Risks of poor business password management

The most commonly neglected cybersecurity area is password management. If your organization is not using best practices like strong, unique passwords or secure password management tools, you risk a significant breach. 

Passwords that are written down

Some organizations still store their passwords in books, or individual employees might keep theirs on a Post-it note. The biggest danger is when you lose or misplace your password book or note. Then you’re scrambling to remember or reset all your passwords that you had only written down on a hard copy. Instead, use a secure password management system that stores them for easy access. 

Disgruntled employees

The malicious actions of disgruntled employees can harm your business. If your passwords are easy to find or figure out, this makes it easier for a disgruntled employee to do things like find and share every employee’s pay stubs with the entire office because they didn’t think you paid fairly. 

If you have an office Amazon account with an insecure password, they could log in and buy products for themselves. You can minimize this risk by ensuring each employee and department uses a unique password and only has access to the password management system for their department. 

Using the same password across multiple sites

Data breaches from cyberattacks may allow hackers access to all your employees’ online credentials (usernames, email addresses, and passwords). If an employee uses the same password on multiple sites, hackers can use this information to access and gain control of data from banking to social media accounts. 

You can reduce this risk by ensuring employees have a unique password for every computer, website used for work, and application. Also, implement a policy that passwords should be changed at regular intervals. All should be stored in a secure password manager. 

Need help in setting up a secure password management system for your organization? Contact TeamLogic IT today.