Do You Have a Password Manager Yet?

For those who read our ITFIRM.COM blog posts, it should be no surprise that, once again, we are going to harp on the importance of strong passwords. We all have them, and some of us have a lot of them. They open our email, bank accounts, social media and more, and they are a lucrative playground for hackers.

Yes, it can be a pain juggling a bunch of complex passwords is a pain. Here’s where a good password manager will help you keep your accounts safe and make your lives easier.

What is a password manager?

This may look like a memo from the Department of Redundancy Department, but a password manager manages passwords (Duh…). Really, it’s a handy tool that keeps all your passwords in one place, remembers them for you, and will even create and store them for you, which makes logins a breeze. Think of it as a digital safe for your login information.

There is still one password you will need to remember: The one for the password manager itself. This master password lets you access all your other passwords to change or edit them. You’d better not forget it! Write it down and keep it in your wallet – NOT somewhere on your computer and NOT on a post-a-note stuck to your monitor.

DO NOT lose or forget your master password

There is still one password you will need to remember: The one for the password manager itself. This master password lets you access all your other passwords to change or edit them. You’d better not forget it! Write it down and keep it in your wallet – NOT somewhere on your computer and NOT on a post-a-note stuck to your monitor.

Losing your master password is like being up a famous creek without a paddle – it’s a big problem. Most password managers don’t store your master password anywhere for security reasons. Some managers offer account recovery options like security questions or a recovery key. Know what to do if you forget your master password.

If you have good IT support, whether an in-house IT services department or an outsourced Managed Services Provider (MSP), they will have a much better chance of recovering that master password.

The three most common types of password managers are:
Desktop
Cloud-based
Single sign-on (SSO)

There are two main locations where they are used.

1: As an app you download on your phone or computer

2: As a tool that works in your web browser

Look for password managers that offer both options. If you access web sites that require logins, the password manager on your phone or computer should offer to remember them for you

Plus, a huge benefit is that password managers strongly encrypt your information. When you save a password, the manager scrambles it. This makes the password unreadable to anyone who tries to steal it.

Is a password manager really necessary?

It may not be a ‘necessity,’ but once you use one, you will not want to go without it. Plus, with more complex passwords, it’s a boost to your cybersecurity. Here’s why you should use them:

Helps You Generate Strong Passwords
A password like ‘_@Bc8&S55mx$$v’ may not spring immediately to your mind, sot The reason why most people create weak passwords is because they can remember them. The most common password in the world is ‘123456’ – and it is the easiest to crack – and the biggest headache for your IT support.

The good news is that you don’t have to bend over backwards thinking up complex passwords – the manager can generate them for you, and they will be long, random passwords that are very hard to crack. Then it will remember it for you.

Another added plus is that if you have the manager create them, it will take out all personal details that hackers will try in guessing them. For example, if your social media (which hackers mine for information) is chock-full of photos of your cat, ‘Field Marshall Fluff,’ hackers are going to use that name to break in.

Safeguards Your Passwords

Your data will be protected with a high-level of cybersecurity by encrypting your passwords. Even if someone hacks the password manager company, they can’t read your information.

What features must a password manager have?

For most password managers, there are a number of desirable features, but here are the most commonly used:

Strong Password Generation

As noted above, good password managers can create tough, unique passwords for you. They mix letters, numbers, and symbols to make passwords hard to guess.

Auto-Fill

We’ve gotten to the point where it’s irritating when forms don’t auto-fill in things for you, but many password managers can fill in your login information on websites. This saves time and avoids typos.

Cybersecurity for your notes

Look for password managers that let you store other sensitive information as well. This can include general notes, credit card numbers, or important documents.

Protected Password Sharing

While it’s not generally advisable to share passwords with family or coworkers, many of us do it anyway. A password manager lets you do this safely, which helps with joint accounts or team projects.

Password Boss fills out their own Top 10 features HERE.

Here are a few key things to look for when picking a password manager:

Intuitive Ease of use

Remember the KISS principle (Keep It Simple, Schnookums)? That’s at play here. The basic concept of a password manager is to make things easier for you – because that will make you want to use it. Find one that’s easy for you to understand and use.

Strong cybersecurity 

Seek out one with strong encryption and at least two-factor authentication (2FA) – if not multi-factor authentication (MFA). These features keep your information extra secure.

Compatibility

Make sure the password manager works on all your devices before you snap it up. This includes your phone, tablet, and computer.

Price

Some password managers are free and some cost money. Just remember that old saying “You get what you pay for.” Free ones are usually ‘bare bones,’ whereas paid ones generally offer more features. Research what you need, want, and can afford.

Tips for securing your password manager:

Create a strong master password

Use 2FA (Two-Factor Authentication) or MFA (Multi-Factor Authentication)

DO NOT share your master password - EVER

Regularly update your password manager

Be careful when using password managers on other people’s computers

Always log out when you’re done.

Can free password managers be trusted?

Generally, yes, but it depends on the complexity of your operation and the sensitivity level of your data. Free password managers can be a good start. They offer basic features to improve your online security. Paid versions often have more features:

Sync across more devices

More storage for passwords and other data

Extra features like secure file storage

Better customer support

For consumers or extremely small businesses, a free password manager works well. If you need more features or have lots of passwords, you might want a paid version. Ask your IT Support team or Managed Services Provider for a recommendation.

Built-in Phone Password Managers

Most smartphones have some version of a built-in password manager. This might be good enough for consumers. It’s convenient and works well with your phone. But there are some limits:

They may not work well on different types of devices

Generally, they have fewer features than standalone password managers

Typically offer less cybersecurity than specialized tools

Built-in tools can work for basic password management – especially consumer-oriented. For more advanced needs, a standalone password manager is better.

Want help choosing a password manager that fits your needs and budget? Give us a call.