45 percent of companies use a password manager

45 percent of companies use a password manager

Password managers are recommended for companies of all sizes for additional protection and greater user convenience – even with a limited security budget.

LastPass identified the top security challenges facing organizations in an IDC survey on identity and access management. The first priority is the balance between the security requirements of the company and the user experience of the employees. This is followed by the large number of passwords.

More and more employees are working remotely – a major challenge for companies. Because the employees must be able to access various tools and systems outside of the classic office. As a result, pre-pandemic protocols, policies and infrastructure no longer provide the necessary security. According to the IDC survey, 83 percent of companies with a security incident believe it was due to a compromised password or a stolen identity – for example through phishing. This underscores the importance of reliable identity and access management solutions. They should be appropriate for all employees, protect all corporate credentials, and encourage proper security behaviors.

Risk-free behavior in everyday work is difficult these days: employees often have to remember 50 to 120 passwords. In these cases, a password management solution provides reliable control and strengthens security awareness. This makes users an important authority in defending against security threats.

“Identity and access controls are core components for addressing many of the demands of the modern workplace. As the number of daily logins increases, a pleasant yet secure user experience is important at this point. A solution with Enterprise Password Management (EPM) meets high security requirements while offering consistent and convenient operation,” says Mark Child, Research Manager at IDC. “It is imperative that organizations adopt universal and user-friendly password management to give all employees secure access to the tools they need, no matter where they are. Security controls must be transparent and actionable for all users.”

Additional Findings from IDC’s “The Future of Working with EPM, Identity Management, and Access Control” survey:

    • Password managers continue to be a valuable addition to businesseswho want to offer additional protection and greater user comfort. 45 percent of the companies surveyed use an EPM. It is the most widely used identity and access management solution.
    • Companies use EPM as budget-friendly and simple solutions with high security. 45 percent of companies state that more complex identity solutions such as SSO and MFA are desirable. However, they currently do not have the necessary budget or resources.
    • Working from anywhere has impacted security measures for 98 percent of respondents. The main reasons include poor home network security and remote workers being targeted by cybercriminals. Some employees only access company data/applications with insufficiently protected devices and neglect their password hygiene.

“Gone are the days when employees were tied to their desks in the office. However, the new working conditions present companies with further challenges in terms of safety. The IDC survey examines the future of work and how organizations can strengthen their security efforts in the face of escalating cyberattacks,” said Katie Petrillo, director of product marketing at LastPass. “As we look to the future of the workplace, employers will improve the user experience with a single, user-friendly solution. Password managers are fundamental to the security of identity and access within an organization.”

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