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What is a Password Manager?
A password manager is a solution that allows people and companies to store and retrieve all of their login information in a safe manner. This application is frequently used to create secure, one-of-a-kind passwords for websites. The passwords are stored in a centralized repository and secured with a single master password once they've been produced. To use these solutions, users simply need to memorize a single master password.
Password managers could be divided into three categories based on the needs of the end-users:
- For people
- For families and groups
- For businesses
Why is a password manager Important for startups?
Security Practices Overview
IT administrators have little insight into workforce password habits if password management is not centralized. Transparency will always be a concern, but now since so many people work virtually, it is much more critical. Regardless of whether employees are involved on-site, virtually, or through a hybrid of both, a password solution and security system give founders and managers total access to employees’ password habits through a single centralized panel.
Standardization of Password Policies
Consolidating password security measures across your startup, like using powerful and different passwords as well as using two-factor authentication (2FA) in each site that facilitates it, within one unified password management solution allows businesses to benchmark and implement password security procedures throughout the company.
Role-Based Access Controls
This helps startups limit their vulnerability if an employee account is hacked, and also in identifying and preventing insider assaults. Startups may establish role-based access control (RBAC) and track users for behavior that might signal abuse or breach by consolidating passwords under a password management system.
Employees who need to share passwords will often adopt unsafe and inconvenient techniques like emailing, texting, or writing the passwords down if they don't have access to a company password manager.
Onboarding new personnel is a breeze when everyone uses the same password solution, even if more than half of the team works remotely. Password solutions allow you to promptly restrict access by past employees, and they also enable startups to disguise existing employees' credentials throughout the platform.
Monitoring Dark Web for Breaches
Some password management software monitors Dark Web forums and alerts startups immediately if any of their employees' credentials have been sold. This function normally works in tandem with the password management platform, allowing founders to immediately initiate password resets.
What to look for when choosing a vendor in this space?
Support for several platforms is essential to guarantee that you can always reach your password vault regardless of whatever operating system you're using. Any password manager should at the very minimum support the 4 key operating systems: Android, iOS, Windows, and macOS. Password managers should also offer extensions for all modern browsers. This makes filling in your information on any login page a breeze.
Strong password generators allow you to customize the sizes of created passwords, including whether they should include special characters, numerals, and/or lowercase/uppercase letters. Some even save a database of passwords that you've used in case you need to change one.
Security is critical since you'll be keeping passwords for all of your services, especially crucial ones like banks. Fortunately, good password managers use a variety of encryption algorithms to keep your data private from prying eyes. The existing industry norm, AES 256-bit encryption, is widely used. For further protection, password managers support multi-factor verification via authorization applications or, in certain cases, physical security features. Certain password managers use a zero-knowledge storage strategy for passwords as well as for other sensitive information to ensure that only you have access to them. This method prevents a password manager from accessing data within your vault.
To sign in to any account, the password autofill feature eliminates the requirement to physically input or copy-paste login information. A good password manager, however, should have a “Save” option that allows you to quickly save newly produced credentials. Both features are fundamental in all popular password solutions.
Should Startups Adopt Password Managers?
Even if you're a one-person shop, you'll need a password solution to keep track of your starutp's passwords. Remember the days when you could save credentials on spreadsheets, digitized notes, in emails, and other similar places? If your device is hacked, hackers will generally begin their hunt in these unprotected files. It's hard to manage who distributes or obtains your credentials if you share them using these insecure techniques. Startups should concentrate on productivity and product/service development rather than exchanging credentials or resolving issues caused by poor password management.
Best Password Management Tools in 2022
Description: 1Password is a secured, flexible, and simple-to-use password solution that is used by some of the world's most prestigious businesses. It's simple for your workforce to stay secure on the web using 1Password. Strong security practices will become second nature once 1Password is integrated into the team’s workflow. Your risk decreases and your productivity increases once everyone uses 1Password.
Best for: Startups, families, and individuals
- Teams Starter Pack: $19.95/month
- Business: $7.99/month
- Enterprise: Custom Pricing
Evaluation of Key Criteria:
- Security: To keep data secure in transit and at rest, 1Password uses end-to-end encryption. Their protection strategy begins with AES 256-bit encryption and includes a variety of mechanisms to ensure that only users have access to the data.
- Autofill: 1Password can enter your login and password for you once you've stored the credentials.
- Multi-OS Compatibility: You could retrieve all of the passwords and other information across any of your devices, whether you're online or offline if you have a 1Password subscription. There are apps for Mac, iOS, Windows, Android, and Linux.
- Customization: Yes
- Password imports are simple to set up and utilize.
- Categorization is a great way to stay organized.
- Password sharing and multi-device syncing are both excellent.
- Peace of mind is provided by sophisticated security measures.
- There isn't a free plan available.
- Currently, there is no way to share or ask non-users to secure notes.
Description: LastPass allows employees to easily create, preserve, and share credentials, while offering administrators significant visibility and control via security rules and extensive reporting. LastPass uses a zero-knowledge security apparatus to guarantee privacy and security.
