3 Best Password Management Software with Buyer’s Guide

1Password Business

Secure Scalable Easy-to-use Trusted by the world Stay safe online Risk goes down Productivity goes up Provides solutions for businesses, families and individuals.

KeePass

Free Open source Light-weight Easy-to-use for Windows, Linux, Mac OS X and mobile devices Store passwords in highly-encrypted databases, Unlocked with master password / key file

RoboForm

Secure Automated management Directly addressing critical points in the password cycle Password generation Storing Reuse Sharing Increase security & productivity 

Password Management Software

Password management software is an application that saves, generates, and manages passwords for various online accounts. It ensures security by storing passwords and login credentials of all business accounts in a secure database.

This database is encrypted using a master password, the only password that users need to remember. All encrypted password-related information is either stored in the local memory of a business user’s device or on the cloud. Password managers eliminate the need to remember multiple passwords, as all passwords are stored in a centralized encrypted database.

Features of Password Management Software

Password management software can not only remember all your passwords but also protect your business from hacking attempts. Thus, choosing software with the right features is essential. Here’s a list of the common features that you should look for when making a purchase.

  • Password generator : Create long, random, and unique passwords that are strongly encrypted.
  • Credential management : Create, manage, and revoke credentials for user accounts.
  • Single sign on (SSO) : Access multiple applications using a single set of login credentials.
  • Password synchronization : Sync and manage user passwords across devices.
  • Password reset : Allows end users to reset their passwords through a self-service portal.
  • Multifactor authentication : Authenticate users via at least two identification methods, such as mobile and email OTP.
  • User management : Manage user access for various IT resources, such as systems, devices, applications, storage systems, and networks.

Advantages of Password Management Software

Protection against cyberthreats: Password management software’s password generator feature helps create long, random passwords that are unique. The software also protects against phishing attacks by detecting fake websites and preventing such websites from accessing sensitive passwords.

Reduced burden on employees: With password management software, employees need to set and remember just their master password, which they can use to access all other stored passwords.

Better password hygiene: Password hygiene involves the different measures taken by businesses to make their passwords more difficult to guess. Password management software issues repeated reminders to business users to change or update their passwords and in turn promotes good password hygiene.

Considerations while Buying Password Management Software

Every organization has specific password management requirements, and it’s essential to choose a tool that can fulfill these requirements. Here are a few things that you should take into consideration when selecting a password management solution.

Compatibility with the devices you use: Most organizations use the same password management software across devices, and it’s likely that you’ll too. An incompatible solution will force your employees to find an alternative password management approach, making your business more prone to security breaches. Thus, it’s essential that the software you choose is compatible with all your existing devices, platforms, and browsers.

Credential management and account recovery: User account and system credentials should be accessible only to the account owner. The software should also provide secure password recovery methods so that account owners can recover their accounts in case they forget the master password.

Strong and uniform password policy: Software equipped with uniform password composition rules and the ability to track password history will help your users avoid easily guessed passwords and allow administrators to set company-wide password policies.

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