On World Password Day, we wanted to break down how Passly’s centralized and easy-to-use interface provides your credit union with an intuitive and secure password management solution.
Threat of cyberattack has never been greater, with nearly 80 percent of all data breaches happening due to lost, weak or stolen passwords. Verifying a user’s identity and managing access to your business data has never been more important. Hackers no longer just slip in through the back door. They now come barging through the front door after stealing the keys – user credentials.
It can be difficult to control and enforce strong and secure password requirements across your organization. Often, users sacrifice security for convenience by using weak passwords or reusing passwords for multiple logins, resulting in increased risk of exposure or theft. Even strong and complex passwords are not completely secure. Compromised credentials obtained as a result of phishing, keylogging and third-party data breaches can be used to gain unauthorized access to your credit union.
Despite being aware of the rapidly evolving threat landscape, employees (and even some IT professionals) continue to engage in risky and negligent password and authentication behaviour, according to a Ponemon Institute Study.
This calls for proactive steps to strengthen your credit union’s IT security. With your credit union becoming increasingly reliant on technology and the internet, the practice of single level security (like a password), is no longer enough to protect you from the risks of cyber threats. While passwords are not likely to disappear anytime soon, when it comes to security, they are extremely risky.
By using Passly password manager, your credit union can manage passwords securely, utilizing multi-factor authentication (MFA) for secure access. The layered security protections of our platform’s MFA solution meet the security protocols necessary to achieve and prove compliance for most regulatory bodies such as PCI-DSS, GDPR, NIST, ISO and more.
Passly’s simple integration allows for a low-friction user experience that enhances productivity of users and administrators.
According to a Ponemon Institute Study, 10.9 hours is the average amount of hours spent per year entering and/or resetting passwords. The study also found that administrators spend an average of 27 hours per year resolving user access problems for every 100 users.
Companies expect a security solution that will increase workforce productivity – not deter it. Businesses are facing loss of productivity in the absence of a suitable IAM platform. This is just a glimpse of the loss of productivity businesses aim to avoid and eliminate by employing the right IAM solution. It becomes increasingly important as the decrease in productivity may also translate into loss of revenue.
Low-Friction User Experience
According to a Ponemon Institute Study, 51% of respondents acknowledged that it was difficult to manage their passwords and 56% of respondents prefer a hardware token/security key and believe it offers better security.
Solutions are expected to be simple and convenient to use for management and employees. The user experience and their ability to be efficient is crucial when it comes to technology and security. However, in the case of an IAM solution, it becomes more significant as the user finds it equally cumbersome to manage a bunch of passwords.
Businesses prefer opting for solutions that offer the lowest friction to user experience while moving away from the conventional reliance on passwords. For example, push notifications are more user-friendly with PINs. Also, having MFA and a password manager is certainly more convenient than typing passwords out every time.
Simple, Painless Integration
Among the biggest challenges many companies face while incorporating an IAM solution into their IT infrastructure is integration. The easier and more seamless the integration process, the easier the deployment, which in turn encourages the workforce to make the most of the solution. Your credit union can have peace of mind with Passly as our teams can quickly and seamlessly integrate the password manager into your IT Infrastructure in just a few days.
Passly allows your credit union to reinforce security by forcing users to validate their identity and access permissions with two unique factors and reduce or eliminate the risks related to exposed or stolen passwords.
Common authentication factors:
- Something you know (e.g., password, PIN or security questions)
- Something you have (e.g., mobile phone, USB device or email address)
MFA provides enhanced security to identity management by requiring two or more forms of authentication. Passly solves MFA through:
- Mobile app which supports both push notifications and one-time passcodes.
- Third-party authenticator apps to generate one-time passcodes.
- Alternative devices such as the YubiKey.
Have questions about Passly can help keep your credit union secure? Contact us or your Celero Account Executive and we can discuss further with you.