Small business owners lose $80K on average to cybercrime annually, and poor password management issues are among the biggest causes of this.
With so many SaaS tools used in companies today, many employees and business owners resort to using simple password combinations, which are easy for hackers to guess. This is a significant security threat – if one account becomes compromised, then other multiple accounts are at risk.
Although securing your business can seem like a daunting task, one of the cheapest and most effective ways of avoiding cybersecurity breaches is to invest in a password manager. A business password manager allows everyone in the workplace to keep their accounts safe and secure. Additionally, a business password manager should provide:
- Secure password sharing between team members
- Top-of-the-line encryption and zero-knowledge model
- Integration with services like Duo and Gmail
- Additional features like dark web monitoring, two-factor authentication (2FA) and a dedicated virtual private network (VPN)
A password manager for a small business should be user-friendly, secure password sharing capabilities, and implement the highest security protocol available.
The best password manager for business at a glance:
- Dashlane – #1 overall best password manager for business
- 1Password – User-friendly password manager with a unique centralized dashboard
- Bitwarden – Secure open-source password manager with high-security protocols
- Keeper – Powerful security features, great for larger companies
- Lastpass – Great customization features and multi-user plans. Great for mid-sized companies
My selection criteria for the best password managers for businesses:
After testing a dozen password managers on multiple platforms, there were five core parameters I ranked them on. Here’s what I looked for in the process:
User Experience – A good password manager for business should be easy to use and set up. All the password managers on this list make it easy for businesses to store and retrieve their passwords and generate strong and unique passwords for their accounts.
Features – All password managers on this list offer excellent security features as well as additional features such as secure password sharing and document storage. These features are essential for business growth, as the number of team members increases with time.
Pricing – I picked password managers that offer excellent value for money. Ideally, you can’t put a price tag on protecting your company’s information, but you can always get a good deal.
Security – Every password manager on this list is guaranteed to come with high-grade encryption to protect you from every possible security threat. Additionally, I looked at other features like secure password sharing essentials, a zero-knowledge model, and multi-factor authentication.
Support – Some password managers offer email support only, while others provide a live chat support team. I reviewed each company on their response time, available channels of communication, and overall helpfulness. If something goes wrong, you need technical support- as fast as possible.
Dashlane – #1 overall best password manager for businesses
Thanks to the user-friendly interface and long list of features, Dashane is the best password manager for business in 2020.
The best Dashlane Business feature is Group Sharing. The software gives you access to an admin console from where you can manage all your team members. If employees need to share their login accounts, ‘Group Sharing’ makes it easy to do so.
Dashlane also features a smart space feature that conveniently allows users to separate their password credentials into two categories: Personal and Business. This separates the passwords you use at work and the passwords you use elsewhere.
Besides the group sharing and space features, what makes Dashlane stand out is its audit report feature. Dashlane can spot weak and duplicate passwords from your database. It can also scan the dark web to check if any of your online accounts have been compromised and make password changes through the in-built password generator.
The best part about Dashlane is that it is available on almost every operating system (Windows, Mac, iOS, and Android) and is priced reasonably at $5/month per user.
Additional key features include:
- Smart spaces that separate work & personal accounts
- Dark web scanning compromised security alerts and password generator.
- Group password sharing
|Unlimited devices||Web interface limited|
|Live chat + 24/7 email support.|
|Public Wi-Fi VPN|
Dashlane Business makes it easy for your employees to import and synchronize their passwords across multiple browsers effectively. They can use secure password sharing features and private wi-fi VPNs for added convenience and security. It is a fantastic all-round choice and comes out on top as the best password manager for the business.
1Password – User-friendly password manager with a unique centralized dashboard
1Password is a user-friendly password manager with an intuitive centralized dashboard. Admins can easily manage all the data and users of the company. Its ease of use is perfect for non-technical users who need a reliable and secure password manager.
From the admin dashboard, you can easily create and manage custom groups, vaults, and permissions to organize your teams and delegate responsibilities. 1Password provides custom analytic insights, gives an overview of how your business uses 1Password, and if any changes are needed.
Like Dashlane, 1Password features a domain breach report that checks whether your emails and other important information are exposed in the event of a data breach. You can easily invite team members to 1Password to change exposed passwords.
1Password offers powerful security management features that business owners will find useful. It features a unique ‘watchtower’ tool that gives alerts on security problems and password breaches. It also includes multi-factor authentication to add an extra layer of security.
|Unlimited shared vaults and item storage||Below par mobile experience|
|Duo integration for business-wide|
1Password offers a wide range of features with an easy-to-use interface. It also provides integration with apps like Slack so that passwords can be securely shared across groups. It is a little pricier than Dashlane at $7.99/month. However, it is the most convenient password manager available. 1Password will save your employees a lot of time and effort.
