A simple online search can help you find lots of options for password managers.
However, it is essential for businesses to pick a password management system that ensures maximum account protection in an efficient manner.
Talking about password management systems, SaaS password managers are the best option out there.
Why Do Businesses Need Password Management?
Before talking about the features and benefits of SaaS password managers, let us talk about why businesses require any password management system at all.
Researches show that 90 percent of internet users are concerned about having to face password hacks.
Despite the increased concern, over 65 percent of people reuse the same passwords across multiple platforms and over 53 percent of internet users rely on their memory for password management.
The loosened focus on password management by both service providers and users has resulted in over 38 billion records being exposed as a result of data breaches since 2010.
Therefore, implementing a policy for password security is essential for modern businesses to ensure that the data and privacy of their application users are safeguarded at all times.
Password management systems help in creating complex strong passwords that are a combination of letters, numbers, and special characters, which otherwise would be difficult to do manually.
Not just with creating strong passwords, but password management systems can also help store the complex passwords that are generated, thus encouraging users to create unique passwords for each account they use.
Why are SaaS Password Managers Recommended?
It is expected that by the end of 2021, 73 percent of businesses will move their software requirements to the SaaS model.
The traditional model of on-premise software deployment requires a dedicated infrastructure as well as an on-site team handling the software in most cases.
However, with the SaaS approach, the deployment is completely done by the vendor, thus saving the client from the investment which otherwise would be required (such as establishing and maintaining the required infrastructure).
Below we have listed out the key reasons why SaaS password managers are highly recommended in comparison to traditional password manager systems.
1) Better Integration with Existing Business Infrastructure:
Traditional password management systems offer less flexibility in terms of integration with the existing business infrastructure.
On the other hand, as SaaS password managers are completely hosted and managed by the vendor, there is much less reliance on the infrastructure requirements on site.
Password management systems that are offered in the Software-as-a-Service format allow the client to better-integrate the system with their existing processes, applications or websites.
2) Easier to Scale:
The password management requirements of a business will periodically need to be scaled up or down depending on the business needs.
As companies offering SaaS password management systems will have a larger cloud-based infrastructure, it becomes easier for business clients to scale up or down the facilities depending on the current requirements.
Moreover, there is no need for businesses to worry about incorporating changes in the infrastructure while scaling up or down their requirements as it is completely managed by the provider.
3) Time and Money Savings:
Just like any other software service that is cloud-hosted, there is an obvious advantage for the client businesses of not having to host or manage any infrastructure setup.
Even though we have mentioned this advantage above, the cost and time benefits of not having to set up or manage an in-house infrastructure cannot be emphasized enough.
4) Switch between Available Options:
One of the most overlooked features of availing SaaS password management systems is that you are not bound to just a single service provider.
If you’re not satisfied with the services offered by a single provider, you can easily cancel your subscription and look for alternatives.
On the flip side, if you were relying on a password management system that is hosted and managed on-site, changing the existing system would require a much larger effort and investment.
5) Easier to Implement Upgrades:
With the traditional in-house password management systems, it becomes quite difficult to implement new changes and upgrades that are released by the vendor on the client-side.
However, with a centrally hosted password management system, the vendor can periodically bring new feature additions and improvements much quickly and efficiently.
6) Better Security:
Most businesses implement and run a wide variety of systems to run effectively. Therefore, the security concern is spread across all the systems that the business uses, which makes it difficult to prioritize or focus on each system.
On the other hand, vendors that provide SaaS password manager services only have to protect the service that they’re offering.
As security is focused on just a single product that is the password management system, client businesses can be assured of receiving better security than when the system is hosted in-house.
Password managers are an essential part of any business that deals with user data and private accounts.
As businesses these days are focused on improving operational efficiency and reducing costs, implementing SaaS password managers are the best way to ensure maximum protection of user data with little to no required investments in terms of hosting or managing the system.
The ability to quickly shift between alternatives and swiftly onboard the new system makes SaaS-based password managers the future of efficient password management for businesses all around the world.