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Do I Need A Password Manager?

Tom Cronkright, Published on April 30, 2019

Although password management software can be extremely beneficial for consumers, is it a necessity for companies in the real estate title industry?

Yes, it is!

And here’s why:

A single information breach in a corporate network can have devastating consequences, affecting not only the business itself but every individual who works for it.

This simple fact illustrates why it’s more important than ever to use a password manager. This is software that manages passwords and login credentials to avoid data breaches within your organization.

In the following article, we’re going to take a look at password managers and explain why your business should be using one.

What Are Password Managers?

Password managers are programs that are designed to generate, store, and keep track of multiple strong passwords and other data across all your online accounts.

These programs don’t only protect your passwords. They can also store credit card numbers and three-digit CVV codes, PINs, security questions and answers, and much more.

Password managers use powerful encryption protocols to protect your information in a secure “vault.” This makes it impossible for fraudsters to access your data.

To access the “vault,” you only need to remember a single master password. Your information is safely locked down, yet it will always be right there at your fingertips.

Which Is The Best Password Manager To Use?

With so many different password managers on the market, choosing the best one might seem impossible.

As long as you choose a popular name brand, such as LastPass, Dashlane, or KeePass, your login credentials will be kept secure. You won’t ever have to worry about them getting compromised.

However, if you do sign up for a password manager and don’t like it, for whatever reason, you can simply export your information, delete your account, and move on to another software provider.

Why Your Real Estate Business Should Be Using A Password Manager

There are many justifications for your real estate business using a password manager. Below, we’ll take a look at a few reasons why this type of program can be a lifesaver.

Most People Don’t Use Strong Passwords

No one likes creating new, long passwords with both lower and upper case characters, numbers, and symbols every time they create a new account. People usually go with simple passwords that are easy to remember.

Unfortunately, that also means that they’re pretty easy to guess.

With today’s password-cracking applications, a fraudster can cycle through thousands of common passwords.

To create a strong password, you should always use a random string of at least 10 to 12 lower and uppercase letters, numbers, and symbols.

But, most people don’t have the time or the patience to do this and still memorize their new password every time they create an account.

Fortunately, password managers use complex algorithms that are capable of generating strong, secure passwords automatically. These are then stored in their vaults so that the user won’t have to memorize anything.

Most People Reuse The Same Passwords

It’s understandable that you wouldn’t want to create a new password for every one of your accounts. However, reusing the same passwords is an exceptionally dangerous practice.

This is especially true in a real estate business, where hundreds of thousands of dollars change hands on a daily basis.

Imagine the catastrophe if a fraudster were to compromise a single escrow or compliance officer’s password. If that person has used the same password for multiple accounts, the criminal could then log into each account, stealing whatever information or money they want.

By using a password manager, it is easier for business owners and employees to apply different passwords to every account they use.

This in turn, greatly reduces the amount of damage that could be done if anyone password were to be compromised.

Moreover, password managers usually have built-in features that monitor active passwords. The user will then be notified when proper password hygiene is being neglected.

Lost Password And Account Recovery Is A Major Waste Of Time (And Money)

According to most online experts, passwords should never be stored in unencrypted systems or as a physical paper note. In other words, the safest way to save a password is to commit it to memory.

Unfortunately, people who actually follow best-practices and create strong passwords often tend to forget them.

Image of money being wasted because no password managers were used.

According to Gartner Group, between 20% to 50% of help desk calls relate to lost or forgotten passwords. You can imagine how much time and money forgotten passwords can cost businesses.

Not only does using a password manager stop you and your employees forgetting passwords, it also saves you time, and after all, time is money.

Password Managers Prevent Phishing Attacks

In the real estate industry, one of the most common ways fraudsters steal login information is by phishing.

A phishing attack is when a criminal sends out large amounts of fraudulent emails to a target company’s employees. The goal is that someone will believe the email is actually coming from their employer.

The employee will then be asked to enter their login credentials. These are recorded by the fraudster, giving them access to the employee’s account.

Sadly, people are often fooled by a phishing attack, but password managers aren’t so easy to trick.

When using a password manager, it checks to see if the domain name is the same as the employer’s. If not, it won’t serve up any of the user’s login information.

Password Managers Support Multi-Factor Authentication

Multi-factor or two-factor authentications require an account user to supplement their passwords with a secondary type of identification.

This is often in the form of a security question, phone number, PIN sent via SMS, or some kind of biometric verification.

Popular password management software applications are compatible with this and give some form of multi-factor authentication. This adds an extra layer of security, protecting passwords and other information stored in the password manager’s vault.

Staying Safe With CertifID

Using weak passwords and reusing those passwords across multiple accounts makes it easy for criminals to guess your data and infiltrate your organization.

This is why you should always make sure you and your employees are using a password manager to help generate safe, secure password combinations and store them in an encrypted manner.

Don’t make it easy for fraudsters to take advantage of you.

To learn more about the additional layers of security you can add to your business, don’t hesitate to contact us and request a demo of CertifID.

AUTHOR

Tom Cronkright

CEO and Co-Founder @ CertifID

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