Ransomware, password rests, and credential lockouts are an ever-increasing problem for businesses of all sizes. While cyber attacks carry the risk of large scale financial loss and diminished public trust, lost or forgotten credentials not only affect security, but can drastically impact productivity and revenue growth. Many companies implement overarching security measures to curtail large scale cyber attacks, but all too often, employees are left to their own devices when it comes to daily password management. Taking the path of least resistance, employees often succumb to weak or reused passwords, which are insecurely stored and shared, and often forgotten. As a business, if you do not take the initiative to provide the solution, your employees will inevitably, without explicit approval, implement their own personal solutions.
According to Cybersecurity Ventures, cybercrime is projected to exceed $1 trillion cumulatively over the next five years, while Microsoft predicts the number of internet connected devices increasing to 50 billion by 2020, with online data volumes increasing 50 times what they are today.1 Awareness of an increasingly threatening landscape, however, is not enough. Proper procedures and policies must be proactively and openly implemented and employees should be effectively and collectively educated on the importance of established best practices. When companies fail to proactively implement such measures, shadow IT solutions arise. RoboForm Password Manager is a prime example. Currently, 10,000 companies have officially adopted and purchased RoboForm as their centralized password management tool. While that number is significant, employees from 100,000 different companies have come to us as individuals to purchase RoboForm in cases where their company lacks a centralized password management solution.
Both employees and company admins have felt the weight of password fatigue. With an increasing number of online accounts, mandatory password creation complexities become highly burdensome. Subsequently, password reset requests rise, diverting attention away from larger and often time-sensitive tasks and projects. Additionally, if password complexities are not handled by an officially adopted password automation solution, users typically invent their own automation solutions (e.g. last name followed by sequential numerals), or equally worse, save them in plain sight on sticky notes or their desktop. According to Cybersecurity Ventures, every 40 seconds a business falls victim to a ransomware attack, and by 2021, cybercrime will cost the world more than $6 trillion annually. As a business practice it’s never smart to rely on your employees to find a security solution, especially when their actions or lack thereof could drastically impact the health of your business.
By adopting RoboForm as an official IT solution, companies can introduce security, centralized management, and oversight throughout all four stages of the password cycle: generation, storage, password entry, and sharing. Bring RoboForm out of the shadow and into the light by contacting RoboForm for Business – today.