The problem with passwords is that, for one to be effective, it must reach the right levels of complexity and length, and cannot be reused across multiple accounts. Unfortunately, most password users simply don’t have the time to conjure up intricate, hard-to-crack passwords for the average of 100 accounts they’re juggling at any one time.
Remembering that many unique, intricate passwords is no small task, so it’s no wonder 62.9% of users online only update their passwords when prompted and 65% admit to always or mostly using variations of the same password for everything. People know these behaviors are not secure, but 36% of people still choose to carry on with weak passwords and unsecure habits because they believe their accounts aren’t worth hacking. That’s like leaving your front door wide open just because you think your tech and furniture isn’t expensive enough to steal!
Enter password managers. A password manager is a software application that generates random unique passwords for each account and then secures those passwords in encrypted storage. This keeps your credentials and other valuable data in one secure place, where they’re easily accessible only to you.
Most popular password managers come with certain key features like secure storage for all your passwords, credit card details and other sensitive information, as well as secure sharing, security history, multifactor authentication, biometric logins, browser extensions, and a password generator that creates complex passwords on demand. However, there are some notable differences between solutions that might make some LastPass alternatives more suitable to your organization’s needs than others.
The best password management tools offer a solution to the problem of poor password hygiene. One of the big names in the space is LastPass, a leading password manager solution for both business and personal use. LastPass is a strong solution that is full-featured enough to suit the needs of large enterprises and scalable enough to be a good option for smaller organizations that need room for growth.
LastPass is a great choice for managing your team’s credentials, but no solution can suit every business’ need, so some organizations may find that LastPass is not quite the right fit. Luckily, there are plenty of other options out there that also do an excellent job of securing your passwords and may be a closer match to your organization’s individual needs.
Why Should You Use A Password Manager?
There are two main reasons why you should adopt a password manager into your work (and personal) life: security and ease of use.
Security – A password manager allows you to securely store all your passwords in an encrypted vault. By removing the need to remember every password for every account, your passwords can be more complex, and therefore, more secure. Many password managers also scan the darkweb for evidence of password breaches and warn you if you need to create a new password.
Ease of use – With a password manager, you only need to remember a single complicated “master password” to gain access to your password vault. Most solutions will automatically fill in the correct details when you return to a known website. This is both quick and secure.
How Do Password Managers Work?
Password managers work by storing all of your passwords and sensitive data inside a secure and encrypted vault. This vault can be accessed by using a master password. The benefit of having a single master password is that users only need to remember one complex password, rather than a different one for every account they have. This master password should include special characters, lower and uppercase letters and numbers.
Are Password Managers Secure?
Yes. While it might seem counterintuitive to keep all of your passwords in one location, this is actually an incredibly secure way of managing your passwords. This is for two reasons.
- Password managers provide a secure, dedicated vault to store your passwords and other sensitive data. This is an effective means of protection due to the vault being built expressly for that purpose. They will use comprehensive and advanced encryption – such as AES-256 – to protect your passwords and prevent attacks.
- The password manager providers don’t have access to your passwords. Many password managers will store the passwords locally on your device – rather than in a dedicated password manager server. This prevents that server becoming the target of an attack and reduces the secure data’s journey. This reduces an attackers opportunity to access the passwords, provided that the vault is secure.