Are Password Managers Really Safe?

If there's one thing we all have in the 21st century, it's passwords. You need a password to access just about anything these days. Sometimes they can be hard to remember, so we remedy this issue with the use of a password manager. A place to store all variations we can't remember. We trust them, but should we. The question that should arise for everyone really is, are password managers safe to use?

Let's get into it.

Why do we have to keep our Passwords Managed?

As mentioned, every online account you have requires a password. Social media, banking, utilities and even your car payment accounts all have their own unique passwords. Which can be a little intimidating when you stop and think about it.

That is the main reason we have password managers. For those of you who never use a password manager, who keep those logins in your head, you probably questions others trust in them.

How about this kicker. In 2018, Data Breach Statistics indicated that at least 2.5 billion accounts had been hacked. You become vulnerable to cyber-crime when you use the same password for more than one account. It would take only one account being compromised to open the rest up to attacks.

Fortunately, you don't have to sit around waiting to be hacked. Signing up for a password manager like 'Keeper' will help you generate a strong password for each account you have — and preserve it in a protected file — to keep your data safe. 

First, what really is a Password Manager?

A password manager is a piece of software that allows you to keep track of a number of online passwords.

The job of password managers are to store your passwords in an encrypted database, assist you in creating new passwords, and apply them when you need them.

You won't have to type your password into every account you have if you use a password manager. Simply go to the site, the password manager will enter your password for you, and you'll be granted access.

Is something like that safe?

The short answer is yes.

According to the CEO of Responsible Cyber, "password managers tend to boost the strength of a password." "In general, this is a good thing."

While a password manager may put too many eggs in one basket, they're typically much safer than what the ordinary individual does to keep their online accounts secure. 

Using a password manager could be a big cybersecurity improvement for the people who would otherwise jeopardize themselves by using weak and reused passwords.

If you're going to utilize a password manager, I suggest going with one that has a proven track record. Keeper Security is one of the safest password manager on the market, one we use in house. It uses one of the most advanced encryption available and I highly recommend it.

How to protect your Password Manager

They key is protecting your credentials used for your password manager, which are essential for accessing it, to keep it even safer. In other words, don't save your password for your password manager in a document named "Passwords" on your computer desktop. I strongly suggest you memorize the information required to access your password manager.

Another technique to keep your password manager as secure as possible is to use double authentication. To access your data, you should be required to input two layers of identity.

Once you've completed those steps, you can rest assured that your passwords — as well as your password manager — are safe from cyber criminals.

I hope this information gave you a little more insight to the question, "are password managers safe?".

If you'd like to discuss cybersecurity measures your business can take, feel free to book a time to chat with me via the Calendly link below. We’re happy to suggest the best solution for your needs.