How to Select the Right Password Manager for Your Business

Password breaches are becoming increasingly common and learning how to protect online accounts is more important than ever.

Password breach examples

The Risk

Many people use weak or repeat passwords for ease of remembering, however this means they can be very easy for a hacker to guess.

Password reuse is a problem because once it’s been guessed a hacker can potentially use it to access multiple accounts. Ultimately you should be using a unique password for every account. These passwords should be strong, long, and unpredictable and contain numbers and symbols. The problem is the average person now has multiple accounts to keep track of. Remembering strong passwords is almost impossible without writing them down somewhere. This is where a password manager may be a good solution.

The Solution

Password Managers can generate strong, secure, and random passwords then remember and securely store them for you. 

Many have the following features:

  • They generate complex, random passwords
  • Automatically log you into websites and accounts
  • Set up two-factor authentication, adding a second step to the login process for extra security
  • Notify you if someone has attempted to use your login details

Warning When Choosing a Password Manager

Many web browsers offer an integrated password manager, which may seem like a convenient solution. However while these may help to save you time, they may not be the most secure option. 

Google for example, already stores an extraordinary amount of information about you, which potentially provides more data to them than you would like.  Furthermore, Chrome and Internet Explorer store your passwords on your computer in an unencrypted form. These password files could then be accessed via your computer and used fraudulently.

What to Look For When Selecting a Password Manager

There are many Password Manager options available, so the question is: how do you decide which is the best option for you?

Here are some things to consider when choosing the right Password Manager:

  1. Is it Cloud-based? Cloud storage assists with accessibility and convenience.  It provides instant backup and there is less chance of losing data in your vault if your hard drive fails.
  2. Does it have two-factor authentication?
  3. The Password Manager should be able to encrypt your data and the provider should not be able to decrypt your data. This means that even if an employee of the provider manages to access your data, it will convert it to random symbols, letters and numbers rendering it useless.
  4. Cost - What options are available for free and which require a membership fee.
  5. Ease of use - most solutions will come with a free trial option, it might be worth testing them out before you decide which one to commit to.
  6. Does it support mobile devices? Is the experience the same on a mobile device?
  7. Another nice to have feature is whether the solution will analyse and notify you of weak or repeated use of the same password.

Still unsure? Check out PC Magazines review of the Best Password Managers for 2020.

Remember to do your research and compare at least 5 articles from different sources.

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