MMQH: A Solution to the Password Problem

Monday Morning Quick Hits

Too many passwords? You are not alone. If you feel your passwords have become difficult to manage, you may be well served to start using a password manager. Why?

Passwords: The weak link

According to a survey by Digital Guardian, “password overload” is a real problem. Worse, despite known risks, at least half of us admit to reusing passwords.

How many online accounts do you have? Probably more than you think. You’ve likely got at least one social media profile. Then, there’s your e-mail (which might include both personal and work accounts), your various banking accounts, streaming services like Netflix or Hulu, and your Amazon account (who doesn’t have one of those?!). That’s not to mention all those apps on your smartphone.

Now think about the passwords you use for those accounts. Chances are, either you reuse passwords across multiple accounts or you have your passwords written down somewhere-both of which are no-nos when it comes to information security best practices. If, as the experts tell us, you need a strong password for each account that is at least eight characters long (and preferably longer) and combines upper- and lowercase letters, numbers, and symbols, there’s simply no way you can remember all the passwords to all your accounts.

Unless, that is, you start using a password manager.

An all-in-one solution

A password manager-some well-known versions include LastPassDashlaneRoboForm, and 1Password-is essentially a secure online storage vault for your passwords. You’ll find both desktop and smartphone app versions available. Load them on multiple devices and your information will be synced across them.

There are several features that make password managers extremely valuable from an information security standpoint:

  1. Remember one master password. Because the password manager stores all your credentials for you, the only password you need is the one that logs you in to the vault. So be sure to make it the most complex password you can think of-and remember!
  2. Auto-generate passwords. Instead of trying to come up with a unique, complex password for each account on your own, the password manager will do it for you-and save it for future use.
  3. Automatically save and store new accounts. Adding a new streaming service? Opening a new credit card or bank account? Your password manager will recognize the new account and save your credentials for you, so your next login will be seamless.
  4. Easily fill web forms. By saving some of your personal information in the vault (e.g., address, phone number, and credit card number), the next time you have to fill out an online form, the password manager will auto-fill your information. It’s safer than storing these details in your browser.
  5. Log in to sites automatically. Once your preferred sites and credentials are set up, you can access the sites directly from the password manager, which will log you in automatically. As an added bonus, with the browser extension enabled, you can navigate to the website you want to visit, and your password manager will log you in-again, automatically.

Hopefully you’re seeing how much easier-and more secure-your online life can be. Imagine never having to remember multiple passwords or having to go through the hassle of resetting your password because you forgot it. That’s what a password manager can do for you.

What are you waiting for?

You may have had your personal e-mail account hacked, all because you used a weak password that was easy for some cybercriminal to guess. Or maybe your credit card number was stolen from an online payment site, again due to weak credentials. You might argue that a company like Dashlane or LastPass can get hacked, too, so why bother going through this hassle? In fact, LastPass was hacked, back in 2015, but the exposed data was encrypted, so the hackers didn’t really get away with anything.

The lesson? No account is completely hack-proof, but using a password manager can substantially reduce the risk that your passwords-and the information secured behind them-will be compromised. And that’s an information security best practice you want to follow, in 2019 and beyond.



Verdi Wealth Management are financial advisors located at 412 E. Parkcenter Blvd. #325 Boise, ID 83706. Verdi Wealth Management offers advisory services as an Investment Adviser Representative of Commonwealth Financial Network®, a Registered Investment Adviser. Verdi Wealth Management can be reached at 208-331-7858 or at

Authored by Kate Flood, director, editorial, at Commonwealth Financial Network®.

© 2019 Commonwealth Financial Network®

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