Found our list of Password Management Software helpful? We’re here to help you make the right choice and automate your business processes. Let’s discover some of the essential factors that you must consider to make a smarter decision!
Buyers Guide Content
ID' and 'password' are probably the most used words on the internet. Since the internet boom, people have stored everything online, from their email, chats, and photos to business secrets, which could be accessed through a simple combination of characters.
However, internet users are quite vulnerable to cybercrimes even after using passwords due to the enormous amount of private data uploaded on the internet. Password is the ultimate access to that crucial data, and password leaks could bring havoc over internet users.
Every internet user is looking for ways to keep their online information safe because data leaks and hacking have been more common than ever. So here are a few tips that could help you to keep your password safe
In short, password managers are software solutions that create strong passwords, store them in an encrypted database, and enter them automatically during logins across different applications.
Password management software creates, stores, and enters passwords on websites automatically for you. Password managers come with a cloud-synced database, which holds all your login information for each site. The process is automatic, so you only need to remember a single master password for the database. Once a password has been entered on a site, it will be saved in the database for later use.
Password managers are available as browser extensions or separate programs that run on your computer or mobile device. Some password management tools don't even require any form of installation and can be downloaded and used directly. There are also cloud-based password managers, which keep encrypted copies of your passwords on a server. These are primarily online password managers, which can be found as browser extensions.
Password management software is a reliable and secure way of managing your passwords efficiently. It makes the process of remembering multiple passwords much more manageable, so you can stop using the same password everywhere, which is not safe. Nowadays, several online passwords managers help you manage your password with the latest encryption technology.
The basic principle behind every password management software is typically the same. The whole process of managing passwords is usually done in three steps. These are:
Step 1: Generating and Suggesting Strong Password
Whenever you create new login details or reset your password, the password management tool will generate and suggest a strong password. Passwords are automatically created by the password manager according to proper guidelines. These passwords are robust and are a mix-up of uppercase and lowercase letters, numbers, and special characters without a specific format.
Besides, the password management software generates new passwords for every different website or app. It ensures that even if a data leak occurs at one of the portals you logged in to, it won't risk your other login details.
Step 2: Saving, Encrypting and Syncing Your Password
Most password management tools will save all your passwords in an encrypted database and sync them across all your devices using the same account. They do this by creating a master password which acts as a key to decrypt all other passwords in the database.
Your copy of passwords can be accessed on any device. This way, you can use your saved password across all your devices and browsers securely.
Step 3: Auto-Filling Login Details
Once you have entered the master password, all your other passwords are readily available for use. You can log in to every site in just a few clicks.
The gist of every article on the internet about password management software would come to the point that they store passwords for you. As simple as it sounds, this raises a few essential questions 'What if the password keeper itself gets hacked?' or 'What if password manager's employee gets into my database and leak my password?'. So, why should you even trust password managers if it is as vulnerable as keeping the same passwords for all your login? Here are four reasons to trust password management software.
Password management tools are designed to safeguard your password, but can a password manager be hacked? This question doesn't have a straightforward answer, but here is a perspective.
First, the password management system has high-end military-grade data security systems, including all the encryption algorithms. Hacking into a password management database is extremely hard, and no case has been reported till now in the decade-long history of password managers. However, nothing is 100% secured, not even the launch codes of nuclear weapons.
Secondly, the good thing is even if the security is breached, the data is encrypted with 256bit encryption code, and the data would be practically impossible to use.
Now the question comes in, 'What if your master password gets hacked?' Indeed, the only password for which you can't rely on the password saver app is its own password. This was a vulnerable flaw in the system, but then came in the aspect of two Factor Authentication.
Every time you need to use your master password, you will need to enter OTP received in your registered mobile number/email or generate an additional key with a third-party app. This ensures that no one gets through the software, except you.
Password management apps fall among the highest download apps in the Google Play Store and Apple store. It is more than simply a password storage tool.
Here are few reasons why password management tool is so important.
Cybercrime and Hacking: The need for password management tools becomes more evident as the incidences of cybercrimes and hacking grows at an alarming rate. To remember the passwords efficiently, people use their name, date of birth, or even phone number in the password.
Keeping an easy password related to personal details is highly vulnerable to hackers and is just a matter of time when someone gets your data. Password management tools make sure you generate a very highly secured unrelated password for your every account.