Bitwarden – Secure open-source password manager at a low price
Bitwarden is the cheapest on the list if you are looking for a reliable password manager on a tight budget. A business plan will cost you only $2/month per user if you sign up on an annual subscription.
Bitwarden is a great open-source password manager with a growing list of users. The interface is clean and straightforward and full of useful features. The software is quite versatile and is available as both a web-based tool and a desktop application.
Since it’s an open-source application, it’s continually improved and updated, and new features are being added all the time. Like other programs on the list, Bitwarden features an admin console from where you can manage all the employees and password credentials. Bitwarden also allows you as the admin to change the usernames and passwords yourself, or let your employees enter their details separately.
Bitwarden has excellent customization features – you can create different groups for different departments, just like in Dashlane. You can then grant them access to those passwords in their field of work. This will help keep your database well organized.
Bitwarden is available on all major platforms (Windows, Mac, iOS, Android) and will synchronize your data on all your devices.
Additional features include:
- Vault health reports
- Two-factor authentication
- Secure password generator
|Priority tech support||No password sharing|
|Store unlimited passwords|
|Syncs all of your devices|
Bitwarden offers businesses an extremely high level of security over their login credentials and accounts. It may have fewer features than some of its larger competitors, but it gets the basics right. For example, you won’t find a password sharing feature.
Keeper – Powerful security features + encrypted messaging. Perfect for large companies
Keeper is popular with customers for its ease of use, accessibility, and security features. Keeper is a versatile password manager aimed at businesses of all sizes across all industries.
The admin console of the tool makes it easy to share folders and access different passwords. It makes it easy to manage, distribute, and organize accounts across an entire organization. If you have the budget for it, you can purchase Keeper Enterprise and get excellent additional features with like:
- Dedicated onboard training – Exclusive training and onboarding assistance, and training on new product features from a dedicated support specialist at Keeper
- KeeperChat – KeeperChat improves workplace communication with its highest level of privacy and security in its messaging app.
Keeper Business will work just fine and comes will come with amazing features like:
- Advanced audit report – Spotsw weak links in your database and replaces them.
- Team management – Allows admins to manage security policies and statements.
- Email Auto Provisioning – Allows you to register your company domain with Keeper, and create safe email addresses for employees.
Keeper provides an excellent level of security at an affordable price of $3,75/month per user. Keeper Enterprise costs $5/month per user, so you might want to consider choosing that plan instead.
|Encrypted messaging (KeeperChat)||No automated password updates|
|Shared team folders|
Keeper is a popular tool among individual users and business owners. Its reasonably priced Enterprise plan is perfect for any small company. You can get the Business plan for $3.75/month per user, or you can decide to get the Enterprise plan for $5/month and get extra features like KeeperChat and dark web monitoring.
Lastpass – Great customization features and multi-user plans
Lastpass is one of the most popular password managers for business. It offers simple and secure password management for teams and a great user-interface to go with it.
You won’t need to spend too much time familiarizing yourself with the password manager. Like Dashlane, you get a centralized admin dashboard where you can control all your employees and passwords. If you need to add or remove any of the users from the shared folder, you can do that from the dashboard.
There are 4 Lastpass plans that business owners can choose from Teams, Enterprise, Identity, and MFA. Companies that have 50 employees should consider Lastpass teams. With LastPass Teams, you get:
- Secure password sharing
- Simple user management options
- A vault for each user
- Storage space for digital records
If you need more features, you can decide to go with Lastpass Enterprise, which offers a higher security and customization level.
Lastpass has standalone apps for every platform, Windows, Mac, iOS, and Android (including a smartwatch app). LastPass will cost you $4/month per user for the ‘Teams Plan’ and $6/month for the Enterprise Plan, which is reasonably priced.
|Biometric authentication||Limited autofill|
|In-depth security reporting|
|Flexible app integrations|
LastPass has flexible pricing options and will only let you pay for what you need. The tool makes it easy for business users to securely store and manage their passwords, making it a leading password management service.
A good password manager is crucial for any business. It improves your business’ security, but they also automate tedious processes like changing passwords or remembering a large number of login details. Password managers also provide a centralized management console- giving your management or IT team key controls over the company security.
For large companies that want an easy-to-use and secure password manager, I recommend Dashlane. The software gives you access to an admin console from where you can easily manage all your team members. Dashalane has a powerful security audit tool that will keep your business secure.
For businesses that want a simple password manager with high customization features, I recommend 1Password. The admin dashboard allows you to easily create and manage custom groups, vaults, and permissions to organize your teams and delegate responsibilities.