One of the most popular password managers, LastPass, recently (25th August 2022) detected a security breach in their development environment. It has been disclosed by LastPass CEO, Karim Toubba, that an unknown hacker gained access to the LastPass systems a few weeks prior to the announcement via a breached developer account and have stolen portions of the company’s source code and other sensitive information. While LastPass has been transparent in their response to the incident and insists that customer details have not been compromised, this isn’t the first time that the company has experienced a security breach. As one of the most trusted password managers with over 25 million users, this latest cyber attack raises security concerns for all businesses. Are all password managers as vulnerable to cyber attacks? Is your business really secure with a password manager?

Is this latest breach the last chance for LastPass customers?

First, it’s important to discuss how password managers function and why you should have a password management structure in place for your business.

How Password Managers Work

An online password manager is a software application that is designed to securely store and manage your login information for all websites. Providing convenience and the ability to retire post-it notes for passwords, password managers use zero-trust technology to store your encrypted information in the Cloud and are primarily focused on ensuring the security of your personal information.

Why You Need Password Management & Cyber Security

With the growth of SaaS and Cloud applications continuing to rise, the number of unique passwords that businesses and employees need is so high that it is almost impossible to remember each one without writing it down. Though, as writing passwords in your phone or on paper is a major security risk, password managers are a necessary tool for all businesses operating in an online space. This does provide a high level of security and peace of mind for businesses as, when using a password manager, employees only have to remember one master password and can rest assured that their data is stored in a safer location than physically possible.

How You Can Protect Your Business

Every business should have a password manager but not all password managers are equally secure. If one account is compromised, it may not be long before hackers readily access multiple others. While many customers have chosen to use LastPass to store their business’ sensitive information, with multiple security breaches, now may be the time to consider a more reliable alternative. At ONGC we recommend using the cloud-based Passportal Sites for securely storing your passwords. Passportal is the ideal, secure password manager as it has a clear track record and was even included as one of the “Best-Of Password Management” solutions by Expert Insights.

It’s also important for businesses to understand that whilst a password manager is important, it forms part of a larger conversation. While password managers provide one level of protection for your business, it is important to consider all areas across your business that need securing. As part of our Cyber Security management services, we can assess the current state of your business and help you build out a Cyber Security strategy to reduce risk and give you peace of mind.

If you don’t have an agreement with us and have concerns about your technology or business security, please reach out to us. Our team will be happy to have a chat with you and arrange a good time to assess your systems or have a discussion about how we can best help you and your business.

Please reach out to us today – you can call us on 1800 664 248.