In this article we will talk about the importance of password management policy for companies, we will also talk about the main requirements that should be listed in this policy and ten best practices for secure passwords in your company, as well as explaining what multifactor authentication does.

About Passwords:
Everyone has a favorite password, but of course in companies it has to be seen in a different way, because the data will have to be very well guarded in order not to be stolen or hacked. The mismanagement of passwords has plagued the business world, also because of the variety of passwords that have to be remembered. However, the mix of teleworking and the rise of e-commerce and online transactions add new levels of risk. One study found that one in four people are reusing work passwords for personal transactions, from online shopping apps to food delivery services. One solution suggested by security experts is to have a different password in each system, which can be very difficult for people due to the existence of multiple websites and this brings a huge mental burden.
The most concerned people are looking for solutions to better protect themselves from all the bad things that can happen. But firewall, antivirus and outdated passwords are also gateways to attacks. These are the oldest ways to get into systems and even today many servers are attacked in these ways.

Passwords in companies:
Despite the continued development of technology, passwords still play a central role in companies’ information security, so increasing employee awareness of the importance of adopting good practices to manage credentials remains the foundation for securing data, systems and software of business. However, people often see that simply promoting a culture of security is not enough to ensure the security of company information. That’s why the adoption of multifactor authentication solutions is increasingly becoming the recommended way to respond to information security challenges in a business environment. While the types of attacks and threats to businesses change every year, there is still one factor: weak passwords and shared passwords are still one of the top success factors for computer attacks.

What is Multifactor Authentication?
Multifactor authentication are systems that vary, but typically involve an automated SMS message or an application that generates access codes. After entering your password, the system asks for the access code and, in some services, it can use an application to enter the code. When entering a website or service, you need to inform who you are. This is usually done via a username or password. It is also very common for the username to be the email itself. This makes your password the *only* private key to log into your accounts. Multifactor authentication is a security measure that requires, in addition to the password, at least a second individual factor to prove your identity. As soon as you enter your username and password, the site asks for a unique code that can be used for 30 seconds, to confirm that, in fact, you are the one trying to login.

Companies should help employees move passwords to the back end so they don’t have to pick or remember passwords. Regardless of the method chosen, the organization must address the risk of reusing corporate passwords for personal use. By reducing the threat of poor corporate password management, it begins to reduce many security incidents and one of the most common causes of data breaches.

Password management policy for companies:
Password management policies for companies are based on how it works with individuals, users are also responsible for defending the corporate networks of the companies they work for, as employee passwords remain at the forefront in battles against intrusions , that is, the company needs to have a clear policy on password management. It’s even a document that should be known to everyone and that lists how passwords should be used, stored and how often they should be changed, as well as instructions on how to deal with password compromises.

Ten best practices for secure passwords in your company:
Based on the 10 practices that we’ll show you about using passwords in your company, let’s hope you pay attention to what you read because we’re going to talk about some simple rules that seem even obvious, but which are often not followed:

1. All passwords created must be strong: long, complex and include letters, numbers and special characters,

2. The words Passwords used to access company systems and software must not be shared between systems or similar to those used in personal accounts,

3. Passwords must not be written or physically stored in the office,

4. Passwords should never be shared, even between colleagues or supervisors,

5. Passwords must not be revealed or sent electronically,

6. The option “remember password” on websites and applications should be avoided,

7. User passwords must be changed every 30 days, without the possibility of using the last three passwords,

8. Whenever possible, password generators should be used in order to prevent the use of simple and easily discoverable passwords,

9. All installation passwords created by default must be changed immediately after installation,

10. Passwords must not be saved in decrypted format and user IDs and passwords must not be indicated in scripts that allow automatic login.

As we saw in this article the importance of using passwords for companies is very important, based on the article we have to be very careful with their use and regularly change passwords.