Coffer group

Passwords are Not Going Away: Why a Password Management Process is a Must-Have

2 October 2024

Passkeys are now coming to the mainstream, providing authentication that is both secure and more convenient.

However, passwords will be around for a long time.

You need to ensure you have a solid password policy and process that protects critical data while using modern tools to manage and secure them.

The Role of Password Policy and Password Process

A good password policy is a crucial defense against cyber threats, it helps ensure accounts remain secure. Passwords should be unique to each account, ensuring that if one password is compromised, attackers can’t gain access to multiple systems. For a strong password, length is crucial (ideally at least 16 characters).

Additionally, multi-factor authentication (MFA) adds a crucial extra layer of protection, verifying the user through another method, like a mobile app or hardware key.

How Password Managers Help

Remembering numerous, complex passwords is impractical (or even impossible). That’s where password managers come in. These applications securely store your passwords in an encrypted vault and automatically fill them in when you log in to various sites and services. Some popular password managers include 1Password, Dashlane, and Bitwarden.

These tools also generate random, strong passwords, removing the burden of creating and remembering unique combinations for every account.

What are Passkeys?

Passkeys are a relatively new solution, aimed at replacing traditional passwords with a more secure and more convenient authentication method. A passkey is a cryptographic key pair, with one part stored securely on your device and the other held by the website or service. Users can then authenticate using biometric methods like fingerprint or facial recognition, making logins faster and more secure.

Some companies brand passkeys with other names.

For example, Okta calls theirs “Fastpass,” while Microsoft refers to them as part of its “Passwordless” solution, and Apple just calls them “Passkeys”.

Passkeys are more secure because they resist common password-based attacks like phishing. Even if an attacker obtains the passkey from a website, they can’t use it without the corresponding device, and no password is stored or transmitted, minimizing risks of interception.

Passwords are Here to Stay (For Now)

Though passkeys are promising, universal adoption will take time. In the meantime, implementing a solid password policy and using a password manager will drastically improve security. A mix of strong, unique passwords, MFA, and a reliable password manager is crucial element of online security. As passkeys become more common, integrating them can make security both easier and more effective.

Here’s some great resources for you and your team about passkeys.

Implementing password managers and passkeys can be complicated but we can help.

At Coffer Group, we will implement the best password management process.

Learn more about how Coffer Group can implement this for you by clicking here.

TwitterLinkedIn