Why do I need a password management tool?

• In 2020 the average cost of an Australian data breach to the affected organisation as reported by IBM was $3.35 million AUD
•  Australian individuals and companies report a cybercrime every 10 minutes, with the daily average being 164 cybercrime reports (As reported by the ABC in Jan 2021)
•  In late 2022 the Australian government legislated significantly higher penalties for serious data breaches with the maximum penalty rising from $2.22 million to $50 million dollars
• The most commonly reported methods of data breaches are hacking and human error.
• The Australian Cyber Security agency recommends a password management tool as a method of storing and maintaining stronger passwords.

Many of us are guilty of utilising passwords that are either easy to remember or a combination/variation of a harder password that we have managed to remember.

Both of these scenarios are high risk. If we use an easy password it can be easily brute forced, unless secondary safeguards are in place such as two factor authentication. However with a weak password that may be recycled the hacker might be able to gain access to multiple platforms sufficient to conduct the two factor authentication as well.

This example illustrates the critical nature of a strong password.

None of us can remember hundreds of strong passwords for all of the technology we use in our lives, this is where a password management tool becomes relevant.

A password management tool such as Lastpass allows the user to create and remembers a single strong password, add two factor authentication to the password management access and the result is an extremely difficult to hack storage box for passwords (Note nothing can be 100% hack proof).

Inside of this password manager you can store strong unique passwords for every application and aspect of your life. You do not need to remember these passwords you can access them when required or with most password managers you can even allow them to sign in to applications on your behalf once you’ve verified your identity with the password application at the time of use.

So I need a password manager. Why LastPass?

• LastPass allows you to manage password vaults as an enterprise/business
• Got a staff member moving on? You can redelegate their password vault to their replacement
• Have a series of passwords your team need to regularly access? You can create a shared folder with passwords contained within available to a series of LastPass users within your organisation
• Protect data with lastPass zero-knowledge encryption model
•  Produce audit trails with advanced reporting.
• SOC2, SOC3, C5, ISO 27001, and GDPR compliant.
• Need to share passwords but not allow staff to accidentally update them? You can granularly control access rights to sharing, editing and viewing passwords

• Personalise cybersecurity with 100+ customizable security
  policies.

   

As a LastPass partner GroupSupport can configure and deploy LastPass for businesses and teams. Providing guidance on best practice and setup, as well as demonstrating how to get the most out of your investment in security.