The answer is yes. And it\u2019s made possible by MSP password management tools. With all users\u2019 passwords and MFA tokens stored and shared in a centralized platform, you stop wasting time on useless tasks and spend your energy going above and beyond for your clients \u2014 ultimately boosting your retention and revenue numbers.<\/p>\n\n\n\n
But what\u2019s so special about password managers, and what should you look for in a vendor? Below, we\u2019ll explain why managed service providers (MSPs) need password management, the benefits of a robust password manager like JumpCloud, and best practices for implementation and adoption.<\/p>\n\n\n\n Every employee has heard the same refrain, \u201cUse a long, hard-to-crack password, and never share your credentials with anyone.\u201d<\/p>\n\n\n\n And yet:<\/p>\n\n\n\n Even scarier? 80% of all data breaches<\/a> are linked to passwords. All it takes is one good guess or one great hacker to wreak havoc on one of your clients. Scarier still, the fines and reputational damage associated with compliance violations<\/a> can be enough to shut your clients down for good.<\/p>\n\n\n\n Managed service providers can\u2019t let that happen. MSP-centric password managers can keep cybercriminals at bay by enforcing password creation rules, sending update reminders, and safely sharing access to resources, team credit cards, and more. They can also require the use of two-factor or multi-factor authentication (MFA) for an extra layer of security and be integrated with other identity and access management (IAM) solutions to monitor user activity<\/a> and ensure companies are operating under a Zero Trust security framework<\/a>.<\/p>\n\n\n\n At the same time, password managers take pressure off of your clients\u2019 users. By remembering one master password, they can unlock access to all of their online accounts, drastically decreasing the volume of password reset requests. <\/p>\n\n\n\n MSPs have long requested an enterprise password management tool that allows their users to share passwords and MFA tokens. JumpCloud Password Manager<\/a> offers a manageable and secure way to empower users to do just that.\u00a0<\/p>\n\n\n\n The JumpCloud Password Manager enables teams to securely manage and share passwords, 2FA (two-factor authentication) tokens, and other types of sensitive information. By combining the JumpCloud Password Manager with centralized identity, access, and device management, you can empower your clients with seamless resource access whether they\u2019re using password-based authentication, SSO, or MFA \u2014 minimal IT involvement needed.<\/p>\n\n\n\n What\u2019s more, as a JumpCloud MSP partner, your account executives can have you up and running with Password Manager before your next password reset ticket \u2014 implementation comes free<\/a>.<\/p>\n\n\n\n If you\u2019re not a current JumpCloud MSP partner<\/a> and you\u2019re still weighing your various password management options, it can be difficult to determine which solution is best. To help you make the best decision for your company and your clients, let\u2019s review some of the concrete advantages<\/a> of implementing JumpCloud Password Manager.<\/p>\n\n\n\n As an MSP scales, it becomes nearly impossible to keep track of individual clients\u2019 password managers and other IAM solutions. That\u2019s one reason why MSPs or VARs steer clear of offering password management \u2014 it\u2019s too many moving parts without a high enough ROI.<\/p>\n\n\n\n But JumpCloud Password Manager<\/a> was built specifically for multi-tenant user management, unifying MSP operations to deliver services to all clients at once. All controls are in one place, and all controls are configured the same way, making it easier to standardize your SOPs and password policies across all of your clients. JumpCloud\u2019s multi-tenant user management features also have built-in tracking and reporting, empowering MSPs to share KPIs and proactively detect suspicious user activity.<\/p>\n\n\n\n From JumpCloud\u2019s Multi-Tenant Portal (MTP)<\/a>, MSPs can easily enforce other identity and access management features, like single sign-on (SSO), multi-factor authentication, and RADIUS management. And because JumpCloud is a cloud-based platform, MSPs can provide IAM services from anywhere.<\/p>\n\n\n\n Keeping user credentials stored in the same platform makes it easier for MSPs to track and manage. MSPs gain visibility into all password-related activity, and they can institute rules to restrict all access to sensitive applications when employees leave their job. In a centralized password management system<\/a>, users benefit from password sharing capabilities, reducing friction and enabling productivity. With cloud-based password managers like JumpCloud, end users can access and sync password vaults from multiple devices, enabling remote work and hybrid models.<\/p>\n\n\n\n JumpCloud\u2019s password management and multi-tenant access control capabilities are designed to protect MSP clients\u2019 sensitive data in an encrypted vault. Not only do secure password vaults prevent internal and external threats, they also allow MSPs to enforce stricter requirements in accordance with GDPR, HIPAA, or other general IT controls that clients must abide by. Because JumpCloud\u2019s Password Manager is a part of JumpCloud\u2019s broader identity and access management solution, it also comes with extra protections like multi-factor authentication and role-based access control features.