Best for: Password management for businesses of all sizes
- Teams: $4/month/user, billed annually
- Business: $6/month/user, billed annually
Offers a 14-day free trial for each of the two plans
Evaluation of Key Criteria:
- Security: Your data is encrypted and retrieved at the device layer with local-only encryption. Even LastPass can't see what's in your vault since it's encrypted. LastPass never sends the master password or the keys needed to encrypt and decrypt data to its servers, and LastPass never has access to them. In addition, they are SOC 2 Type II-certified. This in-depth analysis of their policies and procedures serves as a benchmark for proving LastPass's security and dependability.
- Autofill: You'll be asked if you want to allow autofill, which you may do easily.
- Multi-OS Compatibility: LastPass is available for Windows, Mac, Linux, and mobile devices, enabling you to store all of your information in one place and retrieve it from anywhere, at any time. LastPass is not supported on websites that run in IE mode.
- Customization: As a LastPass administrator, you have access to over 100 policies that allow you to customize LastPass to your specific needs. You may personalize existing password security practices and ensure certain criteria for your staff using these rules.
- The user interface is solid (though a little outdated).
- Synchronizes all of your devices automatically.
- Framework for robust security and privacy is in place.
- Internal processes were audited by a third party.
- When compared to the competitors, LastPass is expensive.
- Customer service is poor.
Description: Bitwarden is a trustworthy open-source password manager that assists startups in enhancing the security of their online data storage, distribution, and receipt. It provides your startup the agility and adaptability it needs these days by integrating your user directory, numerous hosting alternatives, and a Single Sign-On functionality. Bitwarden simply gets you more value for money because of its low prices.
Best for: Across all cybersecurity-conscious sectors, Bitwarden serves everybody - from IT users to open-source enthusiasts to company executives.
- Teams Organization: $3/month/user
- Enterprise Organization: $5/month/user
Evaluation of Key Criteria:
- Security: Bitwarden's open-source software is periodically inspected by major third-party security organizations and continuously receives excellent grades for its security features. End-to-end 256-bit encryption, two-factor authentication, and a master password that only Bitwarden has access to ensure that your credentials are kept safe.
- Autofill: Available
- Multi-OS Compatibility: The Bitwarden Desktop App is compatible with Windows, Mac OS X, and Linux. Apps are available for both iOS and Android devices.
- Customization: Not mentioned on the official website.
- Bitwarden works on a variety of systems and browsers.
- Bitwarden is satisfyingly simple to use, especially for open-source software.
- Bitwarden adds two-factor authentication to its password security.
- Bitwarden's subscription service packages offer more functionality for a small fee.
- If you need to share passwords with more than 5 people, you'll need to switch to a business subscription.
- Bitwarden does not provide a live chat feature or a phone number for customer service.
- More custom categories could be supported by the company.
Description: Corporate passwords are safe when managed with NordPass. Use a password manager for your startup to let your employees protect their passwords, communicate passwords promptly, and protect your startup's data.
Best for: Small and medium-sized startups
- Business: Starts at $3.59/month
- Enterprise: Price is subject to custom terms.
Evaluation of Key Criteria:
- Security: NordPass employs XChaCha20 encryption, which is considered to be the future of encryption and more "future-proof" than even 256-bit AES encryption. There's also a zero-knowledge strategy, multi-factor authentication, and biometric logins via NordPass.
- Autofill: Chrome, Firefox, Edge, and Brave are among browsers that support NordPass Autosave and Autofill. It's also compatible with mobile devices. This is why you may Autofill any password on your iPhone or Android after downloading the NordPass app.
- Multi-OS Compatibility: Most major operating systems, including Windows, macOS, Android, iOS, and Linux, are supported by NordPass. It's also compatible with a variety of browsers, including Chrome, Safari, Firefox, Opera, and Microsoft Edge.
- Customization: No customization options
- The free NordPass edition has a lot of features.
- Data is kept safe with zero-knowledge architecture.
- There are just a few choices for arranging stored credentials.
- Passwords, credit cards, and secure notes are the only things that auto-fill works with.
Description: Store and organize your passwords and other data to make your digital life easier.
Best for: Early-stage startups
Pricing: $3/month per device (billed upfront @$18.00/6 months)
Evaluation of Key Criteria:
- Security: Use the 256-bit Advanced Encryption Standard (AES) to secure your passwords in your vault.
- Autofill: It may input your usernames and passwords, as well as complete the "login" form on the website. It could also fill up complicated registration forms and checkout pages automatically.
- Multi-OS Compatibility: Works on Windows, macOS, Android, and iOS
- Customization: Yes
- Two-factor authentication is also available in Cyclonis Password Manager.
- Cyclonis Password Manager's cloud-based vault allows for seamless synchronization across various devices.
- Some users may object to their ad policy.
- They are not as advanced as some of their competitors in the market.
Learn more with us
- Top 5 Tools For Generating and Storing Passwords in 2021 | AbstractOps
- Best SOC 2 Compliance Solutions for Startups in 2021 | AbstractOps
- How to write a vendor contract? | AbstractOps
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