Benefits of Using an Enterprise Password Vault

O n average, a data leak costs a company $3.86 million worldwide. If you want to protect yourself or your company from that, use an enterprise password vault, which is software that stores your passwords. But it is so much more than that! Listed below are some benefits of using an enterprise password vault.

Auto Generate Strong Passwords

You no longer have to worry about what the name of your pet dog was as a child or where your grandmother was born. An enterprise password vault automatically creates a strong password for you that is based on alphanumerics (sometimes hexadecimal) and thus practically impossible for anyone to ever guess.

No More Forgetting

If you're a normal adult, you probably have a lot to remember in your life. And on top of memorizing all that, if I asked you to memorize separate passwords to all your social media accounts and your business accounts and your email accounts, you'd probably find it extremely difficult to do so. This is where a high and mighty enterprise password vault steps in. Not only does it create passwords for you, it remembers them! All of them! And you never have to memorize another password ever again.

Multiple Login Methods

Typically, an enterprise password vault uses a master password to secure all your passwords. Think of this as the key to the main gate of your house, while all your individual passwords for separate accounts are keys to different rooms. You cannot enter these rooms without entering through the main gate. But, what happens if you lose the key? Don't worry! You can still get in. Many enterprise password vaults allow multiple login methods. For example, you can either use your master password, or you can use two-factor authentication to prove your identity and get in.

Manage Shared Accounts

If you work in the social media department, you will probably come head to head with the problem of allowing access to your client's Instagram without parading out their password. So, what's the solution? How do you let someone manage your client's social media without giving them the login password? By using an enterprise password vault! Once one person has logged in to the client's account using an enterprise password vault, they can grant other people access to the account without actually sharing the password. Thus the security risk is substantially decreased, and your client's privacy isn't infringed.

Easy Encryption of Data

Like much of the software in this day and age, an enterprise password vault gives you more than it promises you. Besides just storing your passwords, you can also store your sensitive data in the vault with full encryption. For example, you can store your payment details, your biometric details, and other types of data that aren't a password but are sensitive and prone to misuse if leaked. An enterprise password vault will automatically encrypt this data and have it available to you at the tap of a finger.

Fast Access

If you want to log in to four accounts at once, you typically need to type out four different passwords on four different websites and sometimes have to step back as you try to remember what the password was. You may even get it wrong a few times until you finally get access to your account. All of this will waste valuable time and if you're in a hurry it will probably frustrate you to the point where you start feeling agitated. Avoid that by using an enterprise password vault as it will give you lightning-fast access to all your accounts as you simply enter just one password. The vault has gateways to each of your accounts, and the moment you click on any one of them, you'll be immediately logged in with virtually no wait time.

Track Insights

This is probably one of the best features that an enterprise password vault offers. It allows you to track how many times you logged into a particular account and when you did it and also inform which of the users have activated their accounts (if you are using an enterprise password vault to manage shared accounts). All of this valuable data can help you track the progress of the account and if there's a breach it can help you identify who exactly it started from.

Improves Productivity

But how does a holder for passwords improve productivity? Good question. If you have to get into your house and clean all the rooms but you can't find the keys to the doors, will you be able to get started? Or will you instead spend your time finding a locksmith who will open the door for you and grant you access to the place where you actually need to do your work? An enterprise password vault avoids the waste of time that goes into recovering lost passwords and the declining morale that comes with it. Instead, it offers instantaneous accessibility and keeps productivity up by allowing everyone to work in a flow.

• This post is tagged in:

• safety
• cyber security
• encryption
• password vault