Despite the obvious security risks, a new study has found that a large percentage of online users “don't see the point” of password managers when it comes to securing their personal information online.
Over the last few years, lax security standards have given way to a plethora of cyberattacks that result in lost money and data for businesses around the world. The problem is so dire that even the US government recently invested a hefty sum to bolster cybersecurity research, and if Uncle Sam is opening his wallet to invest in a more secure online experience, you probably should too.
Still, this new study shows that everyday users simply don't understand how tools like password managers can make a huge impact on securing your data online, whether you're an individual or a business.
New Study Reveals Serious Password Manager Hesitancy
The study from OnePlus found that 27% of people “don't see the point” of password managers, a woeful commentary on the state of online security in 2022. While that might not seem like a huge percentage, an additional 26% opt to store their password elsewhere, which in this context is likely an unsafe spot like a Notes app or, heaven forbid, a sticky note on their desk.
There are those that do use password managers, though, so at least that's a good sign. However, the majority of users are opting to use free password managers (20%) or allow browsers like Chrome or Edge save their password for them (27%), which both have substantial gaps in security that can lead to compromised data, with security experts explicitly recommending against the practice.
Simply put, with free options abound and online security not being a readily pressing issue until it's too late, it's understandable that many users wouldn't “see the point” of password managers. Unfortunately, the reality is that these online tools can make a big difference for your personal or professional security.
The Point of Password Managers Is Better Security
Let's start with a few unsettling statistics in regard to password usage. For starters, 85% of people admit to using the same password for multiple accounts, arguably one of the most surefire ways to get your data stolen. Additionally, the average user has more than 100 passwords, making it nearly impossible to come up with and remember enough unique combinations to stay safe online.
To make matters worse, the most popular password in 2021 was “123456” and a study found that a huge percentage of users will abandon a website if asked to use more complex login credentials for their account. Subsequently, complex passwords are the only way a password can be truly effective, as one study looked into how easy it is for hackers to gain access to your accounts.
So, it's clear that password security for the average user is less than ideal, but at least some users are taking advantage of free password managers and browser storage, right? Of course, some online security is certainly better than none, but if you want to make sure you're fully protected across the board, a paid password manager is going to make a big difference.
For one, they don't just store your passwords anymore. Password managers like LastPass offer tools like dark web monitoring to ensure your data isn't floating around on the world wide web, flexible sharing options to keep you safe even when someone else needs to access your account, and encrypted storage for those extra important documents.
They also have a wide range of business-facing features, which is important considering 81% of business security breaches are due to weak password security. You'll be able to eliminate password reuse by employees, manage all passwords from a single spot, and generally protect company data in a more meaningful way.
Suffice it to say, we recommend using password managers, even if you “don't see the point.”