Did you know that over 24 billion passwords were exposed by hackers in 2022?
That’s more than three times the population of the Earth!
If that doesn’t scare you, maybe this will: more than 80% of confirmed breaches are related to stolen, weak, or reused passwords.
That’s why some organizations are advising against using password vaults, also known as password managers. These are software applications that store and organize your login credentials for various websites and accounts.
They sound convenient, but are they really safe? Let us share some of the reasons why password vaults are not the best solution for everyone.
- They rely on a single master password to access all your stored passwords. This means that if you forget, lose, or leak your master password, you are in big trouble. You could either lose access to all your accounts or expose them to hackers. This is not a hypothetical scenario. In 2015, a leading password manager was cracked and breached. And in 2021, password managers were predicted to be a prime target for cybercriminals. Do you really want to put all your eggs in one basket?
- They may not work well with all browsers, devices, or platforms. Some password vaults do not support Safari or Internet Explorer, or require additional extensions or plugins to function properly. This could limit your choice of browser or device, or create compatibility issues. For example, if you switch from Chrome to Firefox, you may have to reinstall your password vault extension or sync your passwords manually.
- They do not protect you from malware, such as keyloggers or phishing attacks, that could steal your master password or trick you into entering your credentials on fake websites. Password vaults are secure, but not immune to hacking.
Password vaults are not infallible tools that guarantee the security and convenience of your passwords.
They are just a stop gap arrangement pushed for an age old industrial reliability on lock and key methodology.
At KeywiX we are poised to change that!