Best Enterprise Password Manager Solutions

At the corporate level, enterprise password management software ensures your organization’s passwords are managed without human error and improves the security of your sensitive data. Here are other benefits of using enterprise password management solutions:

• They save time. A password management solution eliminates the time IT staff needs to spend setting up, modifying, monitoring, and removing passwords. The software automatically removes passwords from redundant accounts, implements changes, and monitors for unused or duplicated passwords.

• They simplify tasks. An enterprise password management solution simplifies the managing of passwords for different entities and across environments. For instance, managing human and non-human credentials for applications and services.

• They provide accountability. Organizations these days are required to conduct security audits and reports to comply with data privacy and management regulations. Enterprise password management solutions provide the reporting trail on security policies so you can keep in compliance.

• They control access to third-party users. Your organization may have to deal with third-party users like contractors who will need a temporary password. When managing passwords manually, these temporary passwords are often forgotten about and not removed, ready to be discovered by an attacker. An enterprise password manager automatically removes temporary passwords when they are no longer needed. Additionally, these solutions enable you not only to give access but also to monitor or even record sessions.
  
  

Enterprise password management solutions available in the market differ on the features they offer, the level and encryption technique they use, etc. However, we can classify password managers into six categories:

1. Desktop-based password managers encrypt usernames and passwords and store them in your desktop machine.

• Pros: The data is encrypted and stored directly on the machine, providing physical protection for the data.
• Cons: You cannot access the password from other machines or devices. Thus it is not suitable for shared environments.

2. Browser-based password managers save your login credentials in the browser, such as Chrome, Firefox, or MS Edge.

• Pros: Easy to use, free.
• Cons: Lacks advanced features.

3. Mobile password managers store your passwords and usernames on a portable device such as a mobile phone, flash memory stick, or hard disk drive.

• Pros: Offers physical security and is more flexible than desktop-based password managers.
• Cons: Risk of losing sensitive data if the device is lost or stolen.

4. Cloud-based password managers store usernames and passwords in a cloud provider’s server and transmit them using secure communication channels.

• Pros: Easy access from any device anywhere.
• Cons: The security of the data depends on the cloud provider’s security level.

5. Token-based password management protects the credentials and passwords with an additional security measure. The user needs to provide the login credentials and a security token sent via text or application to their device.

• Pros: Offers multiple authentication levels.
• Cons: Typically more complex and expensive than other password management methods.

6. Stateless password management systems randomly generate passwords using a master pass phrase and a key derivation function.

• Pros: The passwords are not stored in the database. The system generates random secure passwords.
• Cons: They are more vulnerable to brute-force attacks.

Enterprise password management solutions enable organizations to automate the creation, change, removal, and monitoring of passwords, credentials, and sensitive data of humans and entities.

While every solution is different, when looking for an enterprise password management solution, these are the features you should look for:

• End-to-end encryption: This is a basic feature of all password management solutions. It requires the encryption of the password, credential, or data, both in transit and at rest. To decrypt the data, the recipient needs to provide a unique authentication key. This means that not even the cloud storage provider can access your passwords, since they are encrypted.
• Multi-factor authentication (MFA): MFA is one of the requirements for safe credential management by most compliance regulations. It provides an extra level of security by using the password and another method of authentication to give access. A token sent to the user’s phone is an example.
• Password sharing: While this may seem unsafe, the reality is that sometimes you need to share passwords and credentials. An enterprise solution enables you to do so securely by using encryption and secure channels, avoiding sending passwords via email or text message.
• Role-based permissions: This is essential to keep identity and access management on track. Privileged accounts usually are the preferred target of attackers. Role-based permissions enable administrators to assign the minimum access required for the task.
• Password generator: There is no use for a password manager if users are creating weak, repeated, and hackable passwords. Ensure the solution you choose has a strong password generator so that users are assigned secure passwords every time. Most solutions then save the password in the application so users don’t have to write it down.

Most companies will apply several best practices to reduce the risk of attackers gaining access through the company’s passwords. Some of the enterprise password management best practices may include:

1. Reducing the use of passwords: using single-sign-on systems or password integration can help to reduce the need for multiple passwords.
2. Use an enterprise password management solution: these solutions enable automated creation, monitoring, and removing passwords without affecting productivity. The software regulates passwords and privileged access to systems and resources.
3. Monitor, track, and report: any activity that is password-protected should be monitored, tracked, and reported.