Almost 20 years ago, speaking at Microsoft’s annual IT Forum, Bill Gates predicted the death of the passwordOpens a new window : “We aren’t going to be able to rely on passwords,†he said. “They just don’t meet the challenge for anything you really want to secure.â€
Fast forward to the present day. The COVID-19 pandemic resulted in a massive shift to a distributed, at-home workforce that requires access to business data and applications spread across multi-cloud geographies and remote third-party services. The result? An exponential growth in security risks coupled with an ever-increasing adoption of cloud applications.
Recent statistics paint a dismal picture of password security management across organizations. According to the recently released The CISO View 2021 Survey: Zero Trust and Privileged Access by CyberArkOpens a new window , 66% of C-level respondents reported a widespread increase in credential theft attempts against financial systems and data. The report also sounds the alarm on rising “attackers’ interest in gaining high-value access to highly sensitive systems that are held by end users rather than IT administrators.â€
The findings align with a 2020 TrustWave reportOpens a new window that spotlighted how poor password security ranked as one of the top eight factors leading to compromised enterprise networks. Meanwhile, a 2020 survey from LastPass, From Passwords to PasswordlessOpens a new window , shows the time spent by IT on managing user passwords and secure logins has risen by 25% since 2019. Additionally, 95% of respondents agreed that the risks associated with passwords — password reuse or weak passwords — could severely damage an organization’s security posture.
In an always-connected digital world, loss or compromise of security credentials is a nightmare scenario. Unauthorized access can lead to overwhelming financial fallout, liability, penalties, and reputational damage. To keep up with the growing data footprint in the cloud and evolving security and compliance needs, organizations should prioritize secure, fast, and friction-free passwordless authentication solutions to protect data, corporate assets, and employees beyond the corporate firewall.
Reduce Password Friction With the Power Combination of Password Manager, SSO & MFA
A comprehensive, well-executed business password manager strategy coupled with single sign-on (SSO) and multifactor authentication (MFA) policies permits IT to deliver the best of both worlds — eliminate password-related reset costs and streamline user authentication experience.
However, password management is more than simply requiring strong passwords or providing reset capability. A robust business password manager provides highly secure storage of credentials, enables remote teams to log in securely from any location or device, and ensures the systems meet regulatory compliance and internal audit requirements.
Along with SSO, which allows users to sign on using a single ID and password combination at any point in the network, IT can centralize the management of user authentications, rather than requiring IDs and passwords for every user on every application. The importance of MFA can’t be overstated. Now table stakes for organizations of all sizes, MFA technology eases authentication challenges and adds a layer of protection by validating users’ identities so IT can build a trusted architecture. When implemented correctly, the combination of a business password manager, SSO, and MFA gives IT granular control over user access and helps the organization build a well-rounded security approach.
Here are five critical use cases for organizations building a multi-layered security approach, using a combination of a business password manager, SSO, and MFA:
1. Secure credential-sharing via vault
Password vaults are used when access to data or applications must be limited to a small number of users to prevent unauthorized data access. The LastPass password vaultOpens a new window allows centralized, secure storage of authorization combinations, like server login capabilities or software license keys and credentials. User frustration with passwords is a real concern and can be a significant barrier to productivity. With password vaults, IT can reduce unauthorized access in distributed work environments and provide the level of seamless online experiences distributed workforces expect today.
Vaults also maintain information clusters for multiple resources and grant one-time access to freelancers or contractors. For instance, a contractor or your service provider may need to log into various servers, restore files or databases, upgrade one or more software versions or even replace hardware. The LastPass vault allows the IT admin to grant the technician one-time access to a set of resources based upon their user ID.
2. Simplify IT management in an increasingly cloudy world
As companies ramp up enterprise communication and collaboration apps that are witnessing breakout growth, IT managers need to exercise cautious optimism in terms of usage because cloud applications are a top target for cyberattacks. Bitglass’ Remote Work reportOpens a new window showed over half (55%) of IT professionals are concerned about securing access to SaaS apps.
A business-wide password management solution such as LastPass alleviates the pressure by providing granular control and visibility to IT admins with an easy-to-use, centralized Admin ConsoleOpens a new window . The dashboard, with an intuitive interface, supports multiple functions, including user password management, security audits, regulation compliance, reporting, and real-time IT monitoring. Besides facilitating continuous security during all sessions, IT can enable or disable user access to apps, preventing the risks of insider threats.
3. Manage employee exit workflows smoothly
Managing an employee exit can be challenging when it comes to security. In many cases, revoking a user’s access can cause loss of access to some data or even cascading loss of privileges. For example, if a database administrator grants database access to a set of users and that admin leaves the company, revoking the admin’s access may revoke all the users’ accesses as well. Timing is also important, as any delay in completely removing security privileges may allow unauthorized user access. LastPass enables security managers to efficiently remove access privileges without affecting other users or applications while complying with audit requirements and other regulations.
4. Prevent unauthorized data access
As cloud apps grow, IT leaders need to foresee the current shift in the cloud-centric business landscape and prioritize a multi-layered approach to avoid security headaches posed by password proliferation. Centralizing password management is the first step. The LastPass password managerOpens a new window includes several features to address these issues. For instance, the Password GeneratorOpens a new window automatically generates unique, strong passwords, eliminating duplicate or crackable passwords. This promotes password hygiene.
Besides empowering employees to generate and share credentials seamlessly, LastPass provides control to IT admins and ensures protection through LastPass’ zero-knowledge security infrastructureOpens a new window . What if a user’s password is compromised through a phishing attack or some other method? LastPass has a Dark Web MonitoringOpens a new window feature that will watch the dark web to see if an end user’s credentials appear and report this with an alert to the security team.
Organizations can gain additional access and authentication features, such as SSO and MFA, which secure the LastPass vault and cloud applications. By taking these steps, IT can strengthen security for businesses while enabling end user productivity.
5. Give employees a seamless, frictionless passwordless experience
The increasingly cloud-focused business environment where cybersecurity threats abound has put many remote workers in unchartered territory. There’s tremendous growing pressure on employees to secure their privileged access to corporate networks and workstations. But at the same time, employees want to be focused on the job without being overwhelmed with security best practices.
A business password manager can play a pivotal role in streamlining user experience for distributed workforces without compromising security — the holy grail for IT teams. And by joining forces with SSO and MFA, users are guaranteed a seamless, enhanced performance. Plus, IT no longer has to worry about growing cloud app adoption.
Streamline Access and Authentication With an All-in-One Solution
It’s time to take control and protect your business from cyber threats without compromising ease of use. Authorized access to applications and data depends more on managing user credentials effectively. This requires a robust and feature-rich business password management tool that combines efficient password administration while lending access and visibility into mission-critical data for those who need it. Along with business password managersOpens a new window , IT can create a powerful combination approach by adding on passwordless authentication through SSOOpens a new window and MFAOpens a new window to keep data from getting into the wrong hands.