A study by Keeper Security found that 81% of data breaches are due to poor password security, with the average cost of data breach being a whopping $ 7 million. And let’s face it – we’re terrible with passwords.
Password managers solve this problem by helping you create better passwords and keep track of them with ease. It will also help you against any attack and make you less vulnerable.
Start with Benzinga’s list of the 5 best password management software systems to save your information for every login.
1. Best for Overall: LastPass
LastPass is a popular password manager known for its ease of use and functionality. It uses industry-standard AES 256-bit encryption and also offers multi-factor authentication (MFA). This allows users to access their account using a smartphone or fingerprint.
LastPass is not recommended for those looking for free password managers as the new restrictions, effective March 16, limit that. It’s still our best pick as the premium version includes a dark web monitor, emergency access, unlimited device type, cross-platform sync, secure sharing, password strength report, and much more for a reasonable price.
You can choose a personal plan for a monthly fee of $ 3 or a family plan for $ 4. Both plans have a free 30-day trial.
Pricing: $ 3 to $ 8 per user billed monthly
2. Best for filling out forms: RoboForm
Filling out forms is time consuming. RoboForm is widely used as it stores data online or locally and helps you fill out forms automatically. It’s a versatile manager as it also gives you a secure logon vault, a monitoring tool for identifying weak passwords and generating strong passwords, and more.
To sync your passwords across multiple devices, you need a premium subscription. With the premium version, you can securely approve registrations, opt for multi-factor authentication and prioritize support around the clock.
Pricing: $ 22.95 and up (per user, billed annually)
3. Best for Open Source: Bitwarden
Bitwarden is an open source password manager. This means that the source code, functions and security of the infrastructure are reviewed and improved by a global community.
The manager offers a wide list of features in their free plan. It’s perfect for those looking for a free option that anyone can use to verify, test, and correct their password.
It has a relatively stable security system and regularly uses third parties to review its platform. It supports all common platforms and browsers and uses a 2-factor authentication with Yubikey or FIDO. It also generates TOTP codes for 2FA-supporting sites and analyzes passwords and security.
Pricing: Up to $ 5 per user billed monthly
4. Best for families: 1password
1Password offers a deep level of protection. The family plan allows you to share passwords and data with 5 family members and offers limited sharing for up to 5 additional guests. You can also set different permissions for each family member, set up personal vaults, and add more users for $ 1 each.
While 1Password has a generous 30-day free trial, there is no free version. The basic plan is $ 2.99 per month per user and the family plan is $ 4.99 per month. 1Password’s Watchtower scans the dark web for potential security threats and includes a travel mode that allows you to erase sensitive data from your device and restore it later.
The 1Password plan is $ 2.99 per month and billed annually. It includes unlimited passwords and device synchronization, 1 GB of secure document storage, a digital wallet and 24/7 email support.
Pricing: $ 2.99 and above per user billed monthly
5. Best for security features: Dashlane
Dashlane is a France-based company that plays an important role in the market. It does all of the basic and advanced tasks you would expect a password manager to do and does it with ease.
The password manager has a VPN that allows you to search your accounts for weak and compromised passwords. It also has a great feature called Password Changer that replaces hundreds of passwords with a single click and is available on both the free and paid plans.
Dashlane is unique in its ability to replace hundreds of passwords with a single click. This feature is available in both free and paid plans
Pricing: Up to $ 8 per user billed annually
Important functions of the password management software
Every password manager must have a sophisticated security system. End-to-end encryption ensures that your data is safe and that your provider cannot view your passwords. This also means that if your provider is hacked, your data will still be safe as it is encrypted.
You can only access encrypted information with an authentication key. This key is only available to one user and cannot be seen by the provider.
Multi-factor authentication (MFA) is a security enhancing feature that allows a user to log in with both their password and a secondary authentication method. The secondary method is tied to your cell phone number or email address. This can be a one-time password (OTP) or a unique code generated in an authentication app.
MFA is especially useful when the user’s master password is compromised. It ensures that you still have access to your device.
In many cases, you may need to give your password to someone who needs access to your system. When you are physically there with them, it’s easy – you try to hide it by keeping their line of sight off the screen.
However, if you are not physically there, sharing your password via email or text message can be problematic. A third party can compromise your password, and you will also need to replace the password that you used on all of your accounts for 15 years.
A password manager can help you pass on your confidential information in encrypted form. This is especially useful in medium and large organizations where an employee can use an encrypted message if an employee wants one-time access to an account so that the original password is not displayed.
A secure password must be long and contain a variety of letters, numbers, special characters and alphanumeric digits. A password generator is perfect if you are struggling to create such complex passwords.
Users can determine the length of the password and the complexity. If you’re using it as a web extension, the provider can even suggest strong passwords when you sign in to a new account.
Benefits of password management software
Generate random and secure passwords
A strong password is required as there are password-cracking programs that can be used to guess the most common passwords. A password manager can generate random passwords for each of your accounts to keep them safe.
Perfect for bad memory
A strong password is difficult to remember. Unless you have a password manager, it saves you the hassle of remembering passwords for multiple accounts. The only password you need to remember is the one that opens your password manager.
Easy login to accounts
After you’ve set up a password manager, you can install a browser extension that will automatically fill in logins. This way, you can quickly log into any account without worrying about security.
Most password managers also have an auto-fill feature that you can use for online forms. Web browsers also have this function. However, it is safer to use a password manager when storing your personal information.
Share passwords securely
Although it is recommended that you not share your password with anyone, there are times when your account needs urgent access. In such cases, you can use a password manager to give a family member or coworker control to access your account.
Most password managers also allow you to share an encrypted password so that it can be used without revealing the original password.
Password management software costs
Password managers are relatively cheap compared to identity management systems. The price varies depending on which plan you choose.
For Individuals: Up to $ 35 per user, billed annually
For Families: Up to $ 50 billed annually
For Business: Up to $ 75 billed annually
Use the free trial period
Password managers are great for your security and convenience. If you want to invest in a premium plan, take advantage of the free trial that most managers offer.
You can subscribe to a paid model if you are satisfied with the declared value.
Best software management software methodology
Benzinga analyzed the top password management software by industry and concluded the list with the best attributes. We prioritized pricing, features, and scalability. We also considered mobile app availability and customer reviews.