In the digital web of today’s interconnected world, safeguarding your online identity is paramount. As cyber threats evolve, so must our defense mechanisms. Passwords — security keys to accessing some of the most private and sensitive data accessible online are not an exception to this.
If you recall some of your online/ work accounts, can you think of an instance where you have reused a password or two?
If so, that is OK. You are not alone.
On average, users have around 50 to 100 accounts. Out of which 70 to 80% users still repeat the passwords leaving them with quite a few vulnerabilities. Data breaches, fraudulent transactions, identity theft, disruptive operations, and privacy violations are among those frailties that cost corporations a lot every year.
Fortunately, there are simple ways to make your passwords as secure as possible. Doing so can keep hackers from taking over your accounts and prevent theft of your information or (hard-earned money).
Reading this blog, your employees will be professionally trained and informed about the best password management practices to follow in 2024.
1. Implement Advanced Encryption Techniques
Keeping up with financial records, client information, and other sensitive information is crucial to your company’s operations and reputation. In this regard, Advanced Encryption Standard (AES) is invaluable. Advanced encryption is a method used to secure data by transforming it into unreadable format that can be decrypted with correct decryption key only.
Here is a concise overview of implementing advanced encryption techniques for businesses:
a. End-to-End Encryption: Ensure that data is encrypted from the sender to the recipient. Use protocols like TLS/SSL for secure communication.
b. Data-at-Rest Encryption: Encrypt sensitive data stored in databases, files, and backups. Use AES (Advanced Encryption Standard) or RSA (Rivest–Shamir–Adleman) algorithms.
c. Key Management: Implement robust key management practices. Use Hardware Security Modules (HSMs) for secure key storage and make sure passwords/keys are rotated regularly.
Remember, encryption is a critical component of cybersecurity, safeguarding your business data against unauthorized access.
2. Configure Multi-Factor Authentication (MFA)
Gone are the days of relying solely on passwords to secure our digital assets. In this year of 2024, if not used yet, add an extra layer of security to the identity verification process with MFA _ a sentinel of modern cybersecurity.
MFA reduces the likelihood of breaches, potentially saving significant costs related to legal fees, reputation damage, and recovery efforts. MFA minimizes disruptions caused by compromised accounts, leading to increased productivity and identity security.
The action plan should involve the following.
a. Decide on the MFA technology (e.g., MFA Apps, Security Keys and Text Messages)
b. Roll out MFA like a marketing campaign. Prefer posters and FAQs to build awareness for technology adoption.
c. Create an Early Pilot Group to evaluate MFA features. Collect the feedback to ensure full deployment.
Implementing Multi-Factor Authentication for your business is crucial for enhancing identity and access related security. Modern MFA methods (such as Biometrics and Onetime Codes) are examples that are not only user-friendly but quick to implement.
3. Enforce Biometric Authentication
Biometric authentication employs your unique biological signatures securing access to your digital kingdom with confidence. It is convenient replacing passwords with fingerprint scans, facial recognition, and even iris/retina scans to transform the authentication process into a seamless and secure experience.
4. Solve Your Password Management Challenges with Password Manger Pro
Amidst the myriad of password management solutions, one shines brightly on the horizon: ManageEngine Password Manager Pro. With its arsenal of advanced encryption, seamless MFA integration, and centralized management capabilities, ManageEngine Password Manager Pro stands as a beacon of security in an uncertain digital landscape. It offers a comprehensive enterprise password management solution, covering advanced workflows and compliance readiness.
5. Implement Zero Trust Security Framework
Zero Trust Security is an IT security model that embraces the Zero Trust Security Framework, where every access attempt is met with skepticism. It prioritized data protection by distrusting all users, even if they have been authenticated before.
a. Never Trust, Always Verify: Trusted devices once verified, no verification required. By continuously verifying user identities and scrutinizing access requests, Zero Trust ensures that only the deserving gain entry, safeguarding your digital assets against malicious intent.
b. Reciprocal Authentication: In this component of zero trust, accounts and devices authenticate each other. It involves logging out of inactive users until re-authenticated.
c. Multi-Faceted Verification: This strategy of zero trust framework brings a seamless user experience for employees by combining tokens with biometrics. Above this, you can also isolate network segments for granular control.
