You + Password Management Software = Profit

    You + Password Management Software = Profit

    If you’re like many MSPs, the word “password” alone can make you shudder. It might bring back bad memories, like the numerous emergency password reset requests you’ve received while eating your lunch, or that time you nearly had a heart attack after finding out that the entire office was sharing a password to log onto the billing system—and that the password was "Password1".

    I’ve met with many smart and experienced IT professionals who had struggled long and hard with password security and still felt defeated. Trying to manage all of those passwords, and educate users on the need for smarter, stronger passwords can seem like an uphill battle–an annoying, time-consuming uphill battle that never ends.

    Ok, so maybe I’m still a little bitter. There was, after all, a time when I was that IT guy, trying to manage a client’s password security on my own. And it was the worst.

    It was that painful period of time that motivated me to start on my path to IT security. I figured a smarter password software program would make my life easier. I was right. What I didn’t figure was that by offering this advanced password management software to clients, and eventually reselling it to many of them, I had created some serious profit for myself. And some prestige. I was suddenly the guy to call for passwords and network security.

    So here it is: You can be that IT pro. The one with the password solution. The one to call for password management expertise. The one making a substantial revenue stream from offering and reselling the best security software on the market.

    For many businesses and organizations, the reality of their current password security is their “dirty little secret.” They know that there’s a lot of weak passwords going around, and some bad practices (like shared logins, etc.), but they have no idea how to fix it. Still, they know that something’s got to be done. They are just waiting for a solution.

    You can be that solution.

    By offering an advanced password management system, and knowing that system inside and out, you will become a valuable resource to clients who are looking to “fix” their password problems. Using the right advanced password management system, you will be able to quickly centralize their password controls and database, setting up and automating many key security features. You’ll also be able to resell this very system to them, at whatever price you think is reasonable and attainable.

    The possibilities for increased profit are plentiful. Here are a few things to keep in mind:

    The timing couldn’t be better

    With the recent Target credit card information scandal and other security-related PR disasters hitting headlines, businesses are finally beginning to see that the time for increasing password security is now. Many regulatory agencies and industry leaders are now requiring businesses to meet certain password and security standards (like using multi-factor authentication for remote access). Businesses are scrambling to become compliant, fast. And with an advanced, highly-customizable security suite on your hand, you’re a compliance guru.

    Know your features

    If you want to impress clients with your software suite, and resell it to them, you better pick the right one with features like centralized password management, detailed and automated audits, and smart multi-factor authentication (MFA). Lots of programs have expensive or undependable MFA options; yours should be practical and effective. Example: a user being able to login with a password and a one-time access code from a mobile app on their phone, rather than having to use a password and a wonky, expensive biometric fingerprint scan.

    SSO: The easiest upsell ever

    SSO is the private luxury jet of password security. With SSO, a user authenticates with MFA and is taken to a personalized SSO portal, where they can be automatically logged in to all of their applications and programs, no repetitive logins necessary. The right SSO systems sells itself when you explain how easy it is. Make sure your solution has smart SSO that allows users to log in to all of their applications and uses MFA to secure the experience.

    And, for you security-minded admins out there, SSO is a dream come true. Instead of coming up with a password policy yourself, and hoping that people follow it after the 80th time you explain it, you can simply enforce the password policy yourself. By choosing strong passwords for each system that users access, and then providing users with access to those strong password through their SSO portal, you don't have to worry about your policies not being followed.

    That is what I like to call "checkmate". 

    Conclusion

    In many cases, growing revenue is all about understanding a pain point in an industry or market, and then providing a solution that alleviates that pain. The pains associated with user security are obvious, and a password management system will allow you to provide the solution to that pain point. All that's left to do is collect the revenue.

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