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Consider this scenario.

A small company with several small teams (2-3 members). Each team manages their own passwords for their systems. Now, in the case when the whole team perishes in an accident, what's the policy or best practices for sharing or managing passwords (from the company perspective) so that the company would still have access to the team's passwords?

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The Best Practice for sharing passwords is DON'T!

Your don't make clear exactly what you are doing, but in general allocation of common resources should use permissions for every user, or class of user if you go that way. Every user should have their own password and permission set.

Corporate access works the same. Corporate has their own set of permissions and passwords.

While there are occasional reasons to share passwords, they are rare. Consider structuring your system to avoid password sharing.

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The best practice for teams would be the same as the best practice for individuals: get a password manager. You just need one that supports sharing passwords with others. Both LastPass and Dashlane have team offerings. There's of course many other offerings out there as well, some specifically designed for business/enterprise situations. There's even self-hosted options, you can keep your passwords on your intranet and out of the cloud, if you prefer.

As far as choosing a password manager goes, you'll want to ensure certain basic levels of security. Everything should be encrypted with SHA-256 or higher. 2FA and such should be supported. You might also care about things like SAML, security policies, etc. Just do some searching and evaluate your options - same as any procurement process.

  • Just as an addition: You can do that in Keepass as well. – FranzHuber23 Apr 5 at 5:51

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