3 Best Password Management Tools for Your Business

A password management tool stores all your passwords in one place and is a great way for small business owners to manage several different accounts while keeping information secure.

Finding a safe place to store passwords can be tricky, but it’s necessary to avoid security breaches and hacks that may threaten to harm your company’s private data.

Check out three of the best tools that will store all your codes, such as email accounts, bank accounts, and PIN numbers, in one centralized location that can only be unlocked with a master password.

1. CommonKey

CommonKey is one of the newest password tools out there, and stands out from others because it caters to small businesses and entrepreneurs. A start-up business itself, this password manager is unique because it allows for small companies to securely share passwords across teams. The starter kit is free for up to three users and provides basic email support, allowing you to add users as your company grows. The other pricing tiers accommodate a higher number of users up to 100, with advanced email and phone support.

To ensure the highest security, CommonKey encrypts your data in the cloud so you can access your account from anywhere, and will never store your information in plaintext. Other features include auto login, syncing of data, administrator delegation that lets you decide who has access, instant reminders to update passwords, and account sharing. This easy-to-use management tool is perfect for growing businesses and start-up companies that want the option of sharing information with team members.

2. LastPass

password managementLastPass is one of the most well-known names in the password management market and has been in business since 2008, so users can benefit from its tried-and-true reputation. It’s free to download this tool to your desktop. Or, you can use LastPass Premium, which supports mobile devices, for $12 annually.

This tool gives you the option of adding an extra security level when you log in, called two-factor identification. With this feature, you need a secondary method of proof to access your account, such as a code that is texted to your smartphone. It includes user-friendly features, such as auto-fill for forms and note-keeping capabilities, and works with Google Authenticator Support to help create USB keys.

Another benefit is that it can monitor your credit and email you when your credit report changes. LastPass works well with virtually all browsers and smartphones and is a great option for small businesses on a budget.

3. Password Genie

password geniePassword Genie transcends basic password management, also serving as an app for information management. It can store not only website information and passwords, but your insurance card information, Rx numbers, frequent flier miles, car rental numbers, hotel information, and any other personal information.

This tool provides easy auto-fill, generates strong passwords, automatically locks if idle for a certain amount of time, syncs between unlimited Android devices and several desktops, and provides live chat. Password Genie is made primarily for mobile phones, but you can install it on a desktop as well. This is an ideal app for the traveling business owner who wants to be able to access information from wherever they are and store personal information as well as business passwords.

Choose a password management tool based on whether you want sole access to passwords and sensitive information or want to delegate to other users. Also, decide on whether you want the platform to be desktop or mobile-based, if you want to be able to store personal information with the passwords, and how much you want to spend. No matter which option you choose, the security of your business’s sensitive information is worth the relatively low cost of any of these options.