It seems that almost every platform requires a password to access it. And they should. Passwords are integral for preventing unauthorized access and facilitating data security. Two things that are especially important for businesses.
Verizon’s 2019 Data Breach Investigations Report revealed that the #1 target for cybercriminals is small businesses and they’re involved in 43% of all data breaches.
Aside from the real risk of being a victim of a data breach, digital systems and software are the foundation of many e-Commerce and small companies. So, cybersecurity measures are vital, starting with mindful password management.
We’ll provide recommendations for five of the top user-friendly password management solutions most fitting for e-Commerce and small businesses. But before proceeding with these suggestions, let’s briefly touch on the security issues small businesses and e-Commerce companies face.
The Security Issues Small Businesses and e-Commerce Companies Face
Securing your business is paramount for various reasons. As mentioned above, small businesses are at a high risk of being a victim of a cybersecurity attack or data breach. This can put your company’s reputation at risk and deter customers from engaging with you.
In addition, a cybersecurity incident can negatively impact your operational function, result in lost productivity and business, and can cause significant financial loss.
E-Commerce and small businesses should secure their networks with various cybersecurity solutions, including:
- A firewall;
- An antivirus software;
- Multi Factor authentication;
- A virtual private network (VPN);
- Continuously updating software and firmware.
In addition to the above, strong passwords are critical. And a password management solution to organize them is too.
Top 5 Password Management Solutions for e-Commerce and Small Businesses
Businesses use many online platforms and software to manage important business information and systems, making a strong password management solution fundamental. A password manager is a software application that securely stores your login and password information from all of the online accounts you input into it.
These five password management solutions are affordable, user-friendly, and most suitable for small businesses and e-Commerce companies.
1Password
1Password is a comprehensive, easy-to-use password manager that businesses of all sizes can take advantage of. You only have to remember one password with this application, which is the one you use to log in to the platform. From there, you have access to all your other passwords and information for your online accounts.
1Password’s commitment to security starts with AES-256-bit encryption. You can also remove sensitive data from your devices when traveling in travel mode and receive alerts for compromised websites and vulnerable passwords with Watchtower.
Some of the other top features include:
- Unlimited devices;
- Sharing capabilities;
- 24/7 customer support;
- A digital wallet for credit and debit cards, online banking information, and associated logins.
You can try 1Password business for free for 14 days. After that, it’s $7.99 per month per user when billed annually.
Zoho Vault
Zoho Vault is an online password manager that safely stores, manages, and auto-fills your passwords across web applications. It’s a budget-friendly password manager with an intuitive user interface that simplifies password security and organization.
Zoho Vault’s advanced modern security features start with military-grade AES 256 encryption for all passwords and information stored on the platform. It encrypts and decrypts your data with your master password using the host-proof hosting security pattern, and only stores the encrypted data on their side.
Additional features that are also noteworthy are:
- No storage restrictions;
- Single sign-on for cloud apps;
- Customizable security dashboard;
- Ready-made integrations with popular third-party and Zoho applications.
You can start with a 15-day free trial and then move on to either the Professional Plan at $4.50 per user per month when billed annually or the Enterprise plan at $7.20 per month per user when billed annually. Both plans require a minimum of five users.
NordPass
NordPass is one of the best solutions for businesses looking to manage all levels of their digital presence. Not only is it a detailed password manager, but the platform also keeps financial information, login credentials, Wifi and network data, and other sensitive business information secure.
Nordpass stands on the highest security standards. It’s the only platform using the highly-secure XChaCha20 encryption algorithm. With Zero-Knowledge Architecture, only you have access to your vault and NordPass can never see what’s in it. Multi-factor authentication also adds an extra layer of security.
Additional features to keep in mind are:
- Access to an advanced password generator;
- Real-time notifications about data breaches;
- Secure password and information sharing;
- Autofill forms, financial details, and passwords.
There’s a 14-day free trial available for the business plan. After that, it starts at $3.59 per user per month.
Bitwarden
Bitwarden is another business password manager that can scale with your company. It’s open-source software with a blend of simple and advanced features that are easy to use, including:
- Detailed event logs and audit trails;
- Access to reports about your security health;
- Secure password-sharing within your team;
- Integrate with a variety of SSO and directory services;
- Access to your password vault from any location, browser, or device.
Bitwarden secures all of your sensitive data with end-to-end AES-256 bit encryption, salted hashing, and PBKDF2 SHA-256. These advanced security features give you peace of mind when it comes to your passwords.
Bitwarden offers two business plans, the Teams Organization plan which is $3 per month per user, and the Enterprise Organization plan which is $5 per month per user. A free trial is available for both.
Keeper
Keeper is a top-rated, easy-to-use password and confidential information management platform. You can protect passwords, credentials, and business secrets across every device on one platform.
Feel safe knowing your data is protected with 256-bit AES with PBKDF2 encryption, two-factor authentication, and a zero-trust, zero-knowledge security feature. Aside from best-in-class security solutions, Keeper offers the following:
- Easy setup;
- A simple user interface;
- Unlimited devices;
- 24/7 customer support;
- An encrypted vault for every user.
When billed annually, the Business Starter plan is $2 per user per month, the Business plan is $3.75 per user per month, and you’ll need to contact Keeper for a quote for the Enterprise plan.
Password Protection Tips
There are companies in the process of developing password-less online experiences where we no longer have to worry about remembering and managing countless login credentials and passwords.
But until we get there and regardless of the password management solution you deploy, use these tips to enhance security and password protection:
- Never reuse passwords;
- Change your passwords regularly;
- Never share personal information, especially passwords ;
- Check for compromised passwords frequently and change them immediately.
These tips alone will elevate your data security and ensure your team is using passwords appropriately and effectively.
Conclusion
If there’s one thing that will remain a core part of small businesses and e-Commerce companies it’s a digital presence. With the consistent use of technology, software, and online platforms, lots of passwords will follow. Ensure they’re properly managed and organized in one of the above or another password management solution that fits your business needs.
