5 Reasons to Upgrade Your Password Manager

If you’ve ever thought about upgrading your password manager at home or at your business, now is the time to do so. Password managers are more available and affordable than ever, and you can’t afford to skimp on something like password protection. Cybercrimes have increased nearly 400% since the pandemic began in March of 2020, and hackers are always creating more sophisticated ways to steal information. A password can be either your strongest stonewall defense or your weakest breach, depending on how you create, manage, and store it.

Password managers are so much more than just management tools. They’re your all-in-one security tool, with password generating features, strength auditing, autofill, and so much more. There’s simply no reason not to use password management software at home or in the office.

5 Reasons to Upgrade Your Password Manager

1. It’s Affordable

Most of us hear something like “password manager”, and automatically consider the monetary cost for such a service. Of course, this is a reasonable reaction, but in reality, password managers are among the most affordable cybersecurity tools available. A good password manager might cost you just a few dollars per month but can save you literally thousands of dollars in potential damages from a data breach.

There are also plenty of free options out there, which just makes not using a password manager an irresponsible decision, especially if you’re running a business. You simply can’t afford to gamble when your entire business is on the line, and, sooner or later, someone will reuse a password too many times and get hacked.

The average person recycles a password up to 14 times, and many people reuse the same passwords for accounts like NetFlix or Hulu that they use for bank accounts or credit card accounts. Not to mention, it’s a fact that employees often share passwords, potentially jeopardizing the entire business with a simple swap.

The bottom line is that there’s an affordable solution at our fingertips if we’d just take a look. For a few dollars per month, you can protect both yourself and your business.

2. There Are Hundreds Of Options

The great thing about password managers is that there are tons of options to choose from. You can easily find the right password manager with a quick Google search, and most of the common password managers have one or more reviews/breakdowns somewhere on the web. Look for information on pricing, standard features, and the company’s track-record for protection. Have they been hacked? Lost information? If so, look elsewhere!

3. If Your App Doesn’t Have These Features

If you’re using an outdated password manager, there’s a good chance it doesn’t include some of these standard features of modern password managers.

Dark Web Monitoring: This service helps monitor the dark web for your information, alerting you when any information is found so you have time to react before the breach costs you both time and money.

VPN: A virtual private network can help keep your internet browsing secure and private, and can help you access blocked content in some cases.

Encrypted Cloud Storage: The standard of password managers today is to use encrypted cloud storage, so you can access your account from anywhere in the world.

2FA: Two-factor or multi-factor authentication is a security protocol that can help secure your account against unwanted access. This method sends you a message or email when someone tries to log into your account and requires verification for the login to continue.

4. A Data Breach Can Bankrupt A Business

While data breach costs are widely speculated and can differ according to the severity and nature of the breach and the business itself, the average estimated cost of a data breach for a small business is between $36,000 and $50,000.

The average cost of identity theft is about $1,300. That might not seem like much, but in America, less than half of all citizens have $1,000 in a savings account. An identity theft case can very easily bankrupt a small business or the average person, and most breaches occur due to compromised passwords. Now is the time to ask yourself if a few dollars per month for a password manager is worth avoiding the potential cost of between $1,300 for you alone and over $50,000 for your company. We’d like to think that’s an easy choice.

5. Passwords Are Behind Most Data Breaches

A staggering 80% of all data breaches are linked to a compromised password(s). Some credentials are sold on the dark web for just a few dollars each, whereas others are being sold for hundreds, sometimes thousands of dollars. The bottom line? Passwords are our first defense against hackers and the locked door that stands between an intruder and some of your most precious information. It’s time to start taking passwords far more seriously.

Final Thoughts

Using an outdated password manager is a good way to put yourself in a financial hole. For just a few dollars per month, you can get top-notch protection from some of today’s top password managers, and there’s no better time to sign-up!

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