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How safe are password managers for companies?

Password managers offer a modern and convenient solution to a common (and often incredibly costly) problem. But password management alone is not foolproof.

person holding apple iphone while looking at their password screen
Image: Unsplash

Businesses today face a greater number of security threats than ever before. Malware, phishing, and other data breaches are all of great concern for companies across all industries. And with many employees working remotely in some capacity, endpoint security is a growing concern as well. Despite all these concerns, many companies are wildly unequipped to combat these dangers to their business. While all of these factors are important to address, many might be surprised that the most common cause of security breaches is poor password usage

Why We Neglect Our Passwords

Password hygiene is often neglected by internet users for numerous reasons. Many people simply find the practice of trying to memorize their passwords too much hassle. Many even consider password management to be incredibly stressful. This isn’t at all surprising, given that Americans today can have anywhere from 15 to over 80 online accounts at any given time (some can have more than 100!). So how exactly do most people maintain their password security?

With all those accounts, it’s no wonder that many people use incredibly simple passwords. It’s also incredibly common for people to use those simple passwords across most of (if not all of) their accounts, including their work accounts. People typically do this because they worry about forgetting their passwords. This isn’t made easier by mandatory password changes, which experts believe should occur every 60-90 days

While the majority of internet users are aware of the dangers of personal and professional data breaches, many of them still utilize substandard passwords. Names of pets, sequential patterns on the keyboard (like “123456” or “qwerty”), and obvious words like “password” are among the most commonly-used passwords today. These passwords may be easier to remember, but they are also easier for hackers to crack. 

How Password Management Can Help Your Employees

The most obvious solution (other than not sharing your password with anyone) is to utilize longer, more complex passwords. But the hassle of coming up with so many unique passwords is how these data breaches have become such a problem in the first place! That’s where a password manager comes into play. By allowing network users to craft longer passwords and store them for future reference, password management takes away much of the headache of trying to remember dozens of unique passwords. 

A standard password manager for companies is equipped with numerous features to keep your employees (and your business) safe. With a password management program, each employee has their own password vault, containing passwords for all of their accounts. This allows users to craft stronger and more unique passwords, without the hassle of having to memorize them all; they only need to memorize a single master password. Many password managers can even create strong passwords for you. Password managers work across numerous devices as well, which is essential for those working from both home and the office. 

Password Managers: Are They Really Safe?

Despite their advantages, password managers have yet to earn the complete trust of the public. Even with the rampant problems that come with lenient password maintenance, many Americans say that they don’t trust password managers with their information. Some fear that their password managers could be hacked. Others worry about how much a password management service would cost them. For nearly 50% of Americans, using a password manager is simply out of the question. Luckily they are not only safe but also cheaper when you purchase using codes like trezor discount code.

But many experts agree that these fears are unfounded, and that individuals and businesses alike are much safer with a password manager than without. While it is possible to hack a password manager, a potential hack doesn’t automatically put your information at risk. Password managers encrypt your information, making it exceedingly difficult to obtain in the event of a hack. And for an added layer of protection, your master password is stored separately from your other information. Users should still take the time to create a strong master password (or, as recommended by the FBI, a passphrase). 

For those who wonder if the management company can be trusted with their information, password managers don’t even know your information. By utilizing a “zero-knowledge” approach, the password manager is unable to decrypt your information after it is encrypted. And for internet users worrying about the cost of these services, they’re much more affordable than one would think. Many services protect your passwords for less than 5 dollars a month (some even offer their services for free!)

Password managers offer a modern and convenient solution to a common (and often incredibly costly) problem. But password management alone is not foolproof. It is still necessary to utilize strong and unique passwords, and treat them with confidentiality. By practicing good security habits, and using two-factor authentication in tandem with your password manager, your password security becomes one less thing your business has to worry about. 

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Chris has been blogging since the early days of the internet. He primarily focuses on topics related to tech, business, marketing, and pretty much anything else that revolves around tech. When he's not writing, you can find him noodling around on a guitar or cooking up a mean storm for friends and family.

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