Financial institutions are a prime target for cybercrime. After all, such threats, if carried out, are highly profitable. But when bogged down by regulations and numerous “solutions,” productivity and subsequently profitability suffers. To satisfy industry needs, it’s paramount that solutions marry security and efficiency. Password managers such as RoboForm can do just that.

No matter the job (CPA, CFP, financial analyst, trader, investment banker, etc.), it can be extremely difficult to manage the balance between security and efficiency.  Financial institutions and their third-party service providers must take extra precaution to protect client data, as well as company infrastructure, while also maintaining a level of efficiency that meets customer expectations and industry deadlines. RoboForm is the ideal solution as it’s easy to implement and can manage both time and risk. Rather than copying and pasting passwords between various spreadsheets, manually entering in login credentials, or resetting forgotten credentials, RoboForm stores credentials and logs into sites with one click. Managing passwords ceases to be a manual task and instead is seamlessly and securely automated.

Without the proper software in place, sharing passwords can be a pitfall for financial institutions. Whether it’s a company created password or a client’s personal password, sticky notes, emails, or any other loosey-goosey method will surely result in a loss of efficiency, security, or more than likely – both. RoboForm’s secure sharing tackles this head on. Company admins can create specific groups based on departments, project assignments, management level, etc.  From there admins can easily edit usage permission levels. Specific permission levels allow the passwords to be shared, but unseen by the end user. Any changes made to the password by the admin are automatically synced to all those with access.

Karen Mehta of H&R Block can attest to the simplification RoboForm brings to password management. “I have a hard time remembering life before RoboForm. It makes logging in to the hundreds of sites necessary throughout the day a breeze. When I found the business application and was able to share passwords with my employees, life was even better.”

When new employees or clients are brought on board, admins can easily create the appropriate accounts, and generate or share passwords as needed. By streamlining password sharing, companies minimize frustration, vulnerabilities, and unnecessary confusion and communication between employees and clients.

Clients are not only concerned with the efficiency of their requests, but also their personal security. Financial portfolios are tied to highly sensitive data such as social security numbers and bank accounts. Compromises to such data could be catastrophic to the client, as well as the institution’s credibility. Federal, state and industry regulations are intended to mitigate risk, but they can also present additional hurdles. The increase in regulatory burdens can conversely lower compliance and negatively affect client security. RoboForm’s Centralized Management helps to mitigate these burdens, allowing companies to easily create a variety of custom set policies that meet specific needs and security standards. Additionally, all RoboForm data is encrypted at all stages using AES256 bit encryption with PBKDF2 and two-step verification can be easily enabled and strictly enforced.

The beauty of RoboForm’s security and convenience is that it’s easily manageable. The software provides both customization and simplicity, working for you, and not the other way around. An increase in clients or regulations doesn’t have to lead to a decrease in efficiency and security. Download RoboForm for Business and simplify your work day.

Posted by Simon Davis

Simon Davis is the VP of Marketing for RoboForm.