Password managers have become more than desirable applications for any MSP wishing to offer a secure, efficient and sophisticated service. Not only have they proven to be highly effective, but they also improve the efficiency of companies' internal processes and make life easier for users by providing them with secure login to different systems.
According to a study published by Verizon, 80% of data breaches are due to stolen passwords. Hence credential managers have become key tools to protect against cyberattacks and data exfiltration, shielding MSPs and their customers.
What features should a password manager designed for MSPs include?
The market currently comprises a host of password managers offering different utilities. Nonetheless, there are several key features that can take a credential manager to the next level, either in terms of advanced security and reliability or regarding cost-effectiveness and flexibility. Mindful of this, here are the five key aspects that every good password manager should include:
Allows your customers to access their credentials from different platforms, unifying all devices and systems with their respective passwords to automate the identification process.
Advanced password programming:
This functionality creates reliable passwords autonomously, whether they are single-use or based on high security standards. Thanks to this feature, your customers will not need to remember or create several passwords, a process that can be tedious and compromise the security of the system.
Shared storage for IT managers and MSPs:
Enables you to share and store credentials and data securely, facilitating communication with the company.
Credential status monitoring and alerts:
Monitors the status of each user's credentials at all times, notifying you whenever any of them are compromised or at risk.
Multi-factor authentication (MFA):
Consists of a multi-factor authentication system that makes the user registration process more reliable. Password logins are strengthened by one or more complementary tools, such as a code sent to an alternative device linked to the account.
In short, choosing a good password manager will deliver a number of added benefits to the service you offer customers. Apart from providing an extra layer of security that protects company data, you will be able to promote tools that are easy to use and implement and that also encourage flexibility between devices in a secure manner. In addition, by offering training and long-term support, you can position yourself as a competitive, effective and trustworthy alternative. This is an important feature for any provider offering a competitive and differential service.
A password manager will help you as an MSP to develop trustworthy, accessible and efficient systems for your customers, on the one hand, protecting the organization’s internal data and, on the other hand, improving your service and adding a valuable solution to your portfolio.