sitting in a Sent folder, ripe for the taking by anyone who gets into your e-mail account, encrypted or not.
• Never text or chat passwords: e-mails, SMS messages or messaging apps like Slack aren’t secure. Once a text is sent, it is available for anyone to see.
• Stay far away from storing passwords using pen and paper and shared documents: Sticky notes, memo pads, Google Docs – NEVER write down your passwords.
• Avoid the temptation to store passwords on your device: If your device gets hacked, nothing stops that perp from taking every password you saved.

The Best Way To SAFELY Share And Store Your Passwords

When choosing a password manager, businesses must exercise caution due to potential security vulnerabilities. For instance, LastPass experienced breaches in 2022, 2021, 2016, and 2015, highlighting the need to evaluate the security history of any service.

We recommend using reliable password managers because they have multiple layers of encryption so only those with a key (your master password) can see it, AND they include more robust security and sharing features like:

• Zero-knowledge architecture: Not even your password manager service can see the information you save in your vault.
• Multifactor authentication (MFA): For added log-in security. MFA enhances password security by requiring more than just a password to access an account. By incorporating these additional layers of protection, MFA significantly reduces the risk of unauthorized access, making your accounts far more secure. It typically involves two or more verification methods, such as:
  • Something you know: Like a password or PIN.
  • Something you have: Such as a smartphone app or hardware token.
  • Something you are: Using biometric verification like a fingerprint or facial recognition.
• Unique password generation: Creates strong, random passwords to improve log¬in security.
• Fake log-in page warnings: Warns you if a page is spoofed by hackers.
• Breach or weak password notification: Alerts you if one of your passwords was leaked or if your current password is weak.
• Simple, secure built-in password sharing: Some password managers let you choose which passwords your employees can see and keep others in a private vault. Others, like Keeper, let you share documents or records without exposing credentials.

By understanding both the features and potential risks, businesses can make informed decisions. Prioritize password managers with a strong track record of security and those that offer comprehensive protective features.

The Advantages of Fake Login Page Alerts and Breach Notifications

Navigating the world of online security can be daunting, but certain tools offer invaluable protective measures.

• Fake Login Page Alerts:
  1. Enhanced Security Awareness: These alerts safeguard you by identifying counterfeit login pages designed by cybercriminals, thereby preventing unauthorized access to your accounts.
  2. Immediate Response Capability: By promptly warning you, these alerts empower swift action to avoid entering sensitive information on fraudulent sites.
• Breach and Weak Password Notifications:
  1. Proactive Risk Management: If a password is compromised in a data breach, you receive instant notification, enabling you to update your credentials before any damage occurs.
  2. Strengthened Password Health: You'll also be informed about any weak passwords, encouraging the use of stronger, unique passwords to mitigate potential risks.

By leveraging these features, users can navigate their digital lives with increased confidence, knowing they have robust defenses against ever-evolving threats.

Smart and Secure Businesses Use Password Managers

It’s a good idea to avoid sharing passwords as much as possible, but when you have to, use a reliable password manager to ensure you have control over exactly who sees your credentials. A password manager not only helps in managing access but also in maintaining the integrity of your business's data.

Talk to your employees about safe password hygiene. Encourage practices like creating strong, unique passwords for different accounts. Host regular security-awareness training sessions to keep security top of mind. These sessions can cover the latest threats and offer practical tips for avoiding common pitfalls.

Additionally, use Multi-Factor Authentication (MFA) with every account. MFA adds an extra layer of protection, ensuring that even if passwords are compromised, unauthorized access is still thwarted.

It’s not just safe business – it’s smart business. Implementing these measures not only protects your assets but also reflects a commitment to operational excellence, making your business both secure and intelligent.

If you’re not sure which password manager to use, get in touch with us and we’ll get you set up with one.