Are Password Managers Safe to Use

Are Password Managers Safe to Use in 2024?

Published on: July 1, 2023
Last Updated: July 1, 2023

Are Password Managers Safe to Use in 2024?

Published on: July 1, 2023
Last Updated: July 1, 2023

Most people in today’s world have a long list of passwords to keep track of, which begs the question, are password managers safe to use?

The short answer is yes, but it heavily depends on which one you decide to work with.

Not all password managers boast the same quality, and there are several factors you want to consider before dumping a bunch of your personal information in one place.

Although password managers aren’t a foreign concept, roughly 65% of people don’t trust them, regardless of how popular they are.

In some ways, the tool is a necessary evil, as many people can’t keep track of all of their passwords.

This article will dive into a few password management tools you can rely on, as well as safety precautions, statistics, and more.

Are Password Managers Safe to Use?

Key Statistics

  • Roughly 60% of users have experienced at least one data breach
  • 48.4% of Americans would never use a password manager
  • Mobile password managers are more popular than desktop versions
  • 45 million people in the U.S. use password management tools
  • 50% of people who re-use the same passwords have experienced ID theft within the last year

Password Managers You Can Trust in 2024

Password Managers

If this is the first time you’re considering working with a password manager, it can be challenging to figure out which option is the best choice.

There is a long list of password management tools available to you, but there’s only a handful you can rely on.

Security is only one factor of the equation, and even some of the most secure password management tools have experienced a data breach on their best day.

Of course, data breaches are never guaranteed, but it’s important to work with a password manager that’ll keep your personal information secure.

When searching various opinions online, you’re bound to come across varying sentiments toward different password managers.

Many people have their preferences, but when you get into the fine print, it’s evident which tools offer the most value and security. 

Factors such as cost, data storage features, usability, and integrations are all important aspects you want to consider.

In the next few sections, you’ll get a comprehensive breakdown of three of the most reputable password management tools.

1. NordPass

NordPass Home

Features & Specifications:

  • Easily generate strong passwords
  • Get alerted if your data has been breached
  • Share passwords securely with co-workers
  • Business and personal accounts available
  • 14-day free trial and moneyback guarantee

👉 Get NordPass Here

Taking a hassle-free approach to saving password information, NordPass is one of the best options on the market.

With varying features between personal and business accounts, you can take an entirely manual approach or set up automatic logins.

You can also easily import passwords from external sources, whether from a web browser or through uploading a CSV file.

NordPass also provides browser extensions that work with Google Chrome, Edge, Safari, Mozilla Firefox, and many others.

The service also makes it extremely simple to access your password no matter what device you’re on.

Users can sync passwords to other devices for a seamless ecosystem between smartphones, tablets, and desktop computers.

There’s no storage limit with NordPass, and you can save many other forms of personal data like addresses, credit card information, alarm system codes, and much more.

It’s also highly affordable, as users can take advantage of a free account.

There are also two paid tiers available that range from $1.72 to $2.68 per month, and NordPass handles billing on a one to two-year cycle.

Overall, the service does a great job of providing everything you might need and more.

2. RoboForm

RoboForm

Features & Specifications

  • Auto-form filling feature
  • Built-in TOTP authenticator
  • Compromised password scan
  • Business and personal accounts available
  • Four subscription tiers to choose from

👉 Get RoboForm Here

With a primary focus on one-click convenience, RoboForm is another option that you should consider.

Users can save time by utilizing its auto-fill feature, which can work for passwords, billing information, and more.

It’s fully compatible with Mac, Windows, Android, and iOS devices and supports functionality with various major web browsers.

To ensure you’re using complex passwords, don’t hesitate to try out the password generator feature.

This will take a randomized approach to every password, making them essentially impossible to guess.

The password manager uses AES256 encryption to protect against cyber attacks, and you can use the Security Center for password audits.

RoboForm will then provide a security score, giving you some insight into which passwords might need to be changed.

There are four subscription tiers to choose from.

These include:

  • Free Version – Unlimited passwords on a single device
  • Everywhere ($1.99/mo) – Premium features on unlimited devices
  • Family ($3.98/mo) – Up to 5 Everywhere accounts for you and your family members
  • Business ($3.35/mo) – All-inclusive features with one licensing model 

In a similar fashion to NordPass, this password manager works off an annual billing cycle.

Although they’re still relatively affordable, NordPass is a much cheaper option with many of the same features.

3. 1Password

1Password

Features & Specifications

  • For personal, business, or even developer use
  • 5 subscription tiers to choose from
  • Multi-level security features
  • Easily record new passwords and usernames from external sites
  • 14-day free trial

Easily store passwords and private documents with 1Password.

This tool is an effective option for personal or business use and allows up to 10 users depending on the subscription you choose.

Auto form fill and auto storage makes for a very streamlined experience, so you’ll rarely have to enter new password details manually.

There are also multiple ways to sign in to access your data, whether it’s one-click, look, or via touch.

1Password utilizes a combination of policies to ensure top-level security, and your data can be accessed from multiple devices without compromising security measures.

From browser extensions to an easy-to-use app, 1Password makes it easy to get a hold of your login information no matter which device you’re using.

