Passwords are the backbone of a robust cybersecurity strategy. An astounding 80 percent of data breaches involve compromised or weak password credentials, according to Verizon’s 2019 Data Breach Investigations Report. Moreover, a recent SailPoint survey found that 75 percent of people reuse passwords across different accounts.

To protect themselves from the growing number of cyberattacks, organizations must adopt strong enterprise password management policies as part of their larger identity governance initiatives. Unfortunately, many companies still use legacy password management solutions that only cover access to on-premises applications within their corporate network. Not only are these solutions costly, but they fail to support the growing use of cloud applications, and leave customers exposed to security risks.

Outdated solutions equal uneven security.

Legacy password management solutions were designed to protect applications within the on-premises datacenter. Legacy solutions don’t support hybrid environments that most organizations currently manage. With the rapid adoption of cloud applications and mobile devices, many organizations struggle to consistently enforce password policies across all their systems.

Today, 84 percent of companies leverage cloud-based applications to support business processes. What’s more, 70 percent of employees use smartphones and tablets for work. Outdated password management solutions don’t keep up with this rapidly changing work environment. They expose organizations to higher IT costs, lost user productivity, and expensive security risks.

A modern approach to password management.

With a next-generation password management solution, organizations can meet their modern security needs by protecting all user passwords across on-premises and cloud-based applications. A business can manage passwords no matter what devices workers use—whether an employee or contractor is on an enterprise desktop or a mobile device such as a tablet or smartphone outside of the corporate network.

The best modern password management solutions use artificial intelligence (AI) to automate password management in real time. Solutions integrate multi-factor authentication (MFA) and single sign-on (SSO) capabilities to improve password security while reducing password complexity. Best practices also replace unneeded infrastructure and expensive administrative overhead with cloud-based subscription services.

Cloud-based systems:

  • Improve security: By implementing a modern password management service, IT administrators can close the gaps in password protection. They get centralized password security controls across their on-premises and cloud systems. And with full visibility into their entire digital workforce, they can securely manage passwords, while ensuring employees receive the access they need to perform their jobs as their company roles change.
  • Beef-up compliance: With a modern password management solution, organizations can improve compliance with AI to quickly identify and remedy risky access. Integrative solutions also maintain a full audit trail of user-access to every account, while easily managing password policies and company-wide user access privileges.
  • Reduced costs: Cloud-based password management services eliminate the need to buy, deploy, and maintain password management hardware and software. Enterprise customers can decrease operating costs by as much as 83 percent with fewer requests for help desk support, and added operations cost reductions.
  • Increased productivity: With a next-generation enterprise password solution, organizations can reduce user log-in challenges by implementing single sign-on and extending self-service password resets to cloud-based applications. They can also better support their mobile workforce by allowing users to manage their passwords from any device.

 SailPoint: Comprehensive and secure password management.

As today’s enterprises develop more flexible ways of working, they require an anywhere, anytime approach to password management. SailPoint’s password management solution provides comprehensive and secure password management across a company’s on-premises and cloud-based applications, enabling users to work securely and efficiently from any device. With SailPoint Password Management, enterprises can boost security, cut costs, and increase productivity in today’s rapidly changing IT environment.

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