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Stolen, reused, or weak passwords cause 80% of confirmed IT security breaches. Healthy password habits are foundational to preventing cyberattacks, which can result in lost productivity, stolen data, and damaged reputation.Today, passwords are needed for every account, and remembering all those secret codes can feel like solving a puzzle with missing pieces. How can you remember them without writing them down or duplicating passwords? How can you safely share passwords with employees and team members?That’s where password managers come in. Password managers are used to store and save passwords securely. But is a password management system right for you and your business?WEBIT Services has helped clients in the greater Chicago area build IT strategies and safeguards for over 25 years.By reading this article, you will learn the benefits and challenges password managers bring.
A password manager is a specialized software or tool designed to help users securely generate, store, and manage their passwords. It can enhance online security by creating and storing complex, unique passwords.Instead of trying to remember multiple passwords, users only need to remember one master password to access their password manager.
Password managers keep all of your passwords safe in one place. You only need to remember one master password; the manager takes care of the rest, securely storing all your other passwords.Password managers can also sync passwords across devices, streamlining the login process.
With a password manager, you can create super-strong, complicated passwords without worrying about forgetting them. Complex, unique passwords help increase security and reduce risk.
Ever get tired of typing the same old username and password on different websites? Password managers can do it for you! They can autofill your login details, saving you time and sparing you from the hassle of endless typing.
Some password managers offer two-factor authentication (2FA) or multi-factor authentication (MFA). This additional step provides even more security, as cybercriminals need both your login credentials and the authentication code to enter an account.
Password managers can also help manage client passwords, keeping them in a secure location and allowing you to access them through a single portal. You can also grant external parties limited access to specific passwords for secure sharing.No more writing down passwords or sharing them through messages (both insecure methods). Through a password manager, your clients can safely share login information.
Quality password managers will offer end-to-end encryption. When you send a password, the encryption scrambles it, making it unreadable to unauthorized users who may intercept the message.
Many password managers will offer a monitoring feature that tracks user activity and access history. Audit trails can help find the source if suspicious activity occurs and allow security to take action quickly.
Password managers require a master password to log in, and unfortunately, this password can create a single point of failure. If a user loses this master password, they can lose access to all their passwords.In addition, if that password is stolen, a cybercriminal can access all passwords stored in the password manager account.
Some password managers may not work within certain browsers, devices, or websites. It’s important to verify that your password manager of choice is compatible with the websites, browsers, and devices you wish to use.
Not all password managers are created equal. Some password managers do not include an encryption feature, which is vital in protecting intercepted passwords.If a hacker manages to capture a non-encrypted message, they will be able to access the affiliated account and data. If that password is the master password for that password manager, they can access all the stored passwords.
While some password managers are free, others come with a subscription fee. Some may argue that the extra features are worth the cost, while others prefer a simpler approach.
A password manager is a tool that allows users to store, generate, and share passwords securely.Password managers present many benefits, including:
However, password managers can also bring challenges, which include:
In navigating the complex password management landscape, weighing these benefits and challenges is important. The overarching goal remains clear: fortifying our online defenses, protecting sensitive information, and fostering a digital environment where cybersecurity is proactive, not reactive.Talk to your IT provider or internal IT team if you are considering adding a password manager to your IT system. They can recommend a reputable password manager to meet your needs, expectations, and IT budget.WEBIT Services has helped hundreds of clients in the greater Chicago area create effective cybersecurity procedures.If you are looking for a new IT provider, schedule a free 30-minute consultation to see how WEBIT can help.If you aren't ready to make a commitment but would like to learn more about passwords and cybersecurity, we recommend the following articles:
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