COVID-19 has disrupted every major industry in the world. The pandemic has completely transformed the way people interact, consume products and more importantly, the way business is conducted. The biggest legacy of the pandemic on the labor force has been remote work. Roughly only five percent of full-time employees worked primarily from home before the pandemic. Now, remote work has become the new norm. According to a study made by McKinsey & Company, there has been four to five times more demand for remote work since the pandemic started. This trend is likely to continue for years to come. Because of the demand for remote work, it has never been more important to use password manager software to secure online data.
Security breaches have always been a top concern for organizations. In the last two decades, organizations like Equifax & Home Depot had been obligated to pay almost $1B combined in fees after the personal and financial information of nearly 250 million of their customers were exposed. The rise in remote working has only increased the concerns over data breaches. According to a report published by the cybersecurity firm Malwarebytes, COVID-19 caught organizations off guard when it comes to cybersecurity. The remote work landscape has only widened the cybersecurity gaps resulting on an alarming increase of security incidents across the internet. In fact, the General Data Protection Regulation (GDPR), considered the toughest privacy and security law in the world, recorded a double-digit growth on an aggregate daily rate of breach notifications since early 2020. The report indicates an increase of 19% in data breach notifications compared to the previous year.
Security breaches are a great threat to a business because they frequently result in a significant loss of revenue. Different studies show that 29% of businesses that face a data breach end up losing revenue in the short-term. According to a report just published by the Ponemon Institute, the average total cost of a data breach for a business in 2020 was $3.86 million. The long-term effects of a data breach are far more catastrophic for a business. Security thefts can irreversibly tarnish the reputation of your brand if the private information of your clients is compromised because potential clients will be hesitant to trust you.
The impending need to find secure and safe ways to share online information has pushed software companies to find an effective solution to the problem. Diamondsoft Solutions, LLC is leading the effort with DBit, a complete password manager app for Microsoft Teams that provides an easy and effective way for organizations to securely share their data. With DBit, you can securely share passwords between team members.
The password manager app is the first password manager built for Microsoft Teams. The app features shared and private vaults. A share vault lets an organization create a vault with items. These vault items are usually confidential information such as usernames and passwords that can be securely shared with team members. Because of its capabilities, the app is perfect for organizations of all sizes with small to large teams.
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This technology is a patent-pending technology that does not require users to save a password in a vault, but instead generates a long complex password on demand. This technology features the use of a picture and a short pin to sign up. The short pin allows you to generate a recallable password of 8-512 characters long which provides additional security for you and your team.
DBit is one of the most effective and efficient password manager system to secure sensitive information. Nowadays, more than ever, people are constantly sharing private data online due to the pandemic that security theft has become a serious issue. As a business owner, it is imperative for you to invest in the “right” tools to protect your business from security breaches that can irreversibly hinder its growth.
Download the DBit app for free today!