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Home Blog 5 Best Password Managers for Small Businesses
Small businesses are becoming increasingly vulnerable to cyber-attacks and data breaches. A recent report on small- and-medium-sized companies revealed that 66% of respondents experienced a cyber-attack within 2019. Additionally, 47% of those cyber-attacks involved compromised employee passwords.
To make matters even worse, those attacks and breaches are costly. On average, a cyber attack can run a business in the US $233 per record lost. Depending on your company’s size, that number can add up quickly, making a recovery from a cyber-attack expensive—if not debilitating.
Despite those alarming statistics, there’s still a misconception among small business owners that their company is too small to be a target of this type of attack. But here’s the truth: hackers aren’t only interested in big businesses. They want the data that you have, too. And with millions of employees logging in from home due to the pandemic, companies are at an even greater risk.
Safeguarding your business against cyber threats should be your highest priority. But what can you do to keep your data secure even when working remotely?
Well, start by using a password manager. Password managers securely store, protect, manage, and monitor all your passwords and other sensitive information for your company. Along with cybersecurity best practices, a password manager can help decrease your risk and exposure to online threats.
Still not sure if you need one? We’ll discuss what password managers have to offer, why you should have one, and give you our list of the 5 best password managers on the market.
Password fatigue is real, and it puts businesses at risk. With an overload of passwords to remember, people often slip into unsafe habits like reusing passwords, infrequently changing them, or using insecure ones (cough, like “password”). Practices like these make your business an easy target for hackers.
Enter password managers. Like a bank, password managers keep your sensitive information stored away in a vault. They make it easy to create, protect, share, and manage unique and complex passwords across all the sites you and your employees use.
To gain access to your password vault, you need a unique key—a master keyword or phrase. The master keyword is created by you and should be long (we’re talking a minimum of 20–25 characters) and complex.
We’ll just say it: in today’s digital world, everybody should be using a password manager.
But it’s particularly important for small business owners because the responsibility falls on you to keep sensitive information—your own, your clients’ or customers’, and everything in between—safe. You’re the gatekeeper.
When you consider what’s at stake (everything from financial loss and business disruption to information theft and reputation damage), no business can afford to go without a password manager.
Aside from reducing the threat of cyber attacks, password managers remove the burden of creating and remembering passwords so you can concentrate on what matters most: running your business.
You’re convinced you need a password manager—and you need it now. But what should you be looking for?
There are dozens of password managers on the market, but they aren’t all created equal. At a minimum, an ideal password manager should include these features:
Before you purchase a password manager plan, make sure to review all the features and compare pricing to see what works for your business.
Luckily, we’ve done a bit of the groundwork for you. We’ve compiled a list of 5 top-rated password managers so you can find the one that’s best for you.
Dashlane‘s patented security design, easy-to-use interface, and special features make it a much-beloved app for small businesses.
Consistently topping “best of” lists, Dashlane is a password manager that appears to have it all. It provides 2 different levels of protection for businesses of any size: Teams plan and Business plan. The plans share many of the same features. The main difference is that the Business version has a single sign-on (SSO) option and free family plans.
With Dashlane, there’s no limit to the number of passwords you can store, and you can easily sync that information across devices.
1Password is another expert favorite. Fans of 1Password love its easy-to-use design and its range of features. 1Password uses a zero-knowledge policy, meaning nobody but you can access your files and information.
For small businesses, they offer a Teams plan and a Business plan that cover all the essentials. The Teams plan includes 1 GB storage per person and 5 guest accounts. Among the Business plan extras are 5 GB of storage per person, free family plans, and advanced protection.
LastPass promises to be powerful enough for IT teams yet simple enough for everyone else. Their business offerings include a simple Teams plan recommended for businesses with 50 or fewer people and an Enterprise plan that offers SSO management for unlimited users.
Aside from the essentials you’d expect from a password manager, LastPass business plans include shared folders, basic reporting, and dark web monitoring.
Keeper is an affordable password manager option for businesses with fewer than 100 people. They claim to be the most audited and certified product on the market, with an easy-to-use interface and zero-knowledge security.
One thing that sets them apart is that employees can all get free personal accounts. They can keep all of their personal logins and information safe, which is a nice perk to offer.
Bitwarden is an open-source, user-friendly password manager that also offers 2 levels of cybersecurity for small businesses.
The Organization plan is free and designed for companies with just 2 members. It includes everything you’ll need to manage and share data. Bigger businesses can use the Teams plan with the added features of vault health reports, user groups, and event and audit logs.
Regardless of which plan you go with, Bitwarden is the most affordable option on our list. So if cost is an important factor, this could be the right choice for you.
If you’re curious about a password manager, give it a try. All of the choices above offer free trials and provide the capability to import from another manager if you want to switch. Our picks are highly-regarded in the industry, and they can provide you with the security, peace of mind, ease-of-use, and seamless integration you need to run your business.
But remember, a good password manager is only a piece of the puzzle, and you can never be too cautious. Ensure you and your employees correctly use the password manager and are up to speed on cybersecurity best practices.
That way, you can keep your company’s data safe. Because let’s face it—the last thing you need as a business owner is one more thing to worry about.
Based in the great state of Wisconsin, Kat is a freelance writer focused on careers, productivity, and entrepreneurship. When she’s not in front of her computer screen, she’s either hiking with her 2 rescue mutts, baking up a new recipe, or squishing her adorable son. Learn more about her at katboogaard.com.
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