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In this modern world, we are surrounded by technology that needs a password to be able to access it. We are constantly being told to use a ‘memorable password’ however, this generally includes our pets’ names, or our mother’s maiden names, which can be easily hacked and puts all our data at risk.
So how are we meant to remember hundreds of passwords, for hundreds of applications?
Password Managers are a super handy tool, that securely stores your passwords and other login details, which can be stored and accessed either via your browser, your desktop or even on the cloud.
What is a password manager? And what does a password manager do?
A password manager is an app, program, or software that allows you to generate complex passwords and store all your login information in a secure location.
Using a password manager means you can easily access all of your login information, which means you’ll never have to guess your passwords again.
A password manager will create strong and unique passwords which help protect your data against potential hackers.
They will also store all of your passwords securely and some can synchronise them across different devices so you can access your data no matter what device you are using.
Different types of password managers
There are a few main types of password managers; they are differentiated by what they’re used for and where the passwords get stored.
Desktop-based
This type of password manager means that all usernames and passwords are stored on the user's desktop locally. Desktop-based password managers encrypt the user’s data and store them locally on the user’s machine. This option is only suitable for those who have personal computers/laptops and is not appropriate for shared devices.
Cloud-based
Cloud-Based password managers store all users’ names and passwords on the password managers server; the data then gets transmitted from the web browser over the internet.
This option is best for those who use multiple devices regularly, especially for people who are hybrid working.
Browser-based
Browsers such as Chrome, Firefox, and Internet Explorer have a built-in option to store user's credentials. Browser-based password managers are usually free with the browser. Google password manager can be accessed on different devices when you log into your google account.
Portable
A portable password manager is usually stored on the user’s mobile device or other portable devices such as a USB stick. Though this is a great option for always having access to your data, it can increase the potential risk if the device is lost or stolen.
Token-based
Token-Based password management is a highly secure version of a password manager. This version requires a 2-step authentication, which includes the user’s login details for the app or software as well as a unique token or code.
This type of password management is common for logging into online banking where the user will be texted a unique code which is needed to log in.
What are the benefits of using a password manager?
Here are seven benefits of using a password manager:
1. Increased Security
Password managers offer an easy and secure way to store all of your passwords in one place.
With the help of a password manager, you can create strong, unique passwords for each of your online accounts, which is much more secure than using the same password for multiple accounts.
A password manager also helps protect against phishing attacks by warning you if you try to log into a website that is not legitimate.
2. Automated Password Generation
Password managers can also generate random, complex passwords for you automatically.
This means that you don't have to come up with difficult-to-remember passwords yourself, as the password manager will do it for you.
This feature makes it much easier to create strong passwords that are difficult for hackers to guess or crack.
3. Autofill Feature
Another useful feature of password managers is their autofill function, which allows you to quickly and easily log into websites without having to manually type in your username and password every time.
The autofill feature works by storing your login information in the password manager so that it can be quickly accessed when needed.
4. Cross-Platform Support
Many password managers offer cross-platform support, meaning they can be used on multiple devices such as smartphones, tablets, laptops, and desktops.
This allows you to access your saved passwords from any device with an internet connection, making it much easier to stay secure when using different devices or platforms.
5. Secure Sharing
Some password managers also allow you to securely share passwords with other users who have access to the same account or service (e.g., family members).
This makes it easy to collaborate on projects or manage shared accounts without having to worry about security risks associated with sharing plaintext passwords over email or messaging services.
6. Multi-Factor Authentication
Most modern password managers also offer multi-factor authentication (MFA), which adds an extra layer of security beyond just a username and password combination by requiring additional authentication factors such as biometrics (e.g., fingerprints) or one-time codes sent via text message before allowing access into an account or service.
7. Convenience
Finally, using a password manager is simply more convenient than trying to remember dozens of different usernames and passwords for all of your online accounts and services.
With a good quality password manager at your disposal, all of your important credentials are stored securely in one place so they are always readily available whenever needed.
Different providers of password managers for businesses
There are a variety of password managers, suitable for business use, that varies depending on the needs of the business and the end-user. Some of the best are:
Dashlane
Dashlane is a more modern-day version of a password manager, their interface gives more of a sleek look that is easier to navigate compared to others.
Dashlane offers two plans for business use: Team and Business. The Team option allows control from a central admin which includes managing permissions, policies, and remotely wiping accounts.
The business plan offers an extra layer of security using SAML-based single sign-on for quicker and easier logins.
Dashlane also offers a free password manager for individual users, that is recommended to employees to have on their phones or personal devices that may also be used to access corporate data.
Lastpass
Lastpass is a cloud-based password manager that has mobile and desktop apps for most browsers and operating systems. This company also offers two-factor authentication options which is an extra level of security.
Lastpass offers business-specific features such as password generation, one-touch login, automatic syncing, administrator controls, and password sharing, which makes this option great for medium and large-sized organisations.
Keeper
Keeper offers a subscription-based password management service that has options for SMB’s as well as large-scale enterprises.
Keeper offers an encrypted, private password vault for individual users. As well as the strong encryption, Keeper uses a strict zero-knowledge policy, with regular independent audits.
Admins have access to manager user groups, perform security audits, as well as enforce password security policies across the whole organisation.
Keeper also has the capacity for role-based access which allows different levels of security and access to different people across the business.