What Are the Benefits of Using a Password Manager for Your Business and Personal Accounts?
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:
- 123456
- 123456789
- Qwerty
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...
Are Password Managers Worth It?
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:
- Nearly 55% of users have one password for multiple accounts
- More than 50% of workers share logins with their colleagues
- More than 40% of organizations rely on sticky notes to save passwords
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.
What Are the Top Benefits of a Password Manager for Businesses and Organizations?
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:
No need to remember tens of passwords
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.
They function as password generators
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.
No more typing
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.
Secure password and access sharing
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.
Cross-platform support
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.
Multi-factor authentication
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.
What Are the Top Disadvantages of a Password Manager
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:
Single point of risk
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.
It takes time to master
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.
It will cost money
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.
Pros and Cons of Password Protection
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:
- One password for everything: You will only have to remember a single phrase.
- Generate random passwords: No more creating weak and repetitive passwords.
- It can be used on multiple devices: Link all your passwords for ease of use.
- Share access with teammates and employees: There is no need to tell them the actual passwords when you can give them access to certain programs and sites.
Cons of Password Protection:
- It may not support all programs and browsers: Your manager may not be compatible with your browser or not recognize the website you are trying to save.
- Single sign on can result in a data leak: All your information can be compromised, lost, and misused with a single login from someone who is not you.
- Many password managers only work on websites: Some managers don't work on desktop-based applications and programs.
To Summarize
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.
Frequently Asked Questions About the Benefits of Using a Password Manager
Why should you use a password manager?
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.
Can you manage your passwords by yourself?
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.
What are the advantages of a password manager?
Password management increases your cyber security, creates strong passcodes for you, and saves time.
What are the disadvantages of a password manager?
If you lose your master password, you may have just lost access to all your data. The same happens if it is compromised.
