Risk prevention in shared account password management

We usually share a Netflix password with our family. We also share credentials to a bank account with our spouse. Because we trust them and that’s okay.

When it comes to business, sometimes people share an important password with a big team and… keep their fingers crossed.

So is there a reliable shared account password management strategy, that would minimize the risks in business security, rather than increase them?

What is shared account password management?

In short, shared account password management is about sharing the same credentials – usernames/email/phone and password – to access the same accounts

Simple example – a company buys a licence to an educational material (f.e. an online course) and shares one login access with the whole team, so each member in a team can access it and watch it.

However, in reality, people usually share access to accounts of much bigger value. These unlock access to databases, websites, company’s finances, bank accounts and to a lot of other sensitive data.

The risks

  • If some people in a team recklessly store login details in plaintext in Excel sheets, keep them in email accounts or on sticky notes, the chance of a data breach increases enormously.
  • If a data breach actually happens, finding out which employee’s computer was compromised becomes almost impossible. And what about all other passwords, stored in that compromised device?

After understanding the risks, we can learn how to prevent them. 

Strategy for risk prevention

Did you come here looking for a one-stop shared account password management strategy? Usually it doesn’t exist. But you’re lucky today.

The best strategy is to start using a password manager. How does it help prevent the risks?

  1. First, the chance of a data breach decreases significantly as no more passwords are kept in plaintext, Excel sheets, sticky notes and emails. A reliable password manager stores your sensitive data encrypted and hacker-proof.
  2. Second, there’s no more need to waste time and manually send those passwords to your team via emails (plus, it’s a dangerous practise) when you can securely share them within just a few clicks, in a highly secure environment.
  3. And save the best for last, right? The History Log lets you freely share passwords while still keeping an absolute control over them. Forget about losing track of who has your passwords, who re-shared them with others, or even who modified them. History Log keeps you updated with each change made to your passwords.

Sharing passwords to the same accounts in the business world is a common, everyday practise that doesn’t put your sensitive data at risk – if you know the right way to do it.

Undoubtedly, password managers are becoming more and more popular. Well, not without a reason!

Are you ready to implement the shared account password management strategy you’ve just learnt? Go ahead and start using a password manager. Minimizing the password risks in business has never been easier.

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