Are Password Managers Safe

Everyone is drowning in digital chaos. We’re told to make our passwords “complex” to be safer online, which is an annoying but increasingly necessary part of our digital life. Is there any way to keep track of all the passwords for all the sites? The answer is, yes, a password manager can remember them for you. A password manager refers to a software application designed to store and manage online credentials. You only have to remember one master password that used to get into your password vault. 

Even though more and more people choose to use password managers to store their passwords, they are still not sure how password managers work. In this article, we are going to focus on the truth behind password managers. What are the risks of using a password manager? Should you use a password manager at all? Read on to learn more.

What are the risks of using a password manager?

The most obvious risk from using a password manager is about the master key (or master password). We all know that the password manager keeps all of our sensitive login information with only one master key. If attackers obtain that key, all the passwords, secure notes and credit card details are there for them to see – and that could be catastrophic. In case of a breach, attackers can block all the payment options and change passwords for all accounts.

Now you already know how important the master key is, and you would like to create a strong and unique master password to thwart attackers. Here is the point – what if you forget the master password? For user’s privacy and security, the password manager firms cannot break into their customers’ password stores or recover any data. And that means you have to spend a lot of time resetting each login one-by-one. Creating a hard-to-crack master password is a good idea, but the bad news is that most of these are very difficult to remember without some help.

Should I use a password manager?

Trusting password managers is similar to putting all eggs in one basket, because they hold all your passwords in one place, which sounds crazy. While they have some certain risks, password managers are a productivity tool for anyone who uses the internet. They can help you generate a strong password, manage all the saved passwords, and notify you any unusual login attempts. Furthermore, many password manager firms use multi-factor authentication to make their softwares a much safer. If you accidentally lose your master key, you can still log into the password manager with your phone and faceID. So, the most important thing from your side is the master password. Please make sure your master password is uncrackable and memorable.

Aside from using password managers, what else can you do to safeguard your information online? Read our previous blog to get more details

7 Tips to Creating Strong Passwords

IP Partners strives to provide the best cyber consulting services that protects Australian small and midsize businesses from cyber threats and attack. If you want to know more about how IP Partners can support your business, call us on (08) 7200 5524 or email to have a chat about your business needs.

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