With the help of 1Password’s “Watchtower” tool, it can automatically detect compromised passwords. 

It can also notify users of missing 2FA or the utilization of an unsecured HTTP.

If you go with the annual billing option, the cost for this password manager ranges from $2.99/mo to $19.95/mo.

In the event you need more than these packages provide, you can request a custom quote for an Enterprise subscription.

Potential Risks to Consider

When you go through all of the features of password managers, the service sounds like it’s secure from top to bottom.

Although this is true for the most part, it has been proven on more than one occasion that they aren’t impervious to cyber attacks.

Regarding anything you do online, you’re rarely safe from every angle.

Below is a brief list of potential risks you’ll want to consider when choosing which password manager you want to use.

  • Your device itself may not be secure enough to protect you
  • Keeping all of your sensitive data in one place is always risky
  • Working with a bad password manager can leave you open to data breaches
  • If you forget your master password, there’s a chance you’ll lose access to everything else
  • Some password managers don’t offer any way to back up your sensitive data
  • Without biometric authentication, your password manager account could be hacked

These are just a few examples, and some password managers won’t ever encounter these issues.

The best way to guarantee the security of your passwords and other sensitive data is to work with a reputable password manager.

On top of that, you should always make use of multi-level authentication to make it harder to access your data.

(CyberNews)

Statistics on the Use of Password Managers

Even though password managers are an extremely common tool nowadays, many people still won’t trust them with their personal information.

This is entirely understandable, especially with breaking news of data breaches increasing over the years.

It can be challenging to trust a password manager with such sensitive information. 

However, in some cases, it’s a requirement for some people as there are too many logins to remember with brain power alone.

One could argue that you could write them all down, but this in itself would be a logistical nightmare for some people.

To gain more insight into how the public feels about password management tools, take a look at the statistics below.

The Risk of Using the Same Password

Regardless of how many people trust password managers or not, roughly 85% of individuals know that using the same password could lead to trouble.

It doesn’t take rocket science to discern why this would be risky, but many people still do it out of convenience.

Using the same password can be a problem for a number of reasons.

If the password is compromised, it could give the hacker access to a wide variety of accounts or services you use.

Although most of the general public understands this, around 25% of people still use the same password.

It’s also common for people to use slight variations of the same password, but this definitely isn’t a foolproof solution.

Some people simply want to keep it convenient, while others struggle to come up with unique passwords on their own.

This is where automatic password generators can be helpful.

Here are some other interesting statistics to point out:

  • 2 out of 5 people still write their passwords on paper
  • 1 out of 3 people don’t trust password management companies at all
  • Nearly 50% of Americans admit that they would never use a password manager
  • 1 in 6 security experts believe artificial intelligence can and will be used to hack passwords

There’s no doubt that these concerns are valid, but that doesn’t mean people are going to stop using these tools.

Due to this, it’s vital that you work with a password manager that’ll actually keep you safe.

Cybersecurity issues are becoming more prevalent as technology continues to develop, and people are increasingly wary about sharing any aspect of their personal data.

(Password Manager)

How Many Americans Have Experienced a Data Breach?

The most recent statistics on this show that at least 58% of U.S. residents have experienced at least one data breach in their lifetime.

21.1% of these individuals encountered a breach of a financial account, 19.3% were email hacks, and 18.8% related to social media accounts.

One of the biggest data breaches in recent years was the Equifax breach in 2017, which affected more than 140 million people in the U.S.

Even with data like this to support the risk of data breaches, many people are still against using password and data management tools.

This goes back to the comment earlier about necessary evils, as being a part of a cyber attack due to a lack of security is much worse than working with a password manager.

It’s understandable that many people have a lot of skepticism toward organizations hosting their data.

Nevertheless, many of these same individuals don’t practice multi-level security measures on their own.

Data breaches and cyber security issues are only getting worse with each passing year.

People need to do everything they can to protect their information, even if it remains tucked away behind 2-3 security walls.

Sure, it can be seen as an inconvenience at times, but password managers tend to help with the efficiency of managing and using your passwords.

For someone who only manages a handful of passwords, this may not be a huge deal, but there are many individuals who literally have hundreds of passwords to keep track of.

Considering the amount of personal data that’s hidden behind these passwords, it’s a good idea to use management tools to keep it all secure.

(Password Manager)

The Bottom Line

If you’re looking for a vetted password management tool, the options mentioned in this article are a good place to start.

With free trials available and plenty of resourceful material to help you get started, you can give each of them a test run with minimal commitment.

Always remember, working with such tools is inevitably better than trying to recover from a damaging data breach.

This article delivers a thorough overview of the question; are password managers safe to use?

Now, you’re equipped with the necessary tools and knowledge to keep your data safe across the board.

Sources

CyberNewsForbesPassword Manager
Security

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Written by Trevor Cooke

Trevor Cooke is an accomplished technology writer with a particular focus on privacy and security. He specializes in topics such as VPNs, encryption, and online anonymity. His articles have been published in a variety of respected technology publications, and he is known for his ability to explain complex technical concepts in a clear and accessible manner.