Strong password management is a business essential

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Even the most well-thought-out and executed security strategy can be brought undone by the theft of user credentials. Password theft is the most used arrow in the hacker’s quiver. So it makes sense to protect these valuable assets.

But the task of protecting user credentials has become far more complex. The lines between work and personal lives have blurred. It’s possible, today, for a compromised personal user account to have an impact on a business. And in our highly interconnected business ecosystem, one stolen credential can become a gateway to other businesses.

According to Katherine Rojas, from LastPass, "We're seeing a significant shift towards increased flexibility. Whether it’s employees working from home or remotely or how we interact with partners and customers, protecting user credentials is critical. The impact of a password breach can be far broader than just a single user.”

For Managed Service Providers (MSPs), equipping customers with robust credential management is no longer a 'nice to have’. It’s essential to ensure that their customers have the best possible protection for their systems and data. In many cases, those customers don’t have the in-house knowledge to do this themselves.

There’s no doubt that cybercrime is becoming a major issue. Research from Juniper Networks found that cybercrime contributes to criminals’ bottom line more than the illicit drug trade, with about $33B in losses in Australia last year according to the Australian Cyber Security Centre. A similar report from CERTNZ found that the most common type of cyber security incident in New Zealand was phishing and credential harvesting.

A secure and robust password management platform, that supports the needs of everyone from individuals to MSPs and enterprises is an essential business tool.

Ms Rojas adds, “With the intensity and sophistication of attacks escalating, investing in tools like LastPass is no longer optional. The impact of credential theft is too great. This is why we’ve expanded our partner program and are working even more closely with MSPs to help protect the entire business ecosystem”.

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