The Rise in the Logins: The rise of smartphones since 2007 has created a virtual world. Today, on average, every internet user has around 200 login credentials. Keeping different strong passwords makes it hard to remember them all, especially if you do not write them down somewhere. Resetting passwords and going through all the verification processes kill much of your productive time.
A password manager saves all your passwords, autofill, and even generates a new and strong password for you every time you create an account or reset your password.
Identical Password and Frequent Data Leaks: The information age has brought havoc over netizens' privacy. People can't remember a different password for every account. The simple trick that people adopt is to keep the same passwords for all your logins, which is more than just dangerous.
Data leaks from IT companies have become more frequent than ever. Since most companies these days try to take as much personal data as possible from their customers, a minor data leak from one company can put everything you own at risk. A password management tools make sure that unique password combinations are created for every application you use.
Remote Work Culture: Companies are shifting towards remote working, leading to the proliferation of collaborative tools and resources. Manual sharing of credentials among the employees takes up a lot of the productive time of managers. Besides, any change in credentials must be notified separately.
Dedicated password management systems allow employers to share a predefined set of credentials with their employees depending on their roles.
Multi-device synchronization: As the world moves from desktops to smartphones and tablets, multiple devices are getting into hands employees use for work. Password management apps allow you to log in using the same master account and keep all your data in-sync across multiple devices.
Password managers protect your data on the internet with multi-layered military-grade security algorithms. People often confuse password management software with inbuilt browser password savers like 'Chrome Password Manager.' While browser password managers save and autofill your password, password managers offer a complete security system to protect your data.
Here are a few ways that password managers use to keep your data safe.
Suggests Super Strong Passwords: The most common way to get hacked is by using easy passwords. Password managers generate and suggest extremely strong password for you that would take a supercomputer several more decades to crack. Since it also stores your password, you won't hesitate to keep passwords like "52#@!La85q^T4"
Prevents related password: Some of your data might be publicly available in your social media accounts and job portals. Therefore, keeping passwords like your date of birth, phone number, girlfriend's name, and so on puts your private data in grave danger. Since you don't need to remember passwords every time with a password storage app, you can use any password that could be impossible to guess, even for your identical twin.
Data encryption: Password management tools use encryption algorithms to keep your passwords in encrypted form. So, there is no way anyone is ever going to know what that actual password is until you open it up with your master password. Encryption algorithms are extremely tough to crack, and the chance of someone breaking them with brute force attacks is near zero.
Password managers use multiple rounds of complex algorithms with added elements of randomness, which makes it extremely difficult to guess even if a hacker has access to an encrypted database.
Prevents reuse and recycle: Unlike plastic, passwords are not supposed to be reused or recycled. Password managers make sure you don't use the same password time and again for different websites or reuse an old password while resetting.
Prevents you from Phishing: Phishing and spoofing are the most common ways for hackers. Online password managers make sure the websites you visit are genuine by tracking some metrics like the website's reputation, domain, and structure. It would warn you of the risk if the website or app is not trusted.
Tracks and informs: Password management tools track your login details, signup dates and suggest changing your password at regular intervals. The software also looks for new websites and apps that you have not logged in for an extended period and advises you to delete them, minimizing the risk of data leaks.
Premium password managers go through the dark web and leaked databases to track and inform you if any of your information has been exposed.
More than just storage: Password manager app generates a super-strong password that is practically impossible to remember for you or your employees. Most users will log in to the online password manager first before logging in to any other website.
Password managers verify each login from all devices with the master password before letting you access any account or service. Some dedicated password management tools keep all your activity logs and logged-in devices in check.
It continuously verifies you are not accessing your password manager from an unknown device or location enabling protection against unauthorized attempts.
Password management software is rich in features that protect your information, prevent you from exposure, and make your online life easy. Here are some of the features that most of the dedicated password managers have:
Encryption: Password managers do not only save passwords but also encrypt them with a master key. The encryption key is a combination of alphanumeric characters and symbols that only the user knows—hence there is no risk of your password being hacked by anyone even if your database gets compromised. Also, consider that the encryption key is not stored anywhere on the computer, so there is no chance of malware stealing your password.
Suggestion: All password management software suggests only those passwords that are strong enough not to get hacked even by guesses from close ones. This is probably the most common feature among all password management tools, whether free or paid.
