Are password managers worth it?

In our digital world, password management is vital. It’s no longer feasible to scribble passwords on sticky notes. The sheer number of passwords required for daily tasks can be daunting and pose a security risk for businesses.

This post aims to give business owners and IT managers insights into enhancing their organization’s password security with a password manager. Remembering 70 to 80 passwords, as the average internet user does, isn’t just inconvenient, it’s a security threat.

Studies reveal that many people reuse passwords or make minimal changes when updating them. This is risky as compromised passwords account for a significant proportion of hacking-related breaches.

Password managers offer a solution. They store, manage, and generate online credentials for both online and offline use. They sync login information across devices, making password management seamless whether you’re on your phone or desktop.

Password managers also generate and store strong passwords each time a new account is created. Users only need to remember one robust passphrase that secures all other passwords.

Why use a password manager? They play a critical role in cybersecurity, addressing issues like password reuse and weak passwords. They prevent a “domino effect” where cybercriminals gain access to multiple accounts after breaching one. The infographics below will show some of the issues with passwords in the workplace today.

Password managers help deter phishing attacks by auto-filling saved website credentials. They also increase efficiency by storing passwords in one place, eliminating the need for constant password resets.

Password managers are safe. They use encryption for password storage, but users should still install antivirus software and follow cybersecurity best practices. However, don’t rely solely on a password manager. Implementing multifactor authentication (MFA) on all accounts is recommended.

Our highly-rated password manager, included in all plans, lets you create, share, and manage secure passwords. It simplifies setup and reduces risks associated with passwords. Need assistance implementing a password vault or interested in our business plans? We’re here to help!