The Importance of Password Management for SME’s

In a business environment that is dynamic, constantly evolving and ladled with threats, it is important to ensure all data is kept secure through using some form of password management. Recent, market research has stated that over the next 4-5 years, this requirement for password management is only set to increase because the need to ensure data is kept secure and away from prying eyes is only set to multiply.
Everyone, from senior management to office admin needs to remember more than one password on a daily basis, whether its business related or personal. The problem initially starts when employees begin to forget their passwords. This is a real bug bearer for all IT departments across any organisations, as they are already snowed under by other work.
Global market research leaders, MarketsandMarkets have carried out some research on password management and have concluded by stating that password management industry will be valued at over $709.6 million by 2019 and for this year (2014), an increase of over $300 million is predicted. Through looking at these figures, it is clear that the need and demand for password and data security management is only set to increase.
Arguably, the majority of small to medium sized businesses do not have a huge IT department (in actual fact, having the one IT person is seen as a luxury); as they don’t necessarily have the budget to accommodate them. Despite this, security is still naturally very important because should their password and data fall into the hands of the wrong people, ensuring security may be a slower process which could be catastrophic for the organisation. So what’s the resolution?
Introducing a self-service password reset solution can help SME’s solve this issue, through providing both an efficient and cost effective solution whereby staff are able to reset their own password through their own pre-set password authentication questions. Through working with organisations that can provide this service, companies can rest assured that their data is secure and confined within their company walls.
Through making this investment, SME’s are now able to realise the potential of ensuring data security and protection against malicious intentions for the company, its employees and stakeholders and clients. Ensuring a strong approach to the management of passwords, is part of keeping both data and the organisation, as safe as possible in a world filled with online threats.