Password managers store all our passwords in one place and help keep our online accounts secure. But are they safe?
What is a Password Manager?
Password managers are like digital vaults, they save your passwords in one spot. Instead of having to remember all your unique passwords for all your accounts, you only need to remember one master password. This makes all your online accounts much safer as you can use a secure and unique password for each account with out having to remember each one.
How Do They Work?
You make one main password, this password is then used to access all your other accounts passwords. The password manager secures itself by scrambling your passwords into an unreadable format without a key. This stops any unauthorised access to your passwords – as only the person with the main password (and 2FA key – see below) can access your other secret passwords.
Why Use Them?
They allow people to easily generate and store secure passwords for all their accounts in one secure location. The alternative is to remember all your passwords (not realistic for a lot of people) or storing them in a non secure location (written down, in a Word or Excel document etc).
Can Password Managers be Hacked?
The bad guys are always looking for ways to steal your information. However, breaking into a password manager is not easy.
Password managers use a very strong encryption method which makes it very difficult (if not impossible) to hack. Using 2FA (two-factor authentication) also adds another layer of security.
But no system is perfect. If a hacker gets your master password, then they can access your vault. A few managers have had security issues in the past, but these incidents are rare.
How Can You Protect Your Password Manager?
Here are some steps you can take to keep your password manager safe.
Choose a Strong Master Password
Make sure your master password long and unique and uses a mix of letters, numbers, and symbols.
Enable Two-Factor Authentication
Two-Factor Authentication or 2FA adds another layer of security. Even if someone knows your password, they need your 2FA code to log in.
Keep Software Up-to-Date
Always make sure your password manager is up to date. These updates fix security issues that help keep your data safe.
What Happens If a Password Manager Gets Hacked?
If a password manager gets hacked, it can be serious as hackers could access all your passwords.
Immediate Actions
Change your master password immediately. Then change the passwords for all the accounts stored within that password manager. Decide which accounts are the most important and change those first.
Long-Term Solutions
Consider shifting to another password manager if it has been compromised. Keep up to date with any security news about your manager and if you are worried about any security issues, change your password manager ASAP.
Is the Use of Password Managers Worth the Risks?
Despite the risks, most people still use password managers as they make managing passwords much, much easier. It is also a safer method than trying to remember them all yourself or storing them in an unsecure location.
The Benefits Outweigh The Risks
The benefits of using a password manager usually outweigh the risks. They help you create strong, unique passwords for each account and allow you to securely store them.
Trustworthy Options
Do some research before deciding which one to use and then choose a reputable password manager with good reviews and security features that you are comfortable with. Most have a trail version you can test out first.
Secure Your Online Accounts Today!
Using a password manager will go a long way in enhancing your online security. Remember to choose a strong master password, implement two-factor authentication and keep your software updated. If you have any questions or need help in the selection of a password manager, contact us today!