The Benefits and the Reasons for Using Password Managers
According to the 2023 Specops Weak Password Report, which analyzed over 800 million compromised passwords, the most popular password length was eight characters or fewer. Hackers broke the most popular character combinations that were solely lowercase letters, accounting for 18.82% of passwords used in assaults. Words like "password," "admin," "welcome," and "p@ssw0rd" were the most often cracked.
A whopping 83% of hacked passwords don't meet the required length and complexity criteria of cybersecurity compliance standards set by organizations like the Payment Card Industry and the National Institute of Standards and Technology, according to the survey.
A password manager is a tool that helps you create and remember strong passwords, increasing your online security. In this article, we'll go over the reasons for using password managers, the principles of password managers, and the advantages they offer.
What is a Password Manager?
The term "password manager" refers to a computer software or mobile application that securely stores and manages your passwords as well as an assortment of other essential information. You won't need to keep track of a plethora of passwords since it safely keeps them all. If you use a password manager, you should only remember a single master password. Once logged in, you'll have easy access to all of your saved passwords, including the ability to generate new, robust ones.
How Does a Password Manager Work?
Using a secure and confidential location known as an encrypted database, password managers store the login credentials for your online accounts in a secure location. Your master password is the only key you need to remember to enter this hidden location. The password manager will automatically input your login and password whenever you go to a website that requires them. You won't have to remember any passwords since your login details are automatically filled in.
To avoid the hassle of remembering or writing down each password, a password manager may help you secure all of your online accounts with new, complex passwords.
Benefits of Using a Password Manager
The following is a list of seven advantages of using a password manager:
1. Enhanced Security
A simple and safe method to keep track of all your passwords is using a password manager. A password manager may help you avoid the security risks associated with using the same password across several accounts by forcing you to generate strong, distinctive usernames and passwords for each of your online accounts. An additional layer of defense against phishing attempts is a password manager's ability to alert you whenever you attempt to access an illegitimate website.
2. Generated Passwords Automatically
Automated random and complicated password generation is another feature of password managers. Password managers save you the trouble of coming up with complex, hard-to-remember passwords by doing it automatically. This function greatly facilitates the process of establishing robust passwords that are difficult for cybercriminals to decipher.
3. Feature for Autofill
You may save time and effort by not having to key in your login and password each time you visit a website thanks to the autofill tool available in password managers. When you use the autofill option, your login details will be saved in the password manager and will be readily available whenever you need them.
4. Compatibility Across Sites
You can find password managers that work on desktop computers, laptops, tablets, and smartphones. This is called cross-platform support. This makes it much simpler to remain safe while using multiple devices or platforms since you can retrieve your stored passwords from any device with an internet connection.
5. Security in Sharing
Another feature of some password managers is the ability to safely share passwords with other users (like family members) who also have access to the same account or service. Without the security risks of sending plaintext passwords via email or messaging services, this makes it easier to manage shared accounts or cooperate on projects.
6. Multiple-Factor Authentication
With multi-factor authentication (MFA), which is available with the majority of current password managers, users are required to provide not only a username and password but also biometric data (like fingerprints) or a one-time code (like a text message) before they can access a service or account.
7. Convenience
Last but not least, a password manager is much more practical than attempting to keep track of a large number of unique login credentials for various online services and accounts. If you have a high-quality password manager, you can save all of your key credentials in one safe location and access them easily whenever you need them.
Considerations for Using Password Manager
There are a few reasons why you should consider using a password manager:
Too simple passwords
It is without a doubt the most important reason. The use of easily remembered passwords (password, password123, happyhappyjoyjoy, etc.) puts you in danger. Why? Cracking simple passwords is easy. A hacker with the correct software and sufficient processing power may easily break such easy passwords in a matter of minutes or seconds. This is why it's crucial to choose passwords that are very difficult, if not impossible, to recall.
Keep in mind that a password is likely simple to break if it's easy to remember. The greater the difficulty in remembering the password, the more difficult it is to break. Therefore, a vault is necessary for the storage of such complex passwords. The password manager is useful in this situation.
Built-in random password generators
If you're going to attempt to come up with complex passwords on your own, you may as well stick to your tried-and-true formula. A password manager with a random password generator is what you need instead if you want to generate complex passwords. Bitwarden is one of the password managers that lets you choose the level of complexity of the password. Password generators like this allow you to create random phrases or ones that are 20 characters long and difficult to say. Your passwords will be very complex and secure if you utilize these tools.
Only remember one password
A password manager simplifies the process of remembering many passwords by allowing you to utilize a single, master password for all of your saved credentials. Now that this is in place, you can be certain that the manager will not create passwords that are very difficult for you to remember. To access the vault, open the management tool, enter your vault password, and then find the necessary password. The one catch is that your vault password shouldn't be too easy to guess. Make sure it's not immediately apparent; complexity is not required.
Odds may be against you
What is the total number of password-required accounts in your system? A handful? Is it hundreds? In a situation where you have many accounts, the odds are stacked against you. This leads you to likely do something wrong: use the same password across all of your accounts. Each account requires its unique password. How are you supposed to keep track of all those unique passwords? Particularly if those passwords are complex, you won't be. That's why using a password manager is so important.
Cloud sync keeps passwords up to date
It is possible to sync your password database across several devices with certain password managers. All of your devices—desktop, laptop, and mobile—will be able to access your passwords thanks to this functionality. Your passwords will be readily available at all times in this manner. You should encrypt your password database with a strong password if you want to utilize this function. A malicious actor intercepting your database and brute-forcing its password is the last thing you need.
There are also drawbacks you should consider before using a password manager as a matter of personal preference:
1) The Vault is stored on the Vendor's Database
2) If the Vendor is compromised then you would be a victim as well
Final thoughts
Modern businesses need to implement security measures to prevent unauthorized individuals from accessing their accounts and systems. There are security gaps everywhere, from employees' lack of compliance to weak password habits. By automating the process of remembering login credentials, a password manager such as Bitwarden makes it simple to maintain command of your online security. You can also set Bitwarden to create strong passwords according to industry standards, saving you the trouble of keeping up with ever-changing suggestions. A desktop version that syncs with a mobile app also makes it easier for your staff to remain secure while they work.
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