Profiting on Passwords

    Profiting on Passwords: Addressing Pain Points to Build Revenue

    The need for robust security is at an all-time high for businesses large and small. However, security software, firewalls and other measures are virtually useless if businesses do not make an effort in other areas. One of the most critical is using passwords correctly.

    Of course, passwords present a number of challenges. On the surface, it seems simple enough. A user chooses a specific combination of letters, numbers and special characters. That string of text serves to protect the login, while providing the user with access to vital information. However, using passwords correctly is much more challenging than that – it requires doing things right from the beginning. Passwords should be hard to guess, and they must be changed on a regular basis. Of course, complex passwords are difficult to remember, and users should never write them down where someone else may be able to access them. On top of that, the same password should not be used for more than one login.

    It creates a real headache, but one that you can turn to your business’ advantage. By addressing this pain point, your business can increase revenue and solve your clients’ problems at the same time.

    Password Management Systems

    The single most important solution for password management is a system designed and built specifically to address this pain point. A password management system offers some significant advantages for both users, the overall organization, and for your IT company.

    Just think of the number of passwords that must be remembered, managed, changed and safeguarded at all times. Just a sampling includes:

    • Desktops
    • Email
    • Network access
    • Wireless access points
    • Routers
    • Smartphones
    • Tablets
    • Printers
    • Scanners
    • Social media accounts
    • Company blog accounts
    • CRM platforms
    • File syncing/sharing/storage platforms

    And that’s just the proverbial tip of the iceberg.

    A good password management system can offer significant benefits for all of your clients by providing solutions that work, and work well. For instance, the right password management system will offer access control, auditing and change management capabilities among other things. Access control ensures that only authorized users have access to the passwords stored in the system, and what those users can do with each password.

    Auditing capabilities ensure that management can view who has accessed the passwords stored in the system, and ensure that no users are doing anything that goes against the company’s password policies. Change management tools allow passwords to be changed automatically on a set basis, or at least alert management that passwords need to be changed at specific times.

    Additional benefits with this type of software include single sign-on capabilities (logging in with just one set of credentials no matter what the platform being accessed), and multi-factor authentication (which has become so important that even Gmail is now offering it as a form of protection against email hacking).

    Why It Matters

    Why should you consider reselling password management software? Really, it all comes down to understanding why end users hate passwords so much, and why they have such difficulty managing them.

    First, they don’t use easy to remember and easy to crack passwords because they’re completely ignorant. They’re savvy enough to understand the need for good passwords. However, in their minds, the need for immediate access (with a simple to remember password) outweighs the potential risk to security. Add to that the fact that there are just so very many passwords the average user has to remember, and you’ve got a recipe for disaster.

    Good passwords are hard to remember. That’s the point. They’re hard to guess and hard for hackers to crack, even with sophisticated software. Unfortunately, the more challenging the password is, the harder it is for a user to remember it, which defeats the purpose to some extent. Now, take that scenario and multiply it by several times (often 10 or more) for the number of sites, tools, resources and platforms that an organization’s users might have to access daily and you can get an idea of why so many people use “password 123” or something similar.

    Of course, some organizations have policies in place that disallow the use of simple, easy to guess passwords, as well as reusing particular passwords. HIPAA and PCI regulations require these types of policies, but users still find ways around it. For instance, they might write down their passwords in a physical notebook, or even a sticky note. They may compile them in a Word doc on their desktop. None of these will protect those passwords from unauthorized access and drastically increase the risk an organization faces.

    Password management systems get around those issues easily, helping an organization create robust protection.

    Building Your Revenue with Password Management

    As an IT company, you must deliver value to your clients. The ability to do that has decreased as reliance on cloud solutions have increased. However, password management software represents the chance to regain some of your lost revenue while providing your clients with an essential service (and one that’s becoming more and more important with each passing day).

    Your clients are already well aware of the need for strong password policies, but they often feel powerless to develop, institute and then enforce them. Chances are also good that your clients also know (and disapprove of) their employees keeping lists of passwords on their computer desktops, notebooks and more. This makes password management a natural sell. You’re offering something your clients need, and can immediately see the value of. There are three solutions that your clients will immediately thank you for offering. These are password management, single sign-on and multi-factor authentication.

    By providing your clients with a simple, easy to use means of managing their passwords across all platforms, signing on to all platforms with a single set of credentials, and protecting that access with multi-factor authentication, you’re delivering peace of mind, efficiency and significant protection.

    If you educate your clients on the need for password protection and security, and then introduce a viable solution to that pain point, not only will they thank you, but they’ll happily pay for your solution.

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