FROM THE BLOG

In the financial services sector, where data security and client trust are paramount, managing passwords effectively is crucial. With the rise in cyber threats and regulatory requirements, implementing strong password practices is not just advisable but necessary.

Use Strong Passwords
The two key aspects of a password that make it strong are its length and complexity. The longer and greater the mix of letters, numbers, and special characters the stronger it is. The trick is to come up with a strong password that you can easily remember.

Password phrases are increasingly popular as they are naturally strong due to their length and mix of characters, while at the same time often being easier to remember than single words.

Example of a password-phrase: “I_L0ve_@ll_D0ggs!”

Use Multi-Factor Authentication (MFA) Whenever Possible
MFA adds an additional layer of security by requiring users to provide two or more verification factors (i.e. code sent via text or email, authenticator app, etc.). Take advantage of MFA on any account that offers it, even on non-business accounts.

Use a Password Manager App
A reputable password manager can generate, store, and encrypt your passwords. This not only simplifies the management process but also ensures that you are using strong, unique passwords across all your accounts.

Password Management Services:

• ProsperaOne: Use the “Personal” tab within ProsperaOne to add saved passwords to individual sites.
• Dashlane: Dashlane has been vetted by Prospera IT as a premier password management app suited for financial professionals. Dashlane Business license is $20 per month for up to 10 users.

Alternatives To Password Managers
Using a Password Manager App can seem overly complex or not the right fit for some. Thankfully there are alternatives that may make more sense.

• Password-protected Excel or Word
  • If you keep your passwords in an Excel or Word document, Prospera IT can help you add a password to protect the file.
  • Save your new password-protected Excel or Word document on your OneDrive or SharePoint to ensure it is always accessible, recoverable, and sharable (if needed).
  • Note that password-protected Word or Excel documents can only be opened with the original password, so take special care to ensure you know the password.

• Google Password Manager (on Chrome):
  • Though it is very convenient, it is not recommended to save passwords within Google Chrome. However, if you do use Google Chrome to save passwords, Prospera IT can help you enable “Use Windows Hello when auto-filling passwords”, which would prompt you to enter your Windows PIN on password auto-fills within, adding a security layer to this convenient method.

In the financial services industry, robust password management practices are vital to safeguarding sensitive information and maintaining client trust, but there are easy and accessible solutions for different needs. By implementing these best practices, you can significantly reduce the risk of data breaches and enhance your practice’s overall security posture. Remember, a strong defense starts with a strong password.

Until next time,

Marco Galvan
Director of IT

Posted by Prospera Financial