Autofill and Autologin: Autofill feature automatically fills the username and password fields on website forms without having you type them manually. This function is even available on edge and chrome password manager. This saves a tremendous amount of time and effort spent keeping, remembering, or looking up the password in spreadsheets.
Storage: Internet users often tend to forget passwords when using many different websites every day. Password managers eliminate this problem by saving all your usernames and passwords with one click. It not only keeps your password in a database, but it even encrypts it, making sure that even if the database is compromised, it doesn't risk your private information.
Cross-Platform Availability: This feature is primarily available in premium password management tools only. Cross-platform availability is the most significant advantage for password management software over generic browser inbuilt password keepers. Most password management tools are available in all types and platforms, ensuring you are not left out on a device not compatible with that specific password manager.
Passwords Sharing: Password sharing sounds precisely opposite to what password managers are supposed to do, but it is one of the best ways to track and keep your passwords safe. Companies can share passwords with their employees on role-based sharing. Besides, it also prevents you from sending passwords via mail or and chats which compromises security.
Synchronization: This cross-platform function ensures that all your passwords are updated when you access them from any device. This helps you save a lot of time and make sure you don't have to remember passwords, even for your smartphone apps.
Two-Factor Authentication: Password managers provide an extra layer of security to the stored credentials with two-factor authentication. This feature requires you to authenticate before accessing the password manager using your device, phone number, third party app, or personal email.
Fingerprints Verification: Biometric verification has been a primary security check for many password manager apps since the rise of fingerprint sensors in smartphones and laptops. Fingerprint-based authentication makes sure that your data can't be accessed by anyone else.
Vault Storage: The vault storage feature helps you keep all your passwords and other important data stored on your device or the cloud. The vault storage feature makes sure that only you control your data.
Role-based sharing: This feature makes password manager apps one of the most critical business utility apps. Employers can share a predefined set of credentials depending upon the role of employees.
Password management software is growing in popularity among netizens. This is because it has many features that make using multiple passwords easy and convenient. Here are few benefits of using password management software.
Author: Kalpana Arya
Every password manager will work differently for everyone because everyone has different needs and preferences. Even though there is no ideal password manager, here are few password managers that are rated as excellent by users, these are: Dashlane LastPass NordPass
All premium password management apps offer high-end security. NordPass and Dashlane are among the most secured password manager apps in the market, as suggested by industry experts.
True Key by Intel and LastPass are among the best mobile password manager apps available for Android and iOS devices.
Many password managers offer excellent features without a subscription, but KeePass and 1password offer the best features and performance among all of them without any cost.
Last Updated on : 23 May, 2022
Password management software is a program that enables you to generate, save, autofill, and manage all your passwords easily and securely without having to remember them all. Password is the ultimate access to that crucial data, and password leaks could bring havoc over internet users.
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LastPass and True Key by Intel are among the best password manager apps for Android users as both are highly secured and available on all major platforms.
Dashlane and True Key fall among the best password manager app available for iOS as per the user reviews.
Many password managers offer vault storage of passwords that can work offline. However, most password managers are not designed to work offline because they store and sync passwords for websites and app logins.
Yes, password managers store passwords in an encrypted form.
Many open-source password managers are available for free. There are also many dedicated password managers which you can use for free with limited functionalities.
Yes, password manager generates, saves, and syncs your password across all devices. Besides, it auto-fills your credentials during login. It keeps your data more secure and makes it easy to log in.
Yes, password managers use multiple security and encryption layers, ensuring that no one can use your data except you, not even the password manager itself.
Yes, most password managers are available for Android and iOS devices, which work flawlessly with apps and mobile browsers.
Yes, password managers generate and recommend extremely strong passwords. These generated passwords are a random mix of upper and lower-case letters, numbers, and special characters virtually impossible to guess or crack.
Password managers work on three main steps: 1. Generating password > 2. Saving and syncing password in encrypted form > 3. Autofill the username and password whenever necessary.
Password managers offer much more than just storage. It keeps your entire data secured with a multi-layered security algorithm and encryption and saves a lot of time with the auto-login feature.
Yes, password managers ensure your data is stored in encrypted form, and no one can use your information except you.
There are many desktop password managers available for windows, among which Dashlane and True Key are considered best according to user reviews.