Speaking about enterprise-level privileged access accounts, these are now steadily growing in an ever-increasing trend. Along with that trend comes the need for organized security that will also require strict accountability. As a result, it has become more and more necessary for company data and login credentials to be adequately protected. This applies to both on a personal level as well as the business side of things.
To answer the title question above, centralized password management is defined as the ability of the password system to manage employee or user passwords in one central location. The purpose of this is to keep all passwords and other related critical data in a centralized repository. This is where the owner can change data, share and passwords without losing ownership.
Simply put, it’s all about bringing in all of your passwords from different departments and keeping them in one place for increased security and control.
Why is centralized password management necessary?
In the past, employees would have engaged in seemingly “normal” ways of storing and sharing passwords using notes, emails, and even spreadsheets. The movement of critical data using these old channels presents a risk wherein there is no way of tracking them. This is especially when the need arises to share and make password modifications.
Prior to the COVID crisis, there were as many as 4,000 reported cyberattacks happening daily in the United States. Now, the FBI warns that there has been a 400% increase during the pandemic.
What then could be a good solution? Try centralizing the management of your data.
Cyber threats and human error, these are just some of the risks that a central control system can mitigate with ease. It also helps in discouraging brute force attacks from hackers.
How does it work?
Centralized management of your passwords securely stores critical items such as passwords, login credentials, codes, secret notes, and so forth. They are all secured through encryption and authentication which can be done right on the user’s device. In addition to that only the user can access this data.
Furthermore, this centralized system may also be created in such a way that the owner will have the capacity to share his password in a secure way. Additionally, he will also be able to always see when and where his password goes, as this is being done via an automatic tracking system. Through this method, he can always maintain control over it even as it moves around.
Single sign-on vs. centralized password management
Let’s further explore the advantages of being centralized as opposed to the semi-traditional process of doing SSO or Single Sign-On. Although it is important to note that these are all secure and are very much in use today. In fact first-generation SSO’s are still relied upon for authentication and are quite effective at guarding the gate.
However, unlike Centralized Password Management, SSO cannot cover the whole IT Suite and all of its peripherals. Secondly, if the SSO is applied to IDaas platforms, it becomes less authoritative as it will have to rely on external sources to be able to complete the authentication. This renders it a little bit less secure.
With centralized password management being comprehensive and scalable, it allows for the security and agility of your company to increase and move forward with more ease of retrieval, and ultimately not having to rely on external sources for completing authentication.
What Are the Other Benefits?
Share Information With Clients Safely
Other than your team, you can also share sensitive information with your clients without losing ownership. (ex. Log-in credentials)
Safe and Organized Storage
The single repository or centralized system makes it less cluttered and easily accessible.
More Control in Terms of Ownership
With you as the IT administrator, you will have access to both internal and external systems. This might include your client’s servers and some other external architecture involved with your sensitive data.
Innovative and Advanced Technology
Nothing less than cutting edge technology to provide tools for your team and other peripherals.
Passcamp Multi-Tier Sharing Feature
With PassCamp Multi-tier sharing, you can have complete control of your data regardless of how many times you share it. Even as it is being reshared by other people.
This multi-tier system also allows the owner to be able to delegate the task of sharing his passwords to other people inside the team (or multiple teams). Instead of doing it directly, he can share credentials with his IT team leads, and in turn, they are able share the data with other people included in the roster of authorized employees.
The multi-tier-equipped system also includes a history log feature that records all and every action that is done to the password. Details include modification. as well as to when and who it was shared with.
Examples of Multi-Tier sharing Features
Flexible permissions you can select from:
View-only mode for password
Edit and Share ( turn on Multi-tier sharing)
Your client gives you a password.
You share the password to your Marketing Manager along with a list of who to share it to.
Your marketing manager on his level shares the password to essential people (that the owner listed) under him.
You as an owner, will be able to see who and when it was shared with every single time. Or, if any changes were made.
Once your task is done or terminated, you can always unshare the password at any time by doing the necessary steps for unsharing.
A good centralized password manager must be specifically created for organizations that are large in size and scale. The system must function in a capacity that will cater to a team environment. It must be able to preserve data ownership, control, and access.
With multi-tier sharing, we can conclude that that capability exists at the core of PassCamp password manager technology. It allows you the owner to save time, share passwords both securely and easily, , and most importantly maintain complete control over your data at all times.