Much of our lives these days is conducted online. Whether it’s banking, taking courses, ordering products, connecting on social media or following blogs, online activity is an essential part of our daily lives. But with that comes a dark side. Our online activity is vulnerable to the countless security vulnerabilities that exist.
One such area of vulnerability is that of passwords. We use passwords as a security measure to protect so much of our information and online activity. However, these passwords can themselves become a weak link and have increasingly provided opportunities for cyber-criminals to exploit.
Password Statistics
Cyber criminals can exploit a users’ passwords to websites and online services. Once they have your password, they can hijack your accounts, steal your identity and hold you to ransom. They can also use your passwords for fraudulent transactions online. In 2016 alone, approximately 1.53 billion password records were breached. According to Calculated Research & Technology, 52% of folks reuse their passwords across multiple accounts, have 100 passwords to remember and 78% have had to reset a password in the last 3 months. This goes to show how vulnerable we are. Password reuse, ineffective password storage management and a growing number of passwords needed to live online means that we are increasingly at risk.
How we manage and store our passwords is critical to our protection. But Password Boss reports that 63% of consumers memorize their passwords, 43% write them down on paper, 27% allow their browser to remember them, and 13% save them in a computer file. These are not the most effective ways to manage and secure passwords.
We have dozens, probably hundreds of passwords, so the task of storing them, securing them and managing them can become impossible. That’s where a password manager becomes necessary. The importance of a password manger for digital security increases as the online threats increase. Yet Password Boss reports that only 8% use one. So, in this article we describe what a password manager is, the benefits and risks of using one, and what to look for when searching for a suitable password manager.
What Does a Password Manager Do?
At their most basic, a password manager is used to safeguard passwords and other critical data by encrypting, storing, and managing them. Password managers are designed to reduce the number of passwords you have to memorize by generating strong logins. These are then stored in an encrypted online database. By remembering just one password (a “master password”), you then securely access your personal database of passwords.
Most Password Managers also feature password generators that create unique password strings. This is done so the password isn’t easily compromised from keyloggers or other threats. Some password managers can even have password strength meters to help us select passwords that are secure enough. Password managers also help avoid cyber criminal threats by protecting password and login credentials in one place.
Many Password Managers now also offer password autofill features that can securely enter password information into forms on the web. This is an additional security feature that password managers have over more simple password storage apps. Some password managers can also be used for accessing password protected files through a vault system. However, these file systems are password protected themselves, which are inaccessible without the password.
What are the Benefits of Using a Password Manager?
There are numerous benefits to using Password Managers and the list is growing as the features, industry and threats evolve. Here is a list of the major benefits of a password manager:
- Create Hundreds of Unique Passwords. A password manager can create unique passwords for all your different accounts, which can be hundreds, perhaps thousands. If hackers gain access to one password from one account, it’s much less likely for them to have all of your passwords.
- Save Time. Password managers help save time because they store login information for accounts and websites we access regularly.
- Ensure Strong Passwords. Password managers enhance protection through password strength meters and audits. These meters notify us when our passwords are weak and can be hacked.
- A password manager password database system is password protected, making it safe from cyber criminals who want to hack the password database itself to access all password data.
- Protection from Keyloggers and Other Malware. Password managers can protect your passwords and accounts from keyloggers or other threats, like malware that could compromise password security. This is a huge benefit for online password management.
- Autofill Your Information On Demand. Password managers can autofill all kinds of credentials and other information on web forms that you may need to access, not just username and login information. This can include payment information, addresses and other details.
- Alerts of Security Breaches. Some password managers also offer integrated alert services that notify the user of any breach or suspicious activities in any of their online accounts or service providers.
Popular Password Managers for Securing Your Digital Life
There are many password managers out there to choose from, each with their own features and security measures. Most offer basic free options with full features available for a monthly or annual subscription. The list of features available from the most popular services has increased in recent years well beyond simply basic password storage. Popular password management software includes password managers like LastPass , 1Password, Dashlane , Roboform, Password Boss Pro, SplashID and Keeper.
What to Look For in a Password Manager
There are several features that a password manager should offer. When you are considering a password manager, make sure that the service offers at least the following features:
- High-level Encryption. Encryption such as 256-AES will help ensure that the data you store with the password manager is safe and secured from hacking attempts.
- Password Strength Meters. These help to create strong passwords that can’t be easily guessed by cyber criminals.
- Password History Records. This can recently used passwords and password ban password them from future use for added password security.
- Password Generators. This feature helps create strong passwords that can’t be easily cracked by password hackers.
- Password Autofill. This tool will automatically fill in password information into forms on the web.
- Multi-Factor Authentication (MFA). MFA requires at least a second-layer of authentication to allow access to the password manager. In addition to the master password, MFA requires at least two extra forms of credentials to access your account. For example, MFA could send a code to your mobile phone via text message or email. You then enter that code into the password manager to unlock it. There are also excellent services like Google’s Authenticator that provide MFA and integrate with thousands of apps.
The Security Risks in Using a Password Manager
No password manager is completely immune to security risks. They can potentially be hacked. And because of the large amounts of sensitive data stored in one place, they could become targets for cyber-criminals .
However, password managers are a very convenient and useful tool for protecting passwords and other important information that we don’t want compromised. And the level of encryption and security measures is increasing all the time.
To reduce any risks of hacking, it is important that you use a complex master password to access your password manager along with 2FA such as Google Authenticator or Authy on your devices.
Extra Security with Offline Password Managers?
If you want added security for your passwords, there are offline options. One option would be an offline password manager program. The program does not connect to the internet. This means online threats are reduced. Another option is to store passwords and sensitive information on a USB drive that is secured with a master password. An example of an offline password management tool is Password Safe. Click here for more information on offline password managers.
There are also other options, such as hardware keys that provide an extra layer of security. These are usually USB or bluetooth devices that require another password or biometric information. The biometric information can be in the form of finger prints or face ID. Entering the password or submitting the biometrics opens access to the specified app, program or service.
Online password managers are still much more popular. The convenience they provide by being accessible through any device with an internet connection makes them more useful. Many of the online password managers offer other features, including the ability to autofill webforms that an offline service will not.
Check Out a Password Manager Today
Password managers have become essential to modern life by keeping us secure online and safeguarding password credentials. Be sure to use password protecting software for better security over your passwords. I have personally used Keeper from Keeper Security. I am very satisfied with their service, security, ease of use and growing feature list. But, do your own research! Compare the different apps. It is well worth finding the right password manager for you so you can secure, store and maintain your digital identity! There are even some decent free password managers that could work for you. Be smart and stay safe.