Apple’s recent announcement of its standalone password manager at WWDC 2024 is a call to action for all Apple users to update their password practices and prioritize creating and securely storing credentials that protect their most sensitive assets. If the usual headlines about account takeover attacks leading to data breaches and serious financial impacts for organizations aren’t enough, Apple’s announcement further validates the importance of effective password management to safeguard sensitive accounts and data from dangerous cybercriminals. From individuals to multinational corporations, a secure password manager serves as a critical first-line defense against the prevalent cyber threats that pose significant risks to organizations in the UK and around the world.
As small and medium-sized businesses (SMBs) increasingly become targets for opportunistic cybercriminals, maintaining strong cybersecurity practices is critical. However, while Apple’s new password manager will certainly bolster security for consumer users looking for an entry-level solution and surpasses the previous functionality offered by iCloud Keychain, it lacks the features, cross-platform functionality, and perhaps most importantly, the robust enterprise-grade protection provided by the major password managers currently on the market.
Keeper Security’s Future of Defense 2024 report highlights that 95% of IT leaders believe cyberattacks are becoming more sophisticated, with password-related attacks becoming one of the top five fastest-growing threat vectors. This underscores the pressing need for comprehensive password management solutions, particularly for SMBs. A device manufacturer’s default solution simply doesn’t include the essential benefits of purpose-built enterprise solutions, including:
CTO and co-founder of Keeper Security.
Enhanced Security:
Advanced password managers leverage strong encryption models to securely store, protect, and share passwords, access keys, and other sensitive data across all online applications and services. Top-tier password managers typically have security designations such as SOC2 certification and ISO27001 certification, demonstrating their adherence to the highest industry security standards. A free consumer product without these certifications lacks the robust security needed to mitigate the risks of cyberattacks against organizations in an increasingly dangerous threat landscape.
Increased productivity:
By streamlining credential and file management, enterprise-grade password management solutions significantly reduce help desk costs associated with password resets and access issues for businesses of all sizes. Employees can focus on their core tasks without being overwhelmed by frequent password-related issues.
Secure file sharing:
A robust enterprise password management solution facilitates secure file sharing between team members. With encrypted storage, granular permission controls, and secure file transfer protocols, organizations can ensure that only authorized personnel access sensitive documents. Features like audit logs provide visibility into file access and changes, improving accountability and compliance. This secure approach enables seamless collaboration without compromising data integrity.
Cross-platform accessibility:
Users can access their password vaults via a web app, desktop app, browser extension, or mobile app. Importantly, a dedicated enterprise solution works across all devices, browsers, and operating systems to meet the needs of a modern, distributed workforce. This is a key benefit that doesn’t exist in password management systems tied to a specific operating system or device, allowing for seamless integration across diverse IT environments.
Administrative supervision:
Administrators have the ability to oversee password and secret usage, seamlessly integrate with their current identity stack, and enforce role-based policies for platform access. Centralized control ensures consistent compliance with security protocols across the organization and allows administrators to enforce password policies, such as password length or MFA usage, that provide a critical first-line defense against cyberattacks.
Darknet Monitoring:
Organizations must identify compromised passwords through real-time dark web monitoring to protect their networks and systems against common cyber threats such as password theft and password spraying attacks. Quickly detecting and rotating these passwords allows businesses to proactively prevent potential security breaches.
Single Sign-On (SSO) Integration:
Integrating with SSO products like Entra ID, Okta, Ping, and Duo is critical for SMBs. While SSO solutions help with authorization and convenience, they are not a standalone cybersecurity solution and leave dangerous security gaps that cybercriminals can exploit. Hundreds of thousands of native and cloud applications do not support SSO, but integrating SSO with an enterprise password manager covers all login scenarios to ensure every account is protected with the highest level of security.
Advanced capabilities for growing organizations:
Mid-sized and large SMBs with complex IT infrastructures gain significant benefits from advanced capabilities such as infrastructure secrets management, automatic password rotation, integration with third-party CI/CD systems, and secure remote machine access. These capabilities promote scalability and establish strong security measures that are crucial for business expansion.
Conclusion
While Apple’s new standalone password manager is a welcome step forward, SMBs need more comprehensive solutions to address their unique security challenges and requirements beyond what Apple Password Manager offers. A robust password management solution not only strengthens security, but also increases productivity, ensures cross-platform accessibility, and provides advanced administrative and integration features. In today’s dynamic cybersecurity landscape, where cybercriminals are increasingly targeting smaller entities with sophisticated attacks, investing in a reliable, vendor-neutral password manager is a critical element of any SMB’s cybersecurity strategy.
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