Introduction
Passwords play a crucial role in protecting our online accounts and sensitive information. However, with the growing number of online accounts, remembering strong and unique passwords for each account is a challenge. This is where password managers come in – they store and organize passwords for you. But are password managers really secure and worth using? Let’s look at the key pros and cons of using a password manager.
Pros of Using a Password Manager
Convenience
The biggest benefit of using a password manager is convenience.
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A password manager stores all your passwords in one place so you don’t have to memorize them. This makes logging into sites and apps much easier.
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Most password managers can auto-fill passwords on sites and apps so you don’t have to type them in manually. This saves a lot of time and effort.
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Many password managers can also generate strong, random passwords for you. This removes the hassle of thinking up secure passwords yourself.
Security
Password managers enhance online security in the following ways:
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They allow you to use unique, randomly generated passwords for each account. This prevents password reuse which is a major security risk.
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Password databases are encrypted using advanced algorithms. This protects your passwords even if the database gets hacked.
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Leading password managers use zero-knowledge architecture. This means the company cannot access your master password or see your stored passwords.
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Features like auto-logout and device locking prevent unauthorized access to your passwords.
Organization
Password managers neatly organize all your login credentials in one place:
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Entries are arranged alphabetically or by category, making it easy to find logins.
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You can add extra fields like security questions or notes to each entry for added context.
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Password managers can import and export password data seamlessly. This simplifies migration to a new device.
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Some password managers offer password sharing in a secure way. This allows easy but controlled access to passwords.
Additional Features
Some password managers provide additional useful features:
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Password auditing to identify weak, duplicate or compromised passwords.
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Breach monitoring to check if your accounts were involved in a data breach.
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Secure digital wallet to store credit cards, bank details, addresses etc.
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Auto form-filling for personal details to speed up online forms.
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Cross-platform availability so you can access passwords on mobile and desktop.
Cons of Using a Password Manager
Single Point of Failure
The biggest downside of a password manager is the single point of failure risk.
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If you forget or lose the master password, you lose access to all your passwords stored in the manager.
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Someone gaining access to your master password gets access to all your accounts. This makes it a high-value target.
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A flaw in the password manager’s encryption can expose all your passwords.
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If the password manager’s servers get hacked, your passwords can be compromised.
So your master password needs to be extremely strong and guarded at all costs.
Usability Issues
Some usability aspects of password managers can be frustrating:
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Having to manually log into the manager each time to access passwords can be tedious.
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Setting up a new password manager and importing all your existing passwords is time-consuming.
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Certain sites don’t work well with auto-fill features resulting in failed logins.
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Sharing passwords securely with multiple people is not always straightforward.
Costs Involved
While some password managers have free versions, to access premium features you need to pay a license fee or subscription cost. Main costs include:
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One time purchase fee for downloaded software – $10 to $80
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Annual subscription for cloud-based manager – $2 to $60 per year
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Monthly plans for families or teams – $3 to $10 per user / month
Compatibility Issues
Lack of compatibility across devices can limit utility:
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Many managers are designed for desktop first. Mobile app versions may lack some features.
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Complex passwords generated on desktop may be hard to type on mobile.
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Password sharing only works smoothly across a manager’s own apps and plugins.
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New platform support is slower compared to native apps and operating system upgrades.
Security Risks
While rare, password managers do come with some security risks:
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Vulnerabilities in browser extensions – Browser plugins have historically been a weak link prone to attacks.
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Fake or compromised apps – Criminals sometimes release malicious password manager apps to harvest passwords.
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Phishing attacks – Phishing sites masquerading as login pages can steal master password.
Which Password Manager Should You Use?
With all their pros and cons, password managers are still an essential tool for managing logins securely. The top password managers recommended based on security, features and usability are:
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1Password – Offers excellent encryption and zero-knowledge security architecture. Easy to use on both desktop and mobile.
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LastPass – A very popular and trusted password manager with robust features. Free version available.
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Keeper – Emphasizes security and regularly undergoes third-party audits. Has good team/enterprise plans.
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Dashlane – Feature-rich manager with password changer and dark web monitoring. Best for non-techies.
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Bitwarden – Open source password manager with highly transparent security model. Cost effective plans.
Conclusion
Password managers provide much needed convenience and security in organizing passwords. Though no system is 100% foolproof, the pros generally outweigh the cons for using password managers for most people. Selecting an established and trusted password manager, using a very strong master password, enabling two-factor authentication, and educating yourself on good password hygiene reduces risks significantly. For serious enhancements in password security and online account safety, password managers are highly recommended.
