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The Importance of Using Password Managers

The Importance Of Using Password Managers
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Password managers provide a more effective way to stay secure online but are still significantly underutilized.

Remembering a unique and strong password for every online account you use can be a Herculean task. This is the main reason why so many people resort to setting weak passwords for their online accounts; they even tend to reuse one password across multiple accounts. Although biometric authentication is gradually gaining popularity in the newest devices, we still cannot escape passwords.

Wait. There is an answer to your oft-asked question: how can I secure my accounts with a strong, yet easy-to-remember password? Let’s look at why people are increasingly reliant on password managers.

In a survey of 1,077 American adults, asked people about their experience with cybercrime, how they track their passwords, and their opinions of password managers.

Most of the respondents were everyday consumers. Among the respondents, only 20 percent said they use password managers. Among those who did not use password managers, 41 percent revealed that they rely on their memory, 30 percent write passwords on paper, 24 percent save passwords in their browser, 23 percent save them in a digital note file, and 20 percent simply reuse the same passwords.

Reusing passwords puts you at risk

Almost one-third of those surveyed had their identity or online credentials stolen over the past year. However, these results varied based on how people managed their passwords. Among those who relied on password managers, only 16 percent were victims of identity theft. For those who saved their passwords in a digital note or reused the same passwords, 35 percent suffered identity theft.

Why do people use password managers?

71 percent of respondents revealed that they use password managers because they cannot remember all their passwords. More than half said they used password managers to help them log into their accounts across different devices. 45 percent of those surveyed said they use them to generate and save complex passwords.

Password managers also allow you to encrypt passwords and manage applications with multiple logins.

Why do people avoid password managers?

71 percent of survey participants said they do not think password managers are secure. 51 percent said they are not sure they need one, and 45 percent of respondents said they are not sure how password managers work. 38 percent of those surveyed said they think password managers cost too much and 34 percent said that they are difficult to set up.

However, despite these concerns, 69 percent of people said they would consider using a password manager in the future.

How to secure a password manager?

One of the keys to securing a password manager is to create a strong master password. When asked how they created their master password, 81 percent of people said that they used a unique login, while 19 percent admitted that they turned to a previously used login.

Tips to create secure passwords

Although password managers may not be perfect, they are a practical solution to help us keep track of several passwords across devices and accounts. Here are a few tips that will help if you decide to start using a password manager

Create a strong master password

The master password is the key to unlocking your password vault. Remember, it should be strong and complex. That means it should be a certain length, at least 12 characters. Make those characters a mix of letters, numbers, and symbols.

Use biometric security for added protection

If any of your devices, in which you use a password manager, is equipped with a fingerprint reader or facial recognition, can protect your password manager with your device’s biometric means of identification. Biometric authentication offers added security to your password vault and gives you easier access.

Enable two-factor authentication

Many users of password managers worry that their passwords will be exposed if someone hacks into their account. Aside from devising a strong master password, you could further secure your password manager account with two-factor authentication.

Closing thoughts

In this age where cybercrime is constantly a threat, keeping your online data and passwords secure is of utmost importance. A password manager can go a long way in securing your digital data, email, financial, and social media accounts. Why not get one today?