Safety First: Everything You Need to Know About Storing and Managing Passwords Securely

Nearly half of all respondents of a recent Forbes survey reported that their passwords had been stolen in 2023. As many as 30% said it was because they used the same password across multiple platforms, and 35% said it was because they had set weak passwords.

We can’t blame them—memorizing a new password for every account you create or every website you visit isn’t exactly a feasible solution. Furthermore, reusing passwords across platforms seriously increases the risk of personal data being compromised.

So, what can be done to improve our online security? In this article, we’ll outline some essential tips for keeping passwords safe, as well as where to store passwords safely.

What Makes a Password Unsafe?

Before we get to the best way to store passwords, let’s take a look at what makes them unsafe in the first place.

Here are some of the biggest mistakes people make regarding passwords:

• Using their own name or other personal information
• Creating passwords that are too short (less than 12-14 characters)
• Using the same password for multiple accounts
• Not identifying the most secure way to store passwords
• Saving passwords on a browser when using shared computers
• Not changing passwords frequently enough

Avoiding these bad habits may seem like common knowledge to some. But you’ll be surprised to learn that even in 2024, the world’s most-used password is still “123456.”

So, clearly, keeping passwords safe hasn’t been made as much of a priority as it should be.

Password Managers: The Best Way to Save Passwords

While creating difficult-to-crack and unique passwords is the most obvious solution to securing our online activity, it doesn’t solve one essential problem: you still have to remember which one you used for which account.

Sure, if you have an exceptional memory, the safest way to store passwords is in your head. But considering that the average person handles about 80 passwords online, it’s highly unlikely that this solution will work for everyone.

The next best option is using a password manager.

A password manager is software designed specifically for keeping passwords out of the hands of hackers. The application provides the safest way to store passwords and enables you to create more complicated login credentials. This means you can have a unique password for each website you visit and account you open.

Some password management systems also generate hard-to-crack passwords for you, doing away with the headache of having to create and remember them altogether. Others offer the capability to store other data, such as bank accounts, credit card numbers, and other digital assets, including documents, images, and crypto wallets.

Benefits of Password Managers

Why is such software considered the best way to manage passwords? Let’s take a closer look at some of the benefits a password manager offers.

Improves Usability

Password managers are not only the best way to keep passwords safe, they’re also the most convenient. With such an application, users can access all their accounts with a single click.

At the same time, managers synchronize all passwords across devices, making it easier to log on wherever you are.

Enhances Security

The best password managers know exactly how to keep passwords safe. They use either two-factor or multi-factor authentication, which have been proven to protect against 96% of all phishing attempts and 76% of targeted attacks. Examples of such authentication measures include FaceID or TouchID.

Meanwhile, some password managers, such as Loop8, only need your email and phone numbers and don’t require your name, age, gender, or address to sign up.

Prevents Password Reuse

This software can create complicated passwords and provide a platform for keeping passwords safe, enabling users to have distinct login credentials for every profile. This significantly reduces the risk of one breach snowballing and affecting an individual’s other accounts.

Increases Visibility

Some apps also offer tips on how to store passwords safely, as well as notify users in case a password has been compromised.

Furthermore, it will also inform you if a site you’re using has been breached or when you’ve reused a password. This enhanced visibility allows you to take a more active role in keeping your data safe

Why You Shouldn’t Use a Browser Password Manager

Now, you’re probably wondering why you need a dedicated app for keeping passwords.

If you’ve recently looked up how to store passwords safely, chances are you may have learned that a browser like Google Chrome is a convenient, free, and secure way to store passwords.

However, most security experts don’t necessarily recommend using the password manager built into your browser. Here are some reasons why:

• They don’t work unless you are connected to the internet
• They are designed for convenience and not security
• They don’t notify users in case of weak and reused passwords
• All login credentials can be accessed by anyone who uses the same computer
• Forgetting to log out after using a shared computer significantly increases the risk of a breach
• Having all passwords linked to a single browser is restrictive
• If your browser is targeted with spyware, a hacker won’t need access to your device to get access to all your saved passwords

The Bottom Line

At the end of the day, there’s no doubt that the best way to keep passwords safe is by using a dedicated password manager. It provides more security and convenience, syncs across multiple devices, and maintains backups that are easy to access if data is lost.

So, the question remains: how do you find the right one?

If you’re looking for a password manager that follows the strictest safety standards, is designed for simplicity, and has all the above features and more, look no further than Loop8. This advanced personal privacy controller has proven to be a game-changer in digital security with its passwordless system.

To learn more about why it’s the best way to manage passwords, try a 90-day free trial today.