A Better Way to Manage Your Passwords
It wasn’t too long ago that the only passwords I needed to remember were for Hotmail and my bank. But now it seems that every few days I visit a site that requires me to create a login and either sign in with Google or Facebook or else create a new password to remember. I just created three new online profiles while writing this article.
Since our AIM fund of funds software product is built on the Salesforce platform, we find that password managers can be a handy and secure way to keep track of your passwords to AIM, your email, data rooms, Cap IQ, Prequin, or any of the other dozens of places online for which you have to create and then remember a password. A few thoughts on password management tools:
Password Managers: To Use or not to Use
The thought of storing dozens of your most precious passwords all in one place might sound terrifying to some. The fact is, however, that short of memorizing a different 8-or-more-character random alphanumeric password for everywhere you go on the net, password managers may be the most secure way to keep passwords.
Using the same password for everything is a common strategy but obviously has its flaws because you’re essentially giving out your password to everything every time you create a new online profile. And depending on how often each service requires you to change your password, it won’t be long before your password has morphed into dozens of iterations.
Password managers are also invaluable when you lose a device or have one stolen. All of your passwords may be on that device but if they’re behind a password manager that is properly configured, your passwords are not likely to be lost along with the hardware.
But Doesn’t My Browser Remember my Passwords?
Absolutely most modern browsers will store passwords for you as a convenience feature. I admit that I utilize this feature nearly every day but this feature provides virtually nothing in terms of security. And with a number of browsers offering password sync across devices, passwords stored in your browser may be even more vulnerable.
RoboForm vs. LastPass
Two of the more established names in the password management space are RoboForm and LastPass. Both are solid options in terms of usability and security and in terms of what they offer, they’re very similar–even down to the way they capitalize their names. Some in our office feel that LastPass works better on a Mac. I’ll leave that up to you to decide but if you’re just getting into the password management game, either of these two proven winners should suit you.
New Kid on the Block
Dashlane seems to be the new favorite for password managers, based in part on the $22 million round of funding they recently raised. Sceptics are saying that this largest fundraising round ever for a password management tool might be an overreaction to the recent Heartbleed bug, but Dashlane’s product is a slick new option for those seeking password management tools.