Introducing password security to your company is an important investment to safeguard your sensitive credentials, protecting the IT team, executives, and all employees. Read on to discover the value of a company password manager and how you can put your IT budget to great use.
We constantly read about data breaches these days, and those are just the stories in the news.
60% of companies have reported reporting they’ve experienced a cyber attack, and 90% of employees admit to reusing passwords for multiple accounts. These two facts alone highlight the importance of a company password management solution.
IBM recently reported that the average cost of a data breach is $10.22 Million, inclusive of opportunity cost, ransom, legal fees, and reputation impact. And the reality is 88% of cyberattacks on basic web applications are credential-related, which is why a company password manager remains a critical layer of every IT stack.
Enterprise password protection provides employees the tools to create, manage, and share strong and unique passwords for every account––safeguarding your company against cyber threats and reducing the chances of costly security breaches.
The benefits of a business password manager go beyond protection. Bitwarden, for instance, enhances employee productivity by:
Facilitating encrypted password and file sharing with teammates, contractors, and customers
Reducing time wasted on password resets and manual logins
Generating strong passwords that can be immediately stored in an end-to-end encrypted vault (and accessible on any browser or device)
Streamlining employee onboarding with automated password generation and communication
Password managers are a cost-efficient and valuable security solution, so when it comes to investing in security with your IT budget, you should consider introducing Bitwarden to a core team for evaluation.
Read more: How Bitwarden brings value to your business