Password managers like LastPass, Dashlane, Zoho and True Key provide an easy way to go about remembering and protecting passwords, but are they safe? Should you be using a password manager?
A password manager is a very useful and effective tool in helping users generate and store confidential login information for all of the sites that you can’t keep track of.
One of the most important best practices of password protection is to never use the same password twice – but sometimes it’s just easier to use the same password for your personal Facebook account as you do for your cloud access at work.
The best password managers don’t just store your precious access keys, but they have functionality built in to randomly generate the perfect password – one with a combination of letters, cases, numbers and special characters that you would never remember on your own.
How Secure Are Password Managers?
Password managers have their skeptics, and rightfully so. If a password manager were to fall victim to a major hacking issue, all your accounts are compromised at the same time. Why would anyone want to put all of their eggs in the same basket?
A password manager is kind of like a bank. When you deposit money, do you trust your bank to hold it for you? Of course, you do.
Most password managers work with a master password – and usually have multi-factor authentication built in. This could include a security question, biometric signal or text verification. Typically, accounts protected by multi-factor authentication are virtually impossible to crack from the outside.
Password managers store your passwords in a secure cloud database, and encrypt your password while at rest so if by chance those servers are hacked your passwords can’t be decoded.
In our assessment, all the reputable password managers have their bases covered, and using a password manager to protect your passwords is completely safe.
Other Things to Consider About Using a Password Manager
Aside from the obvious, unfounded security concerns some potential users may have about using a password manager, there are other factors to consider when determining if a password manager is right for you.
For most businesses, password managers are not free but rarely cost more than a few bucks a month. According to PC Magazine’s chart
detailing the top password managers, the costliest programs, Dashlane 4 and LogMeOnce Management Suite will only set users back $39 per-year.
Most of these software programs also store form-fill information for you, making it easier to log in to accounts and even shop online.
LastPass, LogMeOnce and KeePass also offer free versions perfect for personal use.
Ease of Use
Most password managers are extremely simple to use and follow the same basic formula:
1. Install the software and/or browser extension/or app
2. Set up an account
3. Import or manually enter your existing passwords
Overall, we view password managers as a safe means of accessing your multiple online accounts, and love the capability most software provides to create extremely strong passwords that you don’t even need to remember.
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