Zero trust enhances security by assuming nothing is inherently safe and continuously verifying access.
6. Periodic Password Rotation and Expiry Policies
This practice of changing passwords is rooted in for suspected compromises that may occur with your account login from other devices/state or non-ethical user. The frequency of password rotation depends on the sensitivity of the information being protected. Privileged accounts require frequent changes every 30-60 days.
a. Complex Lengthy Passwords: Depending on the account you have, emphasize long, complex, and memorable pass phrases. Follow a combination of uppercase, lowercase, letters, special characters, and numbers. By regularly refreshing passwords and enforcing expiration dates, you make stolen credentials obsolete, fortifying your defenses against evolving threats.
b. Automated Tools: Leverage automated password management systems to enforce recurrent password rotation at regular intervals and empower timely updates without human intervention. Using a Password Manager Pro will be helpful when you must meet rules that require more frequent password changes.
With ManageEngine Password Manager Pro, users can securely vault and manage credentials, secrets, and other digital identities on-premises. Thousands of organizations worldwide, including Fortune 500 companies, rely on Password Manager Pro for enterprise-level password management.
7. Centralized Password Management Solutions
Centralization is the cornerstone of effective password management. That is where password management solutions play a crucial role. It not only stores the passwords but also aids in generating long unique passwords for each of your online accounts. Hence, making it difficult for hackers to gain access to all your data.
Now we have a good foundation for passwords. Storing passwords is a significant concern. Keeping them on digital notes are practices that expose us to unnecessary risk.
Best practice is to safely store, share, and organize all your privileged identities from a centralized password vault. Password Manager Pro is the one that supports ready-made templates for over 80 resource types, such as operating systems, network devices, and database servers.
8. Regular Security Audits and Assessments
Vigilance is the price of security in the ever-shifting landscape of cyberspace. Regular security audits and assessments serve as your watchful sentinels, scanning for vulnerabilities and fortifying your defenses.
Maintain a consistent session audit by saving privileged session recordings and comply with security standards.
By identifying and remedying weaknesses proactively, you stay one step ahead of the others, ensuring your digital life is more secure.
9. Ensure Patch Cloud Infrastructure
Keeping your software and devices updated and patched is worthy of attention against the security features that are actively exploited and promptly mitigated. On that account, build patch cloud infrastructure for regular scanning for missing patches across hybrid environment. A few robust patch management practices to follow are mentioned below.
a. Use a unified patching solution across hybrid environments for consistency and efficiency.
b. Stay updated with security updates and scan your cloud services for missing patches.
c. Monitor endpoints and track patch status to generate comprehensive reporting.
d. Cut down manual effort with automated patch deployment whenever possible.
10. Single Sign On is NEW NORMAL
Integrating password management with your existing Single Sign-On (SSO) streamlines user experience with unmatched security. It enables users to access multiple applications with a single set of credentials. It streamlines logins, reduces password fatigue, and enhances security.
However, not all apps are compatible with SSO. Here’s where password management fills the gap. It securely stores passwords, encourages good hygiene, and complements SSO. Together, they deliver a comprehensive approach to employee identity access management.
Unlock the Power of Security in 2024
In the ever-escalating arms race of cybersecurity, staying ahead of the curve is imperative. Embrace the latest advancements in password management and fortify your digital presence against the relentless tide of cyber threats. With Password Manager Pro leading the charge, you can navigate the digital landscape with confidence, secure in the knowledge that your online identity still is safeguarded against all risks. and embark on a journey towards a safer digital future.
Big organizations like SolarWinds, eBay, Ticketmaster, and NetWalker Ransomware Attacks on Universities are real-world examples of password breaches that underscore password management best practices. Bear in mind, these real-world cases emphasize the critical role of password management in preventing breaches. If you do not want to be among those, stay vigilant and apply these best practices to support your digital security landscape.