Password Managers - The Future of Logins.

Introduction

Password managers are digital tools that help users to suggest, create, store and access passwords along with usernames whenever required. Password managers ensure creating strong and unique passwords which will be strongly encrypted. Users only need to remember one Master Password which will grant access to all the stored Passwords. This single point of entry raises concern sometimes, but managers use strong robust encryption techniques to safeguard this crucial key.
Convenience is the key benefit. Password managers do autofill login information on websites and apps which remove the need of manual entry. This saves time and reduces the risk of typos. Companies include zero-knowledge encryption, which ensures the company itself cannot access our passwords. This ensures even more security. If someone is accessing the password manager, additional layer of security is applied which requires the device's password to be entered.
Eg- If you are trying to access your google password manager from your laptop, you will be asked to enter your laptop's password to get access to all the stored passwords.

Similar to a coin, Password Managers also have two sides.

Pros of Password Managers.

Reduced risk of Phishing attacks:Phishing scams tries to trick users into revealing their login credentials on fake websites. Password managers helps by automatically filling stored login informations only on trusted websites.

Platform Compatibility:We can access our passwords on different devices such as Desktops, Laptops, Mobiles etc. which are logged in through same accounts.

Encryption:They provide strong encryption(AES) to protect your passwords from cyber criminals. However, they aren't 100% impenetrable.

Improved Password Hygiene: Password managers identify weak or reused passwords and prompt updates, allowing or suggesting for password changes during data breaches.

Cons of Password Managers.

Single point of failure: All the stored passwords are protected by one Master password which if compromised, can breach all the stored passwords.

Adaptibility:Password managers don’t always adapt with every web-based application, which in turn forces the users to remember the password.

Data Backup: All password managers do not offer easy backup and restore options which results in data loss.

Vendor Security Breach: A security breach at the password manager company can lead to expose your data(in encrypted form), although encryption makes it difficult to crack.

Device Risk: If our device with the password manager is lost or stolen, accessing the vault might be possible. Strong passwords on device and biometrics can help to tackle this risk.

Conclusion

While there are number of drawbacks of password managers, such as single point of failure and vendor security breach, the security advantages remove these concerns for most of the users. Creation of strong master password, enabling two-factor authentication, and choosing a reputable password manager can significantly lower the risks for data breach.

Some popular password managers we can consider are :
1Password, Dashlane, NordPass, Keeper, etc.

Ultimately convenience should not come by compromising security. Password managers bridge this gap by offering a seamless way to manage complex passwords while saving you time.