The Top 5 Password Managers for Businesses in 2024

As businesses operate online, the importance of strong cybersecurity practices cannot be overstated. Protecting login credentials is essential to security, but sharing and using the same passwords across different company systems is still common. This makes companies open to compromise if just one account is compromised.

As digital vaults that safely create, save, and autofill distinct passwords for every employee account and application, password managers have become a popular and practical solution. They streamline password security for entire workforces with centralised administration and sharing controls.

Compared to manual password practices, using a business password manager can drastically lower risks. They simplify password resets and changes and get rid of weak, recycled credentials. Beyond just using passwords, multi-factor authentication integration adds another level of security to access verification.

Password managers provide oversight for IT teams by providing activity reports and usage analytics. Company-wide company password standards are enforced by advanced policies. For a unified user experience, managers can also effortlessly integrate password data across platforms and devices.

Password managers have developed sophisticated access controls to manage distributed teams as hybrid work becomes more commonplace. For enterprises of all sizes, robust security is scalable thanks to their centralised but adaptable designs. The top five solutions available today to meet various organisational needs are examined in this article.

#1 - 1Password

1Password is one of the most full-featured and widely used business password managers. It supports an impressively wide range of operating systems, browsers, and devices through native apps and extensions.

Some key features include:

  • Robust administrative controls allow customising user permissions, access policies, and account rules on a granular level.

  • Advance access capabilities include single sign-on, multi-factor authentication, and temporary shared vaults.

  • Intuitive sharing options let teams securely collaborate through shared folders, files, and information.

  • The large knowledge base and customer support from 1Password make it easy for businesses to set up and get assistance.

  • Regular security updates and a hacker-resistant design keep data end-to-end encrypted on the company's supersecure infrastructure.

1Password is highly scalable for organisations both large and small, with a growing number of integrations. More complex needs may require dedicated business plans, but the app is premium regardless of subscription level.

For most companies, 1Password's wide ecosystem support, admin controls, and collaboration tools make it the leading all-in-one password manager.

1Password business price is $7.99 per user/per month.

1password pricing

#2 - LastPass

LastPass is another top all-around solution trusted by millions of business users globally. Its signature intuitive interface keeps employee adoption high.

Key features include:

  • Tight integration across all major operating systems, browsers, and platforms provides seamless access.

  • Advanced authentication options like single sign-on, OTP authentication, and biometrics add security layers.

  • Robust permission and sharing controls allow customised access and collaboration through workspace folders.

  • A large catalogue of integrations for thousands of applications streamlines password filling everywhere.

  • Dedicated business plans provide admin controls for managing teams, enforcing policies, and auditing activity.

LastPass has long been popular for its user-friendly experience that requires minimal learning. An active development team keeps the password management experience fresh.

While it has a smaller knowledge base than 1Password, LastPass's cross-platform coverage and tight third-party integrations make it a good fit for many organisations. Its pricing also scales to suit companies of all sizes.

Lastpass business solution starts from $3.40 per user per month.

#3 - Dashlane

Dashlane stands out for unmatched security features like bank-grade encryption and dark web monitoring. It emphasises fortified protection at every level.

Some key highlights include:

  • Military-grade AES 256-bit encryption keeps the password vault completely inaccessible without authentication.

  • Automatic dark web and data breach scans alert users to compromised credentials.

  • Multi-factor authentication options like biometric login add mandatory verification layers.

  • A generous 1GB of encrypted cloud storage leaves room for documents and payment information.

  • A generous built-in password generator and updater streamline management.

Dashlane is highly focused on security first and offers business plans tailored for teams. Its high security standards combined with proactive monitoring make it a top business choice for finance, healthcare, and other compliance-sensitive organisations.

While not open source, independent security audits and a dedicated security team back Dashlane's fortress-like approach to credential protection.

Dashlane business pricing is $8 per user per month.

#4 - Keeper

Keeper stands out for its robust, granular access controls optimised for team usage. It offers an optimal balance of security and usability.

Some notable features include:

  • Highly configurable permission and sharing settings customise who can access what.

  • Strong AES 256-bit encryption with optional client-side encryption.

  • Emergency access options ensure business continuity with digital wills.

  • Dedicated business plans offer SSO, JIT access, and ransomware protection.

  • Unlimited shared folders let teams collaborate securely on sensitive files.

Keeper is highly scalable through enterprise integrations and partnerships. Its robust API and SSO support make it a top MSP option.

Whether a small business or global enterprise, Keeper provides seamless yet tightly governed access, ideal for a distributed workforce. Its growing list of compliance certifications also appeals to regulated environments.

Keeper business pricing is $3.33 per user per month.

#5 - Bitwarden

Bitwarden has surged in popularity due to its open-source code and competitive pricing model. It offers many robust features despite being entirely free for individuals and small teams.

Some highlights include:

  • Open architecture allows self-hosting, auditing, and custom integrations.

  • 2FA, IP logging, signatures, and encryption keep user data fully secured.

  • Directory support integrates with Active Directory and LDAP.

  • Robust API capabilities enable easy automation.

  • Yubikey and hardware key security upgrades are available.

While not as fully featured as some paid tools, Bitwarden provides strong security, reliability, and collaboration at no cost. Its open structure appeals to enterprises focused on transparency and customisation freedom.

Larger teams may prefer paid plans for additional controls, but for many smaller businesses and distributed teams, Bitwarden offers a viable free solution. Ongoing development keeps it competitive amongst paid tools.

Bitwarden business pricing is $6 per user per month.

In summary, password managers have become an essential tool for implementing strong, synchronized password security across today's distributed workforces. The top five options highlighted in this article all provide robust features and security models suitable for diverse business needs.

1Password, LastPass, Dashlane and Keeper are premium all-in-one solutions with robust feature sets optimized specifically for teams. Bitwarden proves open source tools have come into their own as fully viable free or low-cost alternatives.

Daito 2FA Web

Factors to consider include pricing models, administrative control requirements, system integration needs, staff collaboration functions, self-hosting preferences, and of course security standards. Proper setup, training and password hygiene policies are also critical to fully realizing the benefits. While password managers are essential for securely storing and accessing credentials, organizations should consider keeping their 2FA token management separate from their password management. Adding a layer of separation helps prevent worst-case scenarios where both passwords and authentication tokens are compromised together. Daito provides a transparent 2FA solution that does not require storing secrets alongside passwords. By using Daito to handle MFA independently of their chosen password manager, businesses can maximize the protection of their most sensitive credential data, even in the unlikely event of a full password vault breach. Keeping 2FA token management separate from password management is a best practice to minimize potential damage from security incidents.

As threats to corporate credentials continue advancing, password managers strengthen defences through centralized management that both protects proprietary data and empowers employee productivity. For any organization aiming to operate with fortress-like security, making password protection part of the company infrastructure is a must.