LastPass, one of the freemium top-ranked password managers known to privatize encrypted passwords, announced that they have fixed the recent bug that has the potential to extract the previous password you used through its service browser, according to reports from The Verve. This isn’t the first incident as has already happened. In May 2017, password manager OneLogin was hacked, giving cybercriminals access to all its U.S. users’ data. Earlier this month, Google’s Project Zero disclosed that a security vulnerability left over 16 million users, including 58,000 businesses, at risk of credential compromise. The bug was disclosed to LastPass before informing the public and there’s no proof of exploit done on the web.
Using a password manager is not necessarily foolish for businesses as it offers more means of security. However, it is crucial to stay on top of your passwords as using managers could still leak the last password used on any website visited. But if that’s the case, why are businesses still using this software?
Password managers remain on top, despite potential bugs
Like any other software program, password managers offer more benefits that outweigh the risks. Developers, however, constantly monitor and eventually fix them. Users are still advised to use password managers despite the risk of security. Storing passwords in browsers offer a much greater danger of being uncovered using forensic tools and malware.
Password managers prevent productivity loss
While employees want to be productive, 89% of employees find themselves wasting valuable time due to technical issues in the office. According to CoreTech, finding the right IT tools will add value to your business and team productivity. Aside from increasing online security without compromising surfing experience, relying on the use of password managers will benefit businesses. The staff won’t need to scramble for written passwords when urgently needed to access an account. This will prevent a decrease in employee productivity related to forgotten passwords.
Password managers help save on costs
While they seem to cost more, password managers definitely save businesses money since online security is at stake. Complementing that with a good IT support and security solution provider is a wise decision that will get rid of online business security problems. Password managers can eliminate the unnecessary IT costs of recovering stolen or lost accounts. It will also optimize a strong online presence and provide better strategies for small, medium, and large-scale businesses.
With online businesses, it is always better to be safe than sorry when it comes to accessing confidential information, as online predators will not stop to find new methods to breach.