Password management made easy

Are you always forgetting all your passwords? Do you get frustrated trying to remember which combination of kids birthdays, pets, street names, maiden names, added 123’s and !*$%^#,  CAPTIALS or lowercase, go with what?

Time to read: 2 mins

It is a common problem, and has been a frustration for many of our clients. As busy humans it can be difficult to remember a host of password variations and lengths for all the different applications you might use, but it’s important that if you have passwords, they are strong; as weak passwords can lead to your account being taken over, or personal information ending up for sale on the Dark Web.

However, before you find a new hiding place for that notebook full of user passwords, maybe it is time to look at a more secure way to store some of the most important information you have? A recent TechRepublic article puts the average price for a New Zealand citizen’s stolen credentials at $20.00USD. Credit card details are sold for as little as $7.00USD. Take that in… your bank account login could be sold for as little as $20.00USD. No wonder cyber crime remains on the increase.

One way to mitigate some of the risk is by using an online password vault service. These have been around for several years now and proving to be very useful. During the last 12 months, there has been a substantial increase in NZ users. This is mainly driven by the requirement by many businesses to have passwords kept securely when staff are working from home. Another reason is that the new NZ data security laws (introduced in December 2020), have made businesses take password security far more seriously. If you think about it, your business may only be as strong as your employees’ favourite pets name.

There are a lot of features included with online password vault services/managers. The most important one being, that there is only one password to remember, and the service securely manages the login to all the various online platforms you require it to.

It is important to have a look at what vault options are available to you and if it will suit your unique needs. At the top of your list should be how easy is it to login into the apps and sites you use. If it is too complicated, you will give up and be looking for the notebook. Most vault services will prepopulate the login info automatically.

Other features to look for may include password generators, linking passwords across devices or storage of digital records such as passports or drivers’ licences. Some password managers also have Dark Web monitoring. This will automatically alert you if your credentials are at risk.

 

Leaving your passwords on a piece of paper or in a notebook makes it far too easy for your data to be stolen or mismanaged. There are numerous cases of internal cybercrime picked up by our audit teams right across the country. The threat to your business could just as easily be an internal one, as it is an unknown cybercriminal. But in both scenarios it only takes one person a few seconds to copy your passwords and potentially cause a huge amount of damage.

Here are 5 online password managers that will make your life easier and safer.

  1. LastPass
  2. Bitwarden
  3. KeePass
  4. Nordpass
  5. Myki Password Manager

Each one of these comes with its own pros and cons and we recommend you do your research.

Should you wish to talk to one of our IT specialists about keeping your business data secure, and discuss online password vaults, please email Greg Taylor.

DISCLAIMER No liability is assumed by Baker Tilly Staples Rodway for any losses suffered by any person relying directly or indirectly upon any article within this website. It is recommended that you consult your advisor before acting on this information.

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