Lock Down Your Data: Why Every Business Needs a Password Manager Today

Cybersecurity attacks are rapidly increasing across industries, driven by weak or reused passwords that open doors to potential threats. A recent survey found that over 90 percent of employees reuse passwords across multiple applications, significantly raising the risk of breaches. Even for companies that haven't yet experienced a breach, the threat remains high, as the vast majority of cyber incidents stem from poor password management.

Risky behavior is understandable since the modern business requires a dizzying array of platforms and applications. Many organizations are turning to solutions such as single sign-on (SSO), which allows users to access multiple applications with a single set of credentials. But not all applications are covered by SSO, which puts responsibility on employees to use strong, unique passwords. More often than not, employee passwords end up being reused or stored in unencrypted places such as sticky notes, digital notepads, and spreadsheets, exposing the business to immense risk.

A breach incident can be extremely costly for organizations. To maximize protection and efficiency, a company-wide password manager is a security must-have. Bitwarden, for example, has excellent organization-wide services that enhance security and compliance on a global scale. As a result, it has become the chosen password manager for a wide variety of global companies working in different sectors, including NASA, the National Aeronautics and Space Administration, DMM Eikaiwa, the world's largest online English class provider, and international non-profit organization Greenpeace.

Know the costs of password breaches

What these companies realize is that data breaches are not only common but also extremely costly. The financial impact of a cybersecurity attack can be staggering. According to an IBM study, the average cost of a US data breach is over $9 million. Reducing your organization's risk has never been more vital. 

You can't control the bad actors out there, but you can control how your employees manage their own data—their passwords in particular. A company password manager reduces the risk of a data breach and the enormous costs that come with it. It is a simple investment with significant ROI. 

A password manager also reduces IT costs. Rather than getting bogged down with help desk tickets related to finding login credentials or resetting passwords, your IT team can focus on important, mission-critical projects. For managers, a single company-wide password manager saves money, frees up valuable employee time, and relieves the anxiety related to security risks. It is an essential investment for your company's IT budget. 

Extend your protection beyond single sign-on 

Single sign-on (SSO) is a great way to simplify and secure your organization's data. 

Unfortunately, many applications and websites are not SSO-enabled. In fact, up to two-thirds of critical business apps are not SSO-enabled. Some of the apps not covered by SSO include emerging services, user-level cloud storage websites, messaging apps, and specialty applications.

The best password managers extend SSO protections to all credentials stored in the business vault, covering applications that are not protected by SSO alone. In essence, what it does is extend the security from your identity provider to all the credentials stored in your vault. Bitwarden, for instance, offers a seamless SSO integration that is universally compatible with existing SSO solutions, eliminating the need to make vendor changes. 

Boost productivity, collaboration, and efficiency across all departments

Individuals and teams benefit from using a password manager, allowing for enhanced productivity and effortless security. When the entire company embraces the same password manager, it reduces friction across departments and extends those productivity gains to all employees. 

Leading password managers provide more than just basic security functions; they also deliver time-saving tools that enhance productivity. For instance, secure information sharing features allow administrators to quickly organize and share credentials across departments, significantly improving team efficiency without sacrificing security.

Comprehensive integration capabilities that come with top-tier business password managers also work wonders for employee onboarding and succession. Take the Bitwarden Directory Connector feature, for example. It syncs with your existing directory service so when an employee transitions in or out of the company, there is no need to track down old passwords or manually change permissions on a series of accounts. Instead, provisioning user accounts is automated, ensuring secure, seamless, and efficient transitions for team members. 

The intuitiveness of a password manager is key to driving high adoption across your business. With a centralized solution that integrates seamlessly into existing workflows, employees can collaborate more efficiently, and your IT team can focus on strategic initiatives rather than routine tasks like password resets.

Bitwarden delivers maximum cost efficiency, security and productivity

Deploying a password manager across the entire organization is a business-critical imperative. Password managers help reduce security risk and streamline processes within your organization, providing a significant return on your investment.

With highly rated and cost-effective services, Bitwarden is a popular solution for organizations and individuals alike. CNET selected Bitwarden as its Best Overall Password Manager two years in a row, and global companies from Red Hat to Glovo rely on its comprehensive protection that goes beyond single sign-on.

Bitwarden has positioned itself as a leader in password management by not only offering a robust open-source architecture but also meeting stringent compliance standards, such as SOC 2, SOC 3, HIPAA, and GDPR. As a trusted partner, Bitwarden helps businesses achieve critical certifications like ISO 27001 and streamline compliance efforts across departments.

No matter how large your organization grows, rolling Bitwarden out to your entire organization is simple. First, you can choose to deploy quickly in the cloud or self-host for greater control, a flexible offer that's unique to Bitwarden. Second, you can provision users easily through SSO, or use SCIM or Directory Connector to bring structured teams online automatically.  

Explore Bitwarden solutions, start a free trial, or join a live demo to experience full organizational security coverage today.