How to store passwords securely ?


Everyday tasks like checking email, posting on social media, and ordering groceries online require you to enter a password. In fact, one study found that an average person now has about 100 passwords. We all know it's a bad idea to reuse passwords or to use weak passwords like the dog's name, a kid's birthday, or that infamous unsecure password: 12345. On the other hand, it's impossible to remember dozens of strong passwords. Lets take an example MR XYZ was shocked as he received a message stating that 1 Lakh has been debited from his account. After investigation from Cybercrime Department he came to know that his credit card details have been leaked, since creating new passwords across all accounts costs time and is a tedious work so he had created just one password for all accounts and in this process, he lost his money. He was very loyal even with his password. 

This is just one case of password leakage but in general, approximately 18.2M accounts were breached in 2022 so far, meaning that the data of two users was leaked every second. So how to store these many passwords securely is a big question among the computer users. Let’s dive into the blog to find answer to the above question which can hinder your privacy if left unanswered.

Why is it important to store password securely?

1. Account Takeover

A hacker may be able to gain control of one or more of your accounts, from email to social media. While you work to regain access, the attacker may message your colleagues, family, or friends to ask for money or scam them out of their private information. They can change your passwords too and within few minutes you become homeless from your own account without you knowing it 

2. Identity Theft:

Mr. XYZ has been struggling to make a girlfriend with his identity and here our Mr. Identity Thief was  talented enough to make a girlfriend with Mr. XYZ's identity . An identity thief who gets into a key account may be able to steal important personal information, from your full name to your address. They can use this information to impersonate you, open credit accounts in your name, and create a mess that may take months to fix. 

3. Financial Theft

A cybercriminal who gets your bank password may access your account before you realize there's a problem. There are federal protections for unauthorized transactions, but resolving the issue can take time and leave you broke for months but anyone's day can't be as bad as the day of the cybercriminal who will be trying to hack my bank account without knowing I am the most broke person he would ever meet. I am assured he will be more richer than me.

How to Store passwords securely ?

1. Browse password Manager

Popular internet browsers such as Chrome, Firefox, and Safari all offer a password management feature. You can set the browser to ask you if you want to store your password whenever you create an account. You also can have the browser automatically sign you into your account every time. 

Pros of using password manager

a. The password manager already exists in top internet browsers, so there's no need to   download and learn a new application.       

b. It's quick and easy to tweak your settings and click "yes" when prompted to store your password.

c. You can store your passwords in your browser without paying a single penny

Cons of using password manager

a. It only works on one browser so if we have to work on another browser we have to enter it manually

b. Since customization has become an trend we cannot customize password in password manager

2. Password Manager Application

 Pros of using Password Manager Application

a. Best place to store passwords. We can easily create , manage and access our passwords

b. We can get customized strong passwords  

c. They may offer a free plan with basic features

Cons of using Password Manager Application

a. Takes time to find the right password 

b. Even the best applications get user complaints about occasional tech glitches such as a user getting locked out of the password manager or not being asked if they want to save a password.       

c. You typically need a long, very strong master password to log into your password manager.

Some recommended password manager applications are:

a. Norton Password Manager

b. Dashlane

c. Bitwarden

d. LastPass

e. Zoho Vault

   These are some of the recommended methods to store passwords but mostly we save the passwords using the below ways to store passwords which are mostly unsecure.

Notes app on your phone — Anyone who picks up your phone may get access to all your passwords unless your phone is protected with a strong passcode. 

Email — Have you ever emailed yourself a password so you don't forget it? Emails may be stored on different servers and may even sit in trash folders after being deleted, making it easy for a hacker to swipe your passwords. 

Document on your computer — Even if you password protect a Word document or spreadsheet, a hacker using a keystroke logger may be able to capture your passwords. And you'd also need a place to store the password for the document.

A password manager can require a bit of a learning curve but it's much better than having your accounts hijacked because you stored your passwords the wrong way. So save your passwords safely as It's always better to be Safe than Sorry. 

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