Password security heavily relies on the usage of strong passwords and protecting them from being guessed or stolen by an attacker. However, the downside to this is that strong passwords which are sufficiently long and random are often difficult to remember by users.
A Password Manager is a solution to all of the aforementioned issues. A password manager stores all the user‟s online passwords in an encrypted form. A single master key password is needed to decrypt and access the password database. The password manager is often incorporated with a random password generator which helps the user in creating secure and unique passwords with ease.
Another useful feature is the synchronisation of password databases across multiple devices so that a user can access his online accounts from any location and from any device provided that he is using the password manager on that device. The password manager works by capturing the user's credentials the first time they are entered and are thereafter pre-filled on the user's behalf on subsequent visits to the websites
Password managers can be hacked. However, even if a cybercriminal can "break in", it doesn't mean that the master can obtain passwords or other information. Your password manager information is encrypted. Also, this encryption is almost impossible to crack. This is typically industry-standard encryption such as Advanced Encryption Standard (AES).
Password managers are now the most underappreciated piece of software. People need them now more than ever but do not understand their importance. Hacking efforts are increasing by the day and will only escalate in the future if nothing is done. Companies are doing all they can to protect their servers from these attacks but the vulnerable point is on the user‟s side when they use simple, easily crackable passwords.
Many recent hacking efforts have come from the user. Since these users cannot remember complicated passwords, password managers are the only solution.