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Are password managers safe?

Are password managers safe?
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Are password managers safe?
Siobhan Stirling - Sharp Minds Communications for Capital Space by Siobhan Stirling - Sharp Minds Communications for Capital Space
Owner/Director - Sharp Minds Communications Ltd

The average internet user has 70-80 passwords according to research by NordPass, and it can be hard to remember the passwords to every service you use. Many people keep a written list or duplicate the same weak password across every platform, leaving their data vulnerable. Duplicate passwords are particularly risky because they open the door to all your online accounts once a single account is breached.

However, help is at hand! Using a password manager service can help you keep your passwords and online accounts safe, and are a useful tool for a growing business.  

What is a password manager and how does it work?

Password managers like Dashlane and LastPass ask you to create a single, master password that provides access to your vault of passwords. Inside, you can either enter the password yourself or ask the software to generate one for you. Depending on the type of manager you use, you can either copy and paste the stored password or use a browser extension to automatically log in once you’ve entered the master password.

The benefits of using a password manager

  • Provides secure access to your password vault with a single master password
  • Automatically generates strong passwords
  • Enables safe login sharing without emailing or messaging passwords to colleagues
  • Reduces cyber security risks

Are password managers safe?

Password managers are considerably safer than traditional ways of remembering your passwords, such as writing them down or using the same password across platforms. According to ID Agent, non-secure passwords are responsible for a whopping 81% of cyber security breaches. However, this doesn’t mean that you should entrust your login details to just any company without undertaking due diligence.

Generally, using an established password manager service with a strong industry reputation is low-risk, and it’s worth checking how your chosen company protects your information before signing up. A reliable password manager encrypts your data so that only you can access it, and it will even prevent company employees from viewing your passwords.

Many password manager companies employ advanced security measures to stop others from logging in and accessing your passwords. For example, multifactor authentication processes use codes sent in emails or text messages for you to personally approve every login attempt.

Could hackers access my password manager account?

There is always a small risk that hackers could access your information whenever you store sensitive data online. However, the likelihood of hackers breaching a password manager service is relatively low because reputable companies use sophisticated security systems designed by expert programmers. Overall, the risk of hackers gaining access to your password manager account is significantly lower than the risk posed by using duplicate passwords or keeping a written record.

Thank you to InfoTech (now part of the AirIT group) for the expert information. You can find their website here for more on IT and cyber security.

To find out how Capital Space could benefit your growing business,
call 0800 107 4667 or email info@capitalspace.co.uk