Security makes us feel safe and assured, but, sometimes, security can come with its own set of risks.
This is the case for password managing apps.
They solve a need – people do not have to bother about remembering the passwords to their many apps and online accounts.
They do not have to use one password for all apps. Password Managers, however, come with their own risks as well.
Some risks of using Password Managers include:
One Point of Failure
Password Managers require one main Master Password that gives access to all other passwords. If you forget this password, access to all of the other saved passwords can get lost as well.
LastPass Password Manager may offer a way to recover this main password, for instance, but even the app has a limit, to which it can help with recovery.
Many other Password Managers are not so merciful and offer no help with Master Password recovery.
Keeping all your passwords in one spot has one problem. They are all in one location, with one key to give you access to them.
Password Managers does a really good job at securing passwords, but, there are other risks, such as:
Keyloggers – This is a type of breach that records every key pressed. Keyloggers can record every information. From financial details, passwords, medical information etc.
It will, therefore, be a terrible thing, if one’s Master Password gets breached by Keyloggers. This will mean a breach of the entire passwords to all the online apps and accounts that one owns!
Insider Breach – Companies may have employees that can opt to sell sensitive data for a price.
This means that some level of trust must exist within a team, sharing access to Passwords on Password Managers.
Phishing Emails – This kind of mails look professional enough to seem like they are coming from your bank, or some other business, or professional outfit.
As such, it can be difficult to tell them apart, from authentic emails. Once the phishing email gets opened, or a link gets clicked on it, it might give away data, including the password.
Cost of Running
Most of the popular Password Managers require a subscription fee to gain full access to their features.
While you can use most of them for free, there are other benefits that will not be enjoyed. Such benefits include cross-device use, or cloud storage.
With a cloud-based Password Manager, the issue of virus, or malware is less likely.
While it does feel like the cost is worth it, if your previous solution(s) to managing passwords costs nothing, subscribing to these applications can post an added expense.
Possible Solutions to these issues include:
The two-actor authentication is a two-step verification that is different from your normal password and username.
It is another level of authentication on your device that disallows people accessing your online apps and accounts, even, when they have your password.
An example of this is the Google Authenticator.
Secure Your Email Regularly
Whatever may be the case, all password recoveries go to your email. If your email gets compromised, a hacker or scammer can get access to all your accounts, through password recovery.
It is important that your email password is secure and changed, as often as possible.
Avoid Storing Passwords with High Value
If you opt to use a password manager, you can start, by adding passwords that will cause the least worry, if compromised.
By doing so, you can, also, minimise the consequences of mistakes, such as forgetting your Master Password.
You can familiarise yourself with the workings of the app, before deciding to put in very important passwords.
Featured Image: techandgeek
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