Pros and Cons of Password Management Software

With the rise of multifactor authentication, there has been a decline in discussions regarding what makes a good password policy.  I.e. many have concluded that the frequency of changing passwords, length of passwords, and nature of password (random generated or passphrases) don’t necessarily matter as long as MFA is in place.  However, one area where experts still are actively in conflict is over the use of password management software.  Here are the general arguments for and against and links to articles where this is discussed further.

Pros of Password Manager Software

1. Enhanced Security: Password managers help users generate and store complex passwords securely. They encrypt your password database, ensuring your credentials are protected from unauthorized access.
2. Convenience: Instead of remembering multiple passwords, users only need to remember one master password. This decreases the likelihood of using simple or reused passwords, which are often a security risk.
3. Ease of Access Across Devices: Many password managers sync passwords across multiple devices, making it easier for users to log into their accounts from anywhere.
4. Auto-Fill Capabilities: They can automatically fill in login information, which not only saves time but also ensures accuracy.
5. Secure Sharing: Password managers often include secure options to share passwords with trusted individuals without exposing the actual password.

Cons of Password Manager Software

1. Single Point of Failure: If someone gains access to your master password, they could potentially access all your stored credentials.
2. Reliance on Software: Dependence on technology means potential vulnerabilities if the password manager has security issues or goes offline.
3. Complexity and Initial Setup: Some users may find the setup process and learning to use a password manager challenging.
4. Subscription Costs: While many password managers offer free versions, additional features often require a paid subscription

Articles

https://engineering.nyu.edu/news/benefits-and-risks-using-password-manager-protect-your-online-identity

https://www.pcmag.com/picks/the-best-password-managers

https://www.wired.com/story/best-password-managers/