In recent years, we’ve seen remarkable progress in information security, from biometric authentication to innovation in cloud security. Emerging technologies and innovative practices play a crucial role alongside complex passwords in safeguarding digital accounts and sensitive information.
On World Password Day, we are reminded that while complex passwords are essential for security, they can contribute to user frustration, forgotten passwords, and increased support requests.
By investing wisely in security measures, companies can protect sensitive data, prevent breaches, and potentially mitigate substantial costs associated with data breaches or legal consequences. We outline three strategic considerations when upgrading password management practices in the future.
Unlock the door to security with cutting-edge, cost-effective password(less) solutions
Traditional password management can be expensive; draining organizational resources on password resets, help desk support, and maintaining secure password policies. IT financing discussions should consider balancing security needs with user experience. Investing in user-friendly authentication methods can improve both security and satisfaction.
Companies should consider how allocating funds for multifactor authentication (MFA) tools, biometric systems, or password-less solutions such as Fast IDentity Online 2 (FIDO2) standards can enhance security while minimizing risks.
Don’t forget about saving on compliance and insurance costs
When considering investment in password management solutions, companies should also factor savings on regulatory and insurance costs. Since regulatory compliance (e.g., GDPR, HIPAA) mandates strong password policies, non-compliance can result in hefty fines.
Improved security practices can result in potential insurance savings because insurers often assess an organization’s security practices when determining premiums around the risk of data breaches.
Password management in a hybrid work world - from remote laptops through copiers in the office
Employees use computers and laptops to access sensitive data, communicate, and perform tasks, so ensuring that these devices are protected with strong passwords is essential. It is always recommended to encourage employees to use complex passwords that include a mix of uppercase and lowercase letters, numbers, and special characters.
However, in a world of connected devices, the security of other office-based equipment is just as important, and these devices are often overlooked when it comes to security practices:
- Printers and Scanners: Storing copies of printed documents, scans, and sometimes even sensitive information, printers and scanners are entry points for potential security breaches. The solution? Implement password protection for printer settings and limit access to authorized users.
- Multifunction Devices (MFDs): MFDs combine printing, scanning, copying, and faxing functionalities, often storing data temporarily on hard drives. Regularly change the default passwords on MFDs and restrict access to authorized personnel.
- Networked Devices: Many office equipment assets are connected to the network - including Wi-Fi-enabled printers, smart projectors, and conference room displays. Ensure that network-connected devices have strong passwords and are regularly updated with security patches.
Securing office equipment isn’t just about protecting the devices themselves; it’s about safeguarding the valuable data they handle. Evaluate the benefits of each of these considerations to determine which practice — or strategic combination — will have the most significant impact on your company’s success.
Remember, IT financing offers opportunities to enhance security, streamline operations, and protect valuable assets to help your company, customers and employees stay safe on World Password Day, and every day after.
Interested in learning more about financing your password management needs?
DLL’s dedicated financing experts specialize in flexible payment programs and lifecycle asset management strategies that can help to minimize tech debt and reduce unnecessary expense spikes, all while creating a better future for a company.
If you are looking for a finance partner or have questions about how a finance partner can help you and your customers, contact us.
Disclaimer
This blog post is made available by DLL International B.V. (“DLL”) for general informational purposes only and is not a commitment to finance any transaction. The information contained on this blog post is not a statement of all terms and conditions of any financing that may be approved by DLL. In making its decision to enter into a financial product, the customer shall rely upon its own accounting, tax, legal and other professional advisors. Without limiting the foregoing, the Finance partner shall make no representations or warranties regarding the accounting or tax treatment of the financial product.
