Pros & Cons of Password Managers

Pros & Cons of Password Managers

Having all your passwords stored in one system makes for a prominent pro and as well as a

Published By - Jason Hoffman

A hacker can easily decipher your code and access your most sensitive data with the help of a well-designed software. The overly simple passwords and the lack of management are behind gaping security vulnerabilities in companies.

Verizon data breach investigation report, 2017 states that 81% of security breaches exploited by hackers took advantage of simple, weak or stolen passwords.

It is thereby necessary to make complex combinations of random letters of the special characters, alphabet and numbers, so that they are difficult to crack even for hackers. If these combinations are difficult to decode, they are also difficult to memorize. This is where password manager comes in the picture to consolidate these flaws and provide users with an ergonomic system to access all their sites and software online.

What are Password Managers?

Password managers are tools for managing and saving passwords in encrypted form. By using a password manager, you can have hundreds of strong passwords without having to remember them. The only password you will need to remember is the master password so you can log in to your password manager application.

In addition, many programs not only serve as a storage location, but can also generate secure passwords. To do this, the tools provide features that allow you to create passwords randomly, eliminating the hassle of creating a safe and complex password.

So, before deciding whether or not we should use a password manager, we should be familiar with their pros and cons. This way we’ll also get an insight into how they function.

Pros of Password Manager

Helps you with creating and storing complex passwords

With the multitude of sites and platforms that require passwords, you cannot remember all of them. Using a password manager saves you from having to memorize them. Because of this, you will be able to create very complex passwords in a secure format and thus difficult to hack. A password containing lowercase, uppercase, special characters, numbers which mean nothing is almost impossible to circumvent.

Share access without revealing passwords

Faced with the proliferation of online accounts, sharing passwords is a real productivity booster. This is one of the most important pro for password management software users. It puts an end to the copy / paste of ID / CDM in the chat. User accounts are synchronized in real time, allowing an employee to log in to an online account immediately after their colleague has added it to the tool.

Administer all passwords centrally

This feature makes it possible to centralize all accesses in one place, to update them and to assign them to employees according to their needs.

Some Other advantages Include:

  • It allows you to see all the accounts you have on the web.
  • It can auto-complete, that is automatically enter the corresponding password when you connect to a website.
  • Storing all your passwords in a secure way
  • It can generate passwords for you to save you time when you sign up on a site.

Cons of Password Manager

Having all your passwords stored in one system is the equivalent of writing them all down on paper and then storing them in a vault. If for any reason the vault has any vulnerability or is hacked, all your passwords will be exposed at the same time.

A single point of failure

This con comes with the territory. You have to keep in mind the main master password to access all your passwords. But if you forget it, you might lose access to all your passwords at once. You will have no other way to recover it. You will have to recreate an account.

Cannot save you from specific threats

An attacker can install a keystroke-logger program on a device. In which case, any data including user’s master password or accounts on all sites are recorded and sent to the attacker’s servers without the knowledge of the user.

Some other disadvantages include:

  • It might not support all your browsers and devices.
  • The tool can be rather expensive.
  • Forgetting master password could be a hassle.

Best Password Managers in 2019

After going through the general pros and cons of password managers, let’s look into the top most password managers as of 2019.

Dashlane

Virtually a more complete and more expensive password manager. Provides access to web passwords, works well on major platforms, and syncs data across all devices. The coolest feature is that it allows you to change all your passwords with one click. The application takes care of generating the combinations and accessing your accounts online.

LastPass

It is one of the most used password manager because it works on almost any browser and any platform. Information is stored on LastPass servers, encrypted with AES – 256. It’s free, but synchronization with mobile devices is restricted to premium subscribers.

1Password

It allows you to generate easily memorable and typed passwords, saves two-step authentication codes, has good integration with iOS. It has well-crafted interface as well.

KeePassX

The application code is open and can be parsed at any time. You can configure the strength of encryption, but only works in Windows. It is free and recommended by Electronic Frontier Foundation.

You may also like to Read:

Most Common Password Vulnerabilities You Should Know About
5 Best Practices for Password Security in 2019

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