<\/p>\n\n\n\n JumpCloud Password Manager can also help users generate sufficiently unique, complex passwords on a specific cadence and monitor the average user\u2019s security score and average password strength. On the backend, it has tiered permissions and audit logs to hold all MSP admins responsible. Leveraging JumpCloud\u2019s latest and greatest security features gives you and your clients greater peace of mind.<\/p>\n\n\n\n JumpCloud\u2019s Multi-Tenant Portal makes client onboarding and offboarding a seamless process. Within JumpCloud\u2019s role-based access control architecture, MSPs can add and edit orgs, add and delete admins, manage individual devices and users, and process master password resets straight from the cloud in a matter of clicks. JumpCloud\u2019s permission structure decreases the odds of making errors during client transitions. You can assign team members specific roles ranging from Admin w\/Billing (effectively a super user) to Help Desk to Read Only.<\/p>\n\n\n\n An MSP\u2019s vendor management responsibilities can be as complex as another full-time client. And the more vendors you have to rely on to provide a comprehensive tech stack, the less time you have to win that new account. That\u2019s why we built our Password Manager directly into the JumpCloud platform. <\/p>\n\n\n\n Whether you\u2019re a new partner or JumpCloud\u2019s already part of your tech stack, you\u2019ll enjoy both SSO and password management directly within one portal \u2013 without increasing your stack\u2019s complexity.<\/p>\n\n\n\n Password management can be a bit of a touchy subject for MSPs. Since it\u2019s often an a la carte or add-on feature, many clients try to do their own research on the cheapest solution and bring it to their MSP to implement. <\/p>\n\n\n\n This scenario rarely works out for either party. MSPs are forced to complicate their tech stack, often with a product they don\u2019t trust or recommend. And the cheapest possible solutions rarely prioritize intuitive user experiences, leading to frustrations for the technicians and admins that must manage the product.\u00a0<\/p>\n\n\n\n MSPs can readily recommend JumpCloud Password Manager<\/a> to any of their clients currently using JumpCloud, with assignment and deployment being only a few clicks away. In addition to a seamless rollout experience, you can avoid the long process of convincing your client that they can trust this new vendor you are introducing into their environments.<\/p>\n\n\n\n With JumpCloud Password Manager<\/a>, you are no longer forced to choose between affordability and security. If you\u2019re enrolled in JumpCloud for MSPs, Password Manager is included in your plan, making implementing it for your clients a no-brainer. If you\u2019re considering switching to JumpCloud, combining SSO and password manager into one platform may lower your total cost of ownership<\/a>.<\/p>\n\n\n\n Adding password management to your tech stack can also increase your team\u2019s productivity and efficiency, decreasing your need for additional staff. Password resets make up anywhere from 20% to 50% of an organization\u2019s support ticket load, meaning your technicians waste valuable time handling one of the most easily solved problems in the technology industry. This can translate into a situation where even offering password management as a service to your clients for free can have a real impact on your bottom line.<\/p>\n\n\n\n Password managers have the potential to improve security, effectiveness, and efficiency. But reaping the full benefits of a password manager depends on:<\/p>\n\n\n\n Traditional password managers don\u2019t always offer the features that MSPs need to ensure security and compliance. This is especially true for offline password managers that sacrifice usability for security\u2014and even then, keeping passwords strictly local doesn\u2019t offer a strong guarantee against credential-based attacks. Cloud-based password managers offer a generally more robust set of features, but credentials stored in the cloud can be vulnerable to attack. JumpCloud Password Manager offers the best of both worlds with a hybrid storage model. <\/p>\n\n\n\n JumpCloud Password Manager\u2019s decentralized architecture allows password vaults to be stored locally on devices, while a cloud-based system seamlessly syncs passwords between devices using end-to-end encryption. This hybrid format bridges the gap between security and convenience. What\u2019s more, JumpCloud Password Manager offers a true multi-tenant format designed for MSPs. This allows IT admins to manage SSO and MFA configurations directly through a centralized admin panel.<\/p>\n\n\n\n![\"\"](\"https:\/\/jumpcloud.com\/wp-content\/uploads\/2024\/06\/Untitled-50.jpg\")
<\/a><\/figure>\n\n\n\nWhy MSPs Need Password Management<\/h2>\n\n\n\n
\n
7 Benefits of JumpCloud Password Manager for MSPs<\/h2>\n\n\n\n
1. Multi-Tenant Capabilities<\/h3>\n\n\n\n
2. Centralized Password Storage<\/h3>\n\n\n\n
3. Improved Security Measures<\/h3>\n\n\n\n
4. Streamlined Client Onboarding and Offboarding<\/h3>\n\n\n\n
5. Simplify Vendor Management Process<\/h3>\n\n\n\n
6. Meet Popular Client Requests on Your Terms<\/h3>\n\n\n\n
7. Grow Revenue and Productivity \u2014 Without Increasing Costs<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\nBest Practices for MSPs Using a Password Manager<\/h2>\n\n\n\n
\n
JumpCloud vs Traditional MSP Password Managers<\/h2>\n\n\n\n