What do you think? How many passwords does an average person have? Too many, perhaps? Yes, you would be correct.
According to a recent study commissioned by NordPass, the average online user juggles between 100 different passwords. Unfortunately, our passwords tend to be weak, simplistic, and easy to hack because we have so many accounts. Just consider this, the top 3 most popular passwords are:
That's why we have more than a million stolen passwords every week. What's worse, cybercriminals can target both your personal and business accounts to get a hold of sensitive information.
To combat this, you need stronger passwords.
It would help if you also had a different password for every account. Lastly, you need a tool that remembers all the passwords. That's why in this article you will learn more about the benefits of using a password manager and if it’s worth having one. Before we go any further, let's answer the most important question first...
Yes, password managers are worth it when weighing all the pros and cons. Here’s why… Using a password manager simplifies cyber security, prevents credit card information stealing, and gives you access to multiple logins from a single account. In addition, password managers offer plans suitable for any sized business or personal use. Password security remains one of the most important areas of cyber security for several reasons. In theory, most users understand the importance of having secure passwords. But when you look at the statistics, they paint a much different picture.
Most of us, it turns out, have really bad password habits:
No matter how secure your network is, if you keep and share passwords in an unsecured manner, reuse passwords, and create easy-to-gu guess passwords, there is a high possibility of a data breach. Secure password vaults with two-factor authentication keep your credentials safe and secure. As a result, you can keep your business safe from cyber theft with a low monthly fee.
If you still need help making up your mind, here are some of the most noticeable benefits of having a password manager for your company:
All passwords are kept safe in a secure vault. That eliminates unsafe practices of password keeping and repeating. In addition, if a person doesn't have to remember access codes for 100 different sites and programs, the login info will be stronger and harder to hack.
As we established, an average person has at least 100 passwords. Some have hundreds. And the possibility that ALL of them are unique passwords and do not repeat is slim. Therefore, a password generator will create strong passwords that are hard to crack.
Basically every password manager app has built-in functions that auto-fill your passwords with a single click. That all comes with browser plugins that you install. Everything has been done for ease of use; you won't even have to open the manager and look for the corresponding password each time. It will be right there for you.
There is nothing worse than employees sharing passwords on a chat, piece of paper, or e-mail. If you use a password manager in your business, you can share access to employees without them ever knowing login credentials. That also helps keep track of what has been accessed and when accessed - no more compromised passwords because someone from the team has left the workplace.
With so many sites and programs being accessible both from computers and phones, it is important to keep your passwords safe while using both devices. A paid password manager plan will include several devices that you can add to the same account and use accordingly.
You can access your password vault by using a single password. However, that's not the only way to protect the system. If a hacker got hold of your password, the vault's contents would be useless without another level of authentication.
Of course, nothing in this world is perfect, and password managing apps are no different. But there are some disadvantages you should be aware of when using a password manager:
Whether it is stolen or you lose it, if you don't have your master password anymore, the chances are high that you will lose all of your passwords and information stored.
There is a learning curve to creating, storing, and using stronger passwords and safely storing them. However, after the initial learning time, the use of a manager should be easy and even speed up your workflow.
While many password managers offer a trial or a free version of their product, it will come with limitations. Usually, a password and device numbers will be set. In addition, it will cost a couple of dollars each month, and for businesses, it will vary and add up, per user.
Ready to subscribe to one of these services? Not yet? Fair enough, here are all the pros and cons of password tool in a bulleted list. Everyone loves bullet-points, right?
Pros of Password Protection:
Cons of Password Protection:
So, should you subscribe to an online password manager? If you've been paying any attention, you already know that the answer is yes. And if you need a visual reminder of just how much the benefits of password managers outweigh the drawbacks, we've created the following graphic below:
|Pros - What are the advantages?||Cons - What would be the drawbacks?|
|You only need to remember one password||Single point of risk|
|Password generator for strong, unique passwords||Takes time to master|
|Use across multiple devices||Doesn't work without internet connection|
|Secure passwords and access sharing||Costs money|
|Multi-factor authentication||Is a target for cyberattacks|
Creating an account is easy for users of all experience levels. One strong password grants you access to hundreds of web and computer apps from a single account. Go ahead. Start using a password manager and take your password security to the next level.
It would be best to use a password manager to manage login information on multiple accounts and devices safely — no need to remember a lot of random passwords and risk repeating them.
You can manage your passwords, but it is hard and extremely time-consuming. In addition, each weaker passcode puts all your accounts at risk, and if you are a business with clients, all their accounts are at risk.
Password management increases your cyber security, creates strong passcodes for you, and saves time.
If you lose your master password, you may have just lost access to all your data. The same happens if it is compromised.