In the past several years, there have been a number of high-profile data breaches in which passwords have been compromised, either by being stolen from the victim’s computer or from the server on which they were stored. These breaches have resulted in millions of accounts being compromised in some cases.
What are the risks of using a password manager?
This article on Password Manager Pros & Cons discusses the disadvantages of using a password manager why you should think carefully before installing one of these apps.
Unfortunately, in case of a successful attack, all user accounts can be accessed by hackers.
The online world has also seen an increase in the number of data theft crimes. Unfortunately, users are still not sufficiently aware of the need to protect their online accounts with strong passwords. Most of them also make the mistake of using the same password for almost every login. Password managers have improved the situation by allowing you to use long, complex passwords, even different ones for each site. All this without worrying about whether or not we can remember the often completely meaningless strings of characters. The problem is that the password managers need to be protected – and what else should they be covered with but a password? The master password. In other words, the situation is essentially simplified to the point where anyone who can get the master password can access everything from Facebook to Amazon to online banking.
Unfortunately, this principle has also made password management applications a favorite target for attackers. Two methods have recently come to light that can be used to obtain the master password. One is based on the TrendMicro antivirus application, exploiting that a flawed version of the application contained an API that allows attackers to inject code that can read passwords and rewrite them quickly. The other is a simple scam: if a user is asked to enter, say, their LastPass password, they will almost certainly do so without checking who it is. So the key is not just to choose a strong password as a master password but also to be careful when you type it.
The password should only be locked in a safe if it is secure, and only we can get into it. You should use a strong password for this!
Did you know?
When you log in with two-factor identification, you must enter your password and a randomly generated six-digit number. The number is sent to the phone you provided when setting up this type of login. You can also set things up so that if you don’t have access to your phone, you can still log into your account with a code sent to an email address.
Also, did you know that every second, $41,000 is stolen worldwide due to cybercrime? Your personal accounts can be at risk if your email account is compromised. Two-factor identification makes it harder for thieves to break into accounts because they’ll need more than just a username and password.
Conclusion
Password managers are an essential, valuable tool that can help you stay secure online. However, these programs are not 100% safe and cannot protect you from all possible security threats.