How can you introduce privileged password management?

Passwords are one of the top challenges that every company faces. The way the company manages passwords defines its long-term success and reputation.

Privileged password management solves many password-related business problems, including costly data breaches. It addresses password challenges by providing a secure, transparent, and reliable data protection tool.

Learn what privileged password management is, how it helps you solve password-related challenges, and how you can introduce it in your company.

What is privileged password management (PAM)?

Privileged password management (also called privileged access management and privileged identity management) is a practice of creating, storing, sharing, and managing critical business passwords.

Usually, privileged passwords are understood as business secrets. These passwords grant access to critical business infrastructure like databases, servers, systems, and applications (but are not limited to).

Privileged password management is typically implemented using a tool called a password manager.

These business-oriented password managers allow a company to store its credentials in a secure, encrypted vault. They also provide a safe method to share passwords and assign various permission levels so only the right people can access credentials.

If used correctly, a business password manager radically increases the company’s cybersecurity.

How can a password manager increase business cybersecurity?

A dedicated password manager eliminates poor credential management practices. A good password manager makes it intuitive to break old habits and start following the best practices.

A password manager stores all credentials in an encrypted vault so that passwords are always ciphered into an unreadable string of symbols.

Since the tool is easy to use, employees gradually replace bad password habits (like credential recycling or writing them down in notes) with good ones.

Eventually, the chances of a successful data breach decrease, and business cybersecurity increases.

How can you introduce privileged password management in your company?

There is no one-fit-for-all credential management solution – it differs accordingly to each company’s needs.

Some companies might prefer a SAAS solution, so they do not need to allocate human resources for the tool’s maintenance. Other companies follow strict data protection policies – for instance, they must keep passwords locally.

Select the most applicable privileged password management method depending on your business size and needs.

Here are some of your possible choices.

Password management in the cloud

SAAS-based privileged password management is highly relevant for small to medium-sized businesses and teams, especially if most employees work remotely.

Such a credential management solution provides a secure and easy way to securely manage sensitive business data wherever the team is.

A cloud-based password management solution facilitates and speeds up daily data management processes and collaboration.

If you do not have a dedicated IT staff for regular daily maintenance, a SAAS-based solution might be the best fit.

Ideal for: small to medium-sized businesses, remotely working teams, and rapidly progressing companies.

Password management for storing passwords locally

Privileged password management tools can also be hosted on-premises. If your company has strict password storage policies, this option might be your best choice.

If you have an in-house team of cybersecurity specialists and developers that can keep the tool up-to-date, local password hosting can offer effective control.

Your company can create a password management solution from scratch, or you can buy a feature-packed, already-existing tool like PassCamp.

A reliable partner can customize the password manager based on your business needs, so you have the policy-compliant tool.

Ideal for: medium to large businesses and companies with strict data management policies.

Password management solution hosted on the private cloud

If your organization has dedicated cloud storage, you can host a privileged password management solution there.

This option provides all cloud-based benefits (like uninterrupted collaboration, real-time data synchronization, and unlimited worldwide access).

By hosting a privileged password management tool on the private could, you simultaneously increase business security and team productivity.

Ideal for: companies of all sizes, partially or fully remotely working teams.

Privileged password management unlocks easy and secure data management inside the organization.

Boost your business cybersecurity by offering your employees an easy-to-use tool for handling credentials. This is the investment that pays off.

Schedule a demo with the PassCamp team, and let’s have a conversation!