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Do you need a
Password Manager

Reusing passwords is the simplest way to remember account login details. It’s also the riskiest. If your business doesn’t have the strongest password strategy, it could be worth trying a password manager. 

Hands up if you use the same password to log into a whole host of different websites and applications? You’re not alone. In fact, 69% of Australians are guilty of doing exactly that.

And it’s easy to see why. 

A strong password needs to tick a number of boxes. It should have a mix of uppercase and lowercase letters, numbers, and special characters. They’re difficult to think up, and they’re even harder to remember. It’s no wonder that ‘123456’ is the most commonly used password in Australia!

What’s wrong with reusing passwords?

The problem with picking just a few passwords and recycling them across multiple accounts is obvious when you think about it. If a hacker manages to get into one of your accounts, they can get into all of them that use that password. Today, 81% of data breaches are the result of weak or stolen passwords. This leaves not only your customers, but also your business at risk. Recovering from a breach is rarely easy. 

The good news? A password manager could help. 

What is a password manager?

A password manager is just that: a programme that manages your passwords for you. While every password manager is slightly different, they should all ultimately do the same four things:

  1. Automatically generate strong passwords for each account
  2. Encrypt these passwords to reduce the risk of a data breach
  3. Store passwords to prevent you from having to remember them all 
  4. Alert you if one of the passwords becomes compromised

When using a password manager, you’ll need just a single password – known as a ‘master password’ – to log in to the manager. From there on, the programme will handle all your passwords automatically.

Can’t password managers be hacked, too?

Reports show that around two-thirds of people don’t trust password managers. After all, they’re not impenetrable. All software is vulnerable. And as you’re ‘putting all your eggs into one basket’ with a password manager – keeping all your sensitive data in one place – it’s natural to be concerned. 

However, there’s a difference between a hacker accessing your password manager, and accessing all your passwords. With Advanced Encryption Standard (AES) encryption and two-factor authentication, passwords are more secure in a password manager than in a spreadsheet, or scribbled on paper. 

The best way to reduce risk is to use a master password that’s incredibly strong. We recommend:

  • Using a unique master password that you don’t use anywhere else
  • Creating a ‘passphrase’ – a string of random words – rather than a single password
  • Avoiding any references to yourself or your business (e.g. important dates or places)

However, the most important thing is to choose a reputable password manager. And, as your trusted IT support partner, we’re here to help you make the best decisions to maximise business security. Get in touch to find out more about best practices for reducing breaches across your organisation.