From Chesley Brown International
Password managers are not a universal remedy... but can add layers of protection for your data.
Everyone needs a password manager. The use of a password manager is like encryption for all your passwords, performing critical functions that increase the security of a user’s passwords, making the passwords less likely to be vulnerable in a breach or attack, and some can identify phishing schemes.
On the pro side, it can protect and store information directly relatable to the user in a master vault and manage the passwords for the many accounts. The passwords are random generations of up to 16 characters in length and stored securely. Your data can be encrypted by the vendor at account level to prevent your data traveling across the globe.
On the down side, the fact that your information is held in one place makes an obvious target for hackers. While the vaults protect the passwords, information including email addresses, password reminder hints and the encrypted master passwords could be obtained and used to compromise an account. It doesn’t happen often and is still much more secure than simple passwords that are easy for a user to remember.
Password managers are not a universal remedy for cyber security measures but can add layers of protection to prevent hackers from targeting your data.