A password manager is a software application that generates passwords, and stores and manages online credentials. The password manager stores all confidential credentials in an encrypted database, or 'vault', which can only be accessed using a master password.
What are the benefits of using a password manager?
- Identity protection: Using a unique password for every site segments your data across each website and application you use. So even if one of your accounts was hacked, the hacker won’t necessarily be able to access the others.
- You only need to remember one master password: Only one password is needed to unlock the password vault. Additionally, if you are using a cloud-based password manager, you can access your password vault from any device, anywhere.
- Auto-Generated Secure Passwords: Random, alphanumeric passwords are provided to help protect the user's data.
- Time Saver: Password managers can auto-fill credentials for faster access to online accounts.
- Phishing Scam Alerts: If you're redirected to an infected site, a browser-based password manager will raise the alarm, as it will not auto-complete username and password fields for a website it doesn’t recognize as compatible with the password.
- System Syncs: Password managers can sync across different operating systems e.g. between Android and iOS systems, as well as across popular web browsers such as Chrome, Firefox, Internet Explorer, and Safari.