Every business of any size uses a business technology stack to manage both internal and external operations. Many businesses – especially small businesses – are only slightly aware of how this technology stack affects their bottom line.
The business technology you employ profoundly impacts your company’s efficiency, security, and accessibility. In this business technology review, I’d like to highlight a product we have found indispensable in our internal operations and draw attention to how it could improve efficiency, security, and accessibility for your business.
Let’s review the LastPass Password Manager for Teams.
Briefly, a password manager is an application that will store all your credentials in one place and give you quick access to them as needed. Most password managers will auto-fill login forms for you, which is the feature that most appeals to individual users.
Many popular password managers are available for free to individual users, and most web browsers have their own built-in password-saving option, so what makes LastPass worth a closer look?
The Wall Street Journal reported in 2019 that small companies used an average of 73 apps in their daily operations. That number would be much larger today – especially for companies (like ours) that also manage credentials for client applications.
Your company isn’t a collection of individuals; it’s a cohesive team of people with unique roles and responsibilities. The LastPass Teams application is an excellent solution to many problems that face your business (whether you know about them or not).
Forbes reports that 61% of all SMBs reported a cyber attack in 2021. Small businesses often think they can fly under the radar of cyber criminals, but in reality, criminals will target them because of their size and relative lack of security.
Going into 2023, it is unthinkable that a business of any size would fail to protect its operations by securing sensitive account credentials. Those who fall into this category will likely face the consequences sooner rather than later. So let’s look at what LastPass Teams has to offer your business.
Starting with the application itself, LastPass will allow you to add users as needed (you pay for individual licenses) and set company-wide policies for account access. For example, we recommend setting 2-Factor Authentication as a policy for every user.
Your employees should understand who the LastPass admins are in your company because these are the people who will be managing permissions and dealing with security threats if (when) they arise.
You will organize the credentials you store in LastPass into shared folders. Admins can control which users have access to which folders, and within each folder, you can set individual permissions for individual users. This level of control allows you to manage permissions for hundreds of credentials in minutes and even delegate the management of permissions to different managers across the company.
I should note that you can give access to account credentials to a team member without giving them the password itself. Your employees will have all the access they need, but admins can revoke this access with the click of a button without needing to change the password itself. Keeping passwords masked is perhaps one of the most significant benefits of using a password manager like LastPass.
I’ve been managing our LastPass Teams account for many years now. Here are the tips that I would give to any company that is just getting started:
Even the smallest companies will likely use dozens of applications to manage daily operations. How do you determine which apps will best suit your needs? How do you build a collection of apps that works well as a whole technology stack?
For marketing and sales, we have a lot of experience building efficient, secure, and accessible technology stacks for ourselves and our clients. If you’d like to talk more about your sales and marketing business technology needs, reach out to us, and we’ll point you in the right direction.