Which is the best password manager for your business?

Password managers are quickly becoming an essential business tool, used by employees to efficiently handle logins across multiple online accounts. But which password manager should you choose? In this article, we’ve highlighted some of the most secure password managers available, to help you make an informed decision.

What is a password manager?

A password manager is a practical program that conveniently stores all of your online credentials in one, accessible place. Sometimes, password managers even store answers to security questions and credit/debit card information for when you’re shopping online. In many cases, password managers will also have a browser extension that automatically inputs your details for each website.

How do password managers work?

Password managers save and organise your different login details within a large database. This database is then accessed by entering a master password. When it comes to choosing a secure password manager, you typically have two options:

• Local password managers

Local password managers keep your login data directly on your computer or smartphone. So without your device, you won’t have access to your details.

• Internet-based password managers

Web-based password managers store your credentials within a cloud vault, making it simple to access your details remotely.

How secure are password managers?

Password managers store all of your sensitive login credentials within a safe digital vault, ready for you to access as and when you need them. The best password managers will even encrypt your information, making it trickier for hackers to steal your data.

And while having one secure location for all your passwords can make accessing login credentials quick and easy, it’s important to safeguard your master password. Otherwise, a single cyber-attack could compromise your entire database. The best practice here is to implement two-factor authentication, and avoid sharing the details of your authenticator.

Choosing the best password manager

Choosing a secure password manager is essential for your business; it allows you to safely share login credentials between employees. Comparing the best free and paid-for solutions, we’ve selected our favourite tools:

LastPass

LastPass is among the best password managers available, thanks to its intuitive navigation, limitless memory, and advanced security. And if you upgrade to the premium version, you can enjoy a whole host of additional features. This includes access to your passwords on any device, including your laptop, smartphone, tablet, or smartwatch. Plus, it has dark web monitoring features to track suspicious activity and cybercrime.

BitWarden

Perhaps the best free password manager on the market, although there is a paid-for option, BitWarden offers two-factor authentication. It also has a random password generator for enhanced security, and practical multi-device access so you’re never locked out of your accounts.

The basic version is often sufficient for individuals, but if you’re a business, you might benefit from the premium plan. Because this lets you share passwords with unlimited friends and colleagues.

KeePass

Another exceptional free password manager, KeePass, allows you to take complete control of your logins, whether stored on your own business server, a separate USB, or the cloud.

Other benefits include complete encryption that protects information and credentials, as well as the option to group passwords within your organisation.

1Password

Among the best premium password managers is 1Password, although, unfortunately, there’s no free version. This offers effortless organisation, credit card storage, and browser-based cloud access to all of your credentials – and on as many devices as you like.

You’re also able to employ biometric two-factor authentication on your smartphone or tablet. As a bonus, 1Password offers a handy feature called ‘travel mode’ that helps you to temporarily remove passwords from individual devices until it’s turned back on.

Dashlane

It might be one of the more expensive options available, but Dashlane is the epitome of secure password management. It uses 256-bit encryption and can automatically change and save your password on hundreds of websites, if it recognises that you’ve used the same details multiple times.

Keeper

Keeper is practical, has an intuitive interface, and boasts top-of-the-range cyber-security features. It’s business-focused and as well as the standard encryption and password generator option, the Keeper account administrator can manage all users. Not to mention, it can assign certain passwords to relevant individuals.

Zoho Vault

Oriented specifically around business use, Zoho Vault keeps your corporate credentials safe from hackers and unwanted users. And it’s at the more affordable end of the price spectrum, making it a popular pick for SMEs. You can take control at a granular level if you want to, and monitor permissions for each individual user.

NordPass

Whether you’re saving login details or credit card information, NordPass is a competent and secure password manager, with both free and premium options available.

If you opt for the paid-for version, you’ll be able to sync data across up to six devices (although the free version only allows one), save unlimited passwords, and enable multi-factor authentication.

Use this information to your advantage

Password managers can help to improve the smooth and efficient running of your business. And now you know what they are and how they let employees remotely access login credentials for your shared accounts, you can start using them yourself.

For even more helpful insights from our team of experts, including the ways you can enhance cyber security, check out the latest over on our blog.