5 Common Myths About Password Managers You Need to Ignore

Password managers are some of the most highly praised tools in a security experts toolbox, but why are some people still so hesitant to embrace them?

Here are five myths about password managers we know to be false:

1. They aren't 100% secure

It’s impossible to guarantee 100% protection from cyberattacks, but this doesn’t mean they aren’t effective at mitigating risks, nor does it mean without them you would be equally as secure.

Without a password manager, you have two options: relying on your memory to recall over 100 different logins, or writing them down. Without the support of a password manager, you can be very easily led into poor password habits, such as recycling passwords or using slight variations of one base password. These habits can put your business (and your data) at risk.

Password managers are an effective security tool because they help us eliminate these bad habits, creating a safer, more secure presence online. Password managers make it easier than ever before to create (and securely store) hundreds of unique, powerful logins, making for a robust online profile. In that way, password managers are like wearing a helmet; they offer extensive protection, dramatically reducing risk.

When using a password manager effectively, if your email/username and password combo are leaked, the combination is exclusive to that service and cannot be used elsewhere. Since you’re no longer memorizing passwords and aren’t recycling passwords between different accounts or using the variations of the same passwords, the damage leaks can do is dramatically lowered. Once you discover the data breach, you can change the password and all is well again.

2. If you can't trust them, why join them?

Many people are cautious now more than ever, as security incidents are on the rise due to cybercriminals exploiting the fears and instability in response to the pandemic. Trusting a tech tool to manage their passwords is daunting for many, but it doesn't have to be. Reputable password managers, go the extra mile when it comes to locking down your data and keeping it hidden.

3. They can’t do anything to improve my current online security

Creating new complex passwords will help consolidate your online security. A comprehensive password manager offers a security challenge so that you can determine your weak spots. From there, you can utilize the password generator to create newer, stronger passwords, saving them to your vault as you go.

4. They are clunky and hard to operate

A password manager is only helpful if you can access it wherever and whenever you need it. While some services may not transfer seamlessly across platforms, a high-quality password manager tool will sync everything automatically so you can access them on any device, helping you elevate security with ease.

5. They aren't necessary because passwords are becoming obsolete

Another myth about password managers is that they have a short lifespan and aren't future-proof.

Many experts believe it won't be long before passwords are replaced with other more modern authentication methods like biometrics, meaning you won't need a password manager. But this isn't the case for everyone. Password technology is well-known and straightforward; everyone knows how passwords work and understands how to use them, and it seems unlikely that people will stray from this structure anytime soon.

In addition, today's business-minded password managers support more robust authentication methods such as two-factor identification (2FA). The rise of 2FA authentication provides password managers with an extra level of security and will be in the toolkit of every security professional for the foreseeable future to spearhead this embrace.

Embracing a password manager could be the best decision you make regarding your security and business.

Further reading:

• Password Manager: Your Employees' New Best Friend
• Why Your Business Can't Ignore the Need for a Password Manager Any Longer
• Psychology of Passwords: The Online Behavior That’s Putting You at Risk