Top 3 corporate password manager software for 2023

As businesses continue to rely on technology to manage their daily operations, the need for effective password management software becomes increasingly important. Not only do businesses need to keep their own sensitive information secure, but they also need to protect their clients' data from potential breaches. This is where corporate password manager software comes into play.

Key features to look for in a corporate password manager

• Centralized management: A corporate password manager should allow administrators to manage user access and permissions centrally, ensuring that sensitive information is only accessible to authorized personnel.
• Secure sharing: The ability to securely share passwords and other sensitive information among team members and departments is essential in a corporate setting. Look for software that offers granular controls over sharing, such as the ability to restrict access to specific passwords or folders.
• Multi-factor authentication: Multi-factor authentication (MFA) adds an extra layer of security to password management by requiring users to provide a second form of identification, such as a fingerprint or one-time code, before accessing their account. This is particularly important for corporate password management, where the consequences of a security breach can be severe.
• Integration with existing systems: Look for password manager software that can integrate with your existing IT systems and tools, such as Active Directory or single sign-on (SSO) solutions. This can simplify the process of onboarding new users and reduce the risk of human error.
• Auditing and reporting: In order to comply with industry regulations and internal policies, corporate password manager software should offer robust auditing and reporting features. This allows administrators to track user activity, view password usage statistics, and generate reports for compliance purposes.

In this article, we will be discussing the top 3 corporate password manager software for 2023.

Dashlane Business

Dashlane Business is a password manager that offers a range of features designed specifically for businesses. With Dashlane Business, businesses can securely store passwords, share them with team members, and enforce password policies to ensure that passwords meet specific requirements. Dashlane Business also offers advanced security features, such as two-factor authentication, to protect against potential breaches.

Pros

• It has a simple and intuitive interface that is easy to use for both employees and IT administrators.
• It offers advanced security features such as two-factor authentication, biometric authentication, and password auditing.

Cons

• Compared to other corporate password manager solutions, it can be relatively expensive for small businesses.
• While it offers basic administrative features, it may not have as many options as other password manager solutions designed specifically for enterprise-level businesses.

Pricing

• $8 per seat per month when billed annually

LastPass Enterprise

LastPass Enterprise is a cloud-based password manager that offers a range of features designed specifically for businesses. With LastPass Enterprise, businesses can store all of their passwords in a secure vault, access them from anywhere, and share them with team members as needed. LastPass Enterprise also offers advanced security features, such as multi-factor authentication, to protect against potential breaches.

Pros

• Provides comprehensive admin controls and user management features.
• Offers a secure password-sharing feature for team collaboration.

Cons

• The password-sharing feature can be confusing to use for some team members.
• Some users have reported occasional syncing issues between devices.

Pricing

• Contact sales to learn more about Enterprise pricing

Keeper Security Enterprise

Keeper Security Enterprise is another popular password manager for businesses. Like LastPass Enterprise, Keeper Security offers a cloud-based solution that allows businesses to securely store and share passwords. However, Keeper Security also offers additional features such as password rotation, which automatically changes passwords on a regular basis to prevent them from being compromised.

Pros

• Offers a wide range of features, including password management, digital file storage, and secure messaging.
• Provides strong encryption and multi-factor authentication options for added security.

Cons

• Some advanced features, such as single sign-on (SSO), require an additional cost.
• The interface may feel overwhelming for new users who are not familiar with password managers.

Pricing

• Request your quote for Keeper Security Enterprise

Potential Risks with Corporate Password Manager

Using corporate password manager software can come with certain risks, including:

• Single point of failure: If the password manager software is compromised, it could potentially lead to a major security breach as all the passwords are stored in one place.
• Human error: Passwords may be shared or saved in insecure locations, defeating the purpose of the password manager software.
• Insider threats: Malicious insiders may try to access sensitive information using password manager software.
• Lack of control: If employees are allowed to use personal devices to access the password manager software, there may be a lack of control over the security of these devices.

To mitigate these risks, companies can take the following steps:

• Choose a reputable password manager software provider that offers robust security features such as multi-factor authentication and encryption.
• Train employees on best practices for password management, including not sharing passwords and using strong and unique passwords.
• Implement strict access controls and permissions to limit the number of employees who have access to the password manager software.
• Regularly monitor and audit the use of the password manager software to identify any suspicious activity.

By taking these steps, companies can effectively manage the risks associated with using corporate password manager software and ensure the security of their sensitive information.

Drawing the curtain

In conclusion, effective password management is essential for businesses in today's digital age. By using corporate password manager software, businesses can ensure that their passwords are stored securely, shared with team members as needed and protected against potential breaches. The top 3 corporate password manager software for 2023 are Dashlane Business, LastPass Enterprise, and Keeper Security. Each of these password managers offers a range of features designed specifically for businesses, including advanced security features such as multi-factor authentication and password rotation. By investing in corporate password manager software, businesses can ensure that they are taking the necessary steps to protect their sensitive information and that of their clients.