A study by Keeper Security revealed that 81% of data breaches are due to weak password security with the average cost of a data breach being a whopping $7 million. And let’s be honest — we’re terrible with passwords.
Password managers solve this problem by helping you create better passwords and keep track of them conveniently. It also helps you against any attack and makes you less vulnerable.
Get started with Benzinga’s list of the 5 best password management software systems to store your information for every login.
1. Best for Overall: LastPass
LastPass is a popular password manager known for its ease-of-use and range of functionalities. It uses the industry-standard AES 256-bit encryption and also offers multi-factor authentication (MFA). This lets users access their account using a smartphone or fingerprint.
LastPass isn’t recommended for those looking for free password managers as the new restrictions that will be in effect from March 16 makes it limiting. It’s still our best choice overal,l as the Premium version includes a dark web monitor, emergency access, unlimited device type, cross-platform syncing, secure sharing, a password strength report and much more at a reasonable price.
You can choose a personal plan for a monthly charge of $3 or a family plan for $4. There is a 30-day free trial for both plans.
Pricing: $3 to $8 per user, billed monthly
Mobile app? Yes
2. Best for Form Filling: RoboForm
Form filling is time-consuming. RoboForm is widely-used as it stores data online or locally and helps you automatically fill forms. It’s a versatile manager as it also provides you with a secure vault for logins, an auditing tool to identify weak passwords and generate strong passwords and more.
To sync your passwords across multiple devices, you’ll need a premium subscription. The premium version allows you to share logins securely, opt for multi-factor authentication and prioritize 24/7 support.
Pricing: $22.95 and up (per user, billed annually)
Mobile app? Yes
3. Best for Open Source: Bitwarden
Bitwarden is an open-source password manager. This means that its source code, features and infrastructure security are vetted and improved by a global community.
The manager offers a wide list of features in its free plan. It’s perfect for those looking for a free option for anyone to inspect, test and fix their password.
It has a relatively resilient security system and regularly uses third parties to audit its platform. It supports all popular platforms and browsers and uses a 2-facto authentication using Yubikey or FIDO. It also generates TOTP codes for 2FA-supporting sits and analyzes passwords and security.
Pricing: Up to $5 per user, billed monthly
Mobile app? Yes
4. Best for Families: 1Password
1Password offers a deep level of protection. Its family plan allows you to share passwords and data with 5 family members and offers limited sharing for up to 5 additional guests. It also lets you set different permissions for each family member, set up personal vaults and add more users for $1 each.
Although 1Password has a generous 30-day free trial period, there is no free version. The basic plan costs $2.99 per month per user, and the family plan costs $4.99 per month. 1Password’s Watchtower scans the dark web for potential security threats and includes a travel mode where you can delete sensitive data from your device and restore it later.
The 1Password plan costs $2.99 per month billed annually and includes unlimited passwords and device syncing, 1GB of secure document storage, a digital wallet and 24/7 email support.
Pricing: $2.99 and up per user, billed monthly
Mobile app? Yes
5. Best for Security Features: Dashlane
Dashlane is a French-based company that’s a major player in the marketplace. It performs all the basic and advanced tasks you’d expect from a password manager and does it with ease.
The password manager features a VPN to scan your accounts for weak and compromised passwords. It also has a great feature called password changer that replaces hundreds of passwords with a single click, which is available in both the free and paid plans.
Dashlane is unique in its ability to replace hundreds of passwords with a single click. This feature is available in both free and paid plans
Pricing: Up to $8 per user, billed annually
Mobile app? Yes
Important Features of Password Management Software
Every password manager must have a sophisticated security system in place. End-to-end encryption makes sure your data is safe and your provider can’t view your passwords. This also means that if your provider is hacked, your data is still secure as it is encrypted.
The only way you can access information that is encrypted is with an authentication key. This key is only available to a user and cannot be seen by the provider.
Multi-factor authentication (MFA) is a security-enhancing feature that allows a user to log in using both their password and a secondary method of authentication. The secondary method is tied to your mobile number or email. This can be a one-time password (OTP) or a unique code generated on an authentication app.
MFA is especially useful when the user’s master password is compromised. It ensures that you have access to your device still remains safe and secure.
In many cases, you may need to share your password with someone who needs to access your system. When you’re physically present with them, this is easy — you try to hide it by keeping their line of sight away from the screen.
But, if you’re not physically present, sharing your password over email or SMS may be problematic. A third party can compromise your password, and you will also have to replace the password that you’ve used for 15 years for all your accounts.
A password manager can help you share your sensitive information in an encrypted form. This is especially useful in medium and large organizations wherein if an employee wants to get one-time access to an account, an encrypted message can be used so that the original password isn’t revealed.
A strong password needs to be lengthy and include a variety of letters, numbers, special characters and alphanumerals. A password generator is perfect if you find it tough to create such complex passwords.
Users can decide the length of the password and the complexity. If you use it as a web extension, the provider can even suggest strong passwords when you sign in to a new account.
Benefits of Password Management Software
Generate Random and Strong Passwords
A strong password is necessary as there are password cracking programs designed to guess the most common passwords. A password manager can generate random passwords for each of your accounts so that it is secure.
Perfect for Bad Memory
A strong password is difficult to remember. Unless you have A password manager saves you the trouble of remembering passwords for multiple accounts. The only password you need to remember is the one that opens your password manager.
Easy Login to Accounts
After you set up a password manager, you can install a browser extension that auto-fills logins. This way you can log in to any account quickly without having to worry about security.
Most password managers also have an autofill feature that you can use for online forms. Web browsers also have this feature, but it’s safer to use a password manager when storing your personal information.
Share Passwords Securely
Although you’re advised not to share your password with anybody, there are times where your account needs to be accessed urgently. In such cases, you can use a password manager to give control to a family member or coworker so that they can access your account.
Most password managers also let you share an encrypted password so that it can be used without revealing the original password.
Cost of Password Management Software
Password managers are relatively cheap compared to identity management systems. The price varies depending on which plan you choose.
For Individuals: Up to $35 per user, billed annually
For Families: Up to $50, billed annually
For Businesses: Up to $75, billed annually
Use the Free Trial Period
Password managers are great for your security and convenience. If you’re thinking about investing in a premium plan, try using the free trial period that comes with most managers.
You can choose to subscribe to a paid model if you’re happy with the value provided.
Best Software Management Software Methodology
Benzinga analyzed the top Password Management Software by industry and winnowed down the list to include those with the best attributes. We prioritized pricing, features and scalability. We also considered the availability of a mobile app and consumer reviews.