There are 555 million stolen passwords on the dark web for sale illegally since 2017.
Such a jarring statistic ought to prompt users to consider password safety more. Alas, that’s not the case! As a tech-savvy person, you should be looking into using a password manager.
If you’re already shopping for a password management tool, here’s a look at six essential factors that will help you find the best password manager.
Read on!
1. Where You’ll Store Your Information
Typically, a password manager will store your information in a vault that either resides on-device (also known as local storage) or is cloud-based.
While this may seem straightforward, you need to think through where you need to locate your vault as you consider your password manager options (which you can learn more about here) critically.
On-device storage means everything sits on a physical electronic equipment you control. As such, you’re virtually immune to cloud-based breaches by malicious actors. As long as no one gains unauthorized access to your device, you’re golden.
The downside of local storage is that you must have the device in your possession at all times. And that works fine until you lose or damage, which means you also lose all your information.
With a cloud-based vault, you get to store your information online. That means a malicious actor could theoretically gain unauthorized access to your information.
However, storing your data means you don’t have to worry about losing your device. That’s because you can access your information no matter where you are or what device you’re on.
If you lose your device, accessing your information is no problem since it all syncs online.
2. Account Recovery Options
If your password manager is where all your high-value data will reside, you need to understand how to recover the account should anything go wrong. Otherwise, there’s little point in setting it up in the first place.
The major downside of using password managers is that you risk not recovering your data if you lose or forget your master password. Various password management options offer different ways to handle this issue.
Some password managers allow you to generate a one-time password to access your vault. From there, you can then reset your password.
The downside here is that you erode your security capability a bit. If anyone can access the email account timed to the manager, they can reset your master password and lock you out.
Some password managers enable you to recover your data if you’re on a business or family plan. In such cases, only the user who holds account administrator rights can initiate the recovery process.
Typically, password managers that empower administrators won’t offer any remedy to single-user account holders. If you lose your master password as a single user, that’s it.
3. Compatibility
Unless you plan on working entirely in a unified operating system, interoperability is a critical factor to weigh. If you’re going to use the manager as part of your business cybersecurity strategy, whatever option you pick has to work with all your devices.
For example, if you go with a password manager that only runs on Windows and not macOS, you’ll inevitably lock out some users. Consequently, these users will have to share sensitive information via text messages and emails, which beats the purpose of investing in the password manager.
To guard against this weakness, you need to pick an option that ensures every user can access the data. If your organization runs a Bring Your Own Device (BYOD) program, then a Linux-compatible password manager must be part of the equation.
Additionally, any password manager you invest in should offer integration with the browsers you use. You’ll have an extension that ties into your browser, making it easy for you to apply the password manager whenever you need it consistently.
4. Your Use Case
How you plan to use the password manager influences your ultimate decision.
For example, business users will need to rule out a manager without multi-user support. Without the ability to create and administer user groups, a password manager won’t help your organization.
For a single user, such a function is not mission-critical. Of course, the sticker price will reflect the kind of use you plan to get out of the password manager.
5. Security Concerns
If you’re thinking about a password manager, you’re likely placing greater emphasis on security. Beyond not recycling passwords (a significant weak link in your security chain), you need to assess each manager’s security options.
For many potential users, it’s shocking to realize that password managers can still access their data. That’s despite having the information encrypted while on the provider’s server. Most providers choose not to access your information to generate confidence in their products.
An increasing number of password managers are now adopting a zero-knowledge architecture. The service provider does not make the plaintext version of your information available to third parties after encrypting it through this intentional design choice.
While this works well for security, there are some drawbacks you’ll need to consider.
A zero-knowledge architecture is quite costly to implement. Thus, there’s always the possibility of an overlooked error that compromises your sensitive data.
Furthermore, such a design means the password manager won’t update your passwords automatically. If you do go for a zero-architecture manager, you’ll need to update your passwords manually consistently.
When considering the manager’s security options, don’t settle for anything less than end-to-end encryption. Role-based permissions and secure password sharing are other vital security elements that a reliable password manager must also have.
6. Available Support
As a technology rule of thumb, never invest in solutions that offer dismal customer support. If something goes awry, all your critical data is at risk. You want the best kind of support at hand to help you resolve the matter.
The gold standard for password managers is round-the-clock support. On top of that, ensure you get a service offering a dedicated support representative to help work through more complex problems promptly.
Don’t Pay For Less Than the Best Password Manager
Recycling passwords is a leading reason for rampant cybersecurity breaches. Adopting the best password manager for your needs ensures you can use different, robust passwords, bolstering your online security.
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