Storing your passwords anywhere but in your own brain always comes with risks. But if you pass on or forget your password, you may never gain access to your account or device again. One man lost $240 million because he forgot his password on a device with thousands worth of Bitcoin on it.
Business owners and personal users can forget their passwords and suffer the same fate.
You also need to consider estate or business planning. Imagine if you’re the only person in your company to know the password to your secret recipe and you have a heart attack in the middle of the night. The entire company can be destroyed because of this decision.
As a cybersecurity company in Miami, we recommend that our clients store their passwords securely using one of the following methods:
1. Password Manager
A password manager can be either an online solution or a software solution that resides on your device. Many choose online password managers, such as:
- BitWarden
- LastPass
- 1Password
- Dashlane
- Etc.
But you also have to be diligent because a data breach from one of these platforms can leak your information to the highest bidder. For example, LastPass suffered a data breach, and it was reported that backup data was breached. Unencrypted data was breached, prompting requests to change all passwords, which many employees may ignore.
If you opt to use a password manager, you’ll need to do your due diligence to ensure that the password data you store on the cloud is encrypted and safe.
2. Encrypted Flash Drive
Flash drives can also be used to store your password. You can use a password manager on the device or even store an Excel password on the device. Encrypting the device will keep your data safe and secure.
However, you do risk the device failing and losing access to the data.
Many flash drives die within 18 months of frequent usage. You'll need to make multiple backups of your device to ensure that you’re not locked out of your accounts if the device fails.
3. Paper Password Books
Paper books are secure in the sense that the only means of accessing a written password is to find the paper you have it written on. You don’t have to worry about hackers gaining access to the book.
And you can also place the password book into a fireproof safe so that it’s secure from any potential environmental risks.
However, if you lose the book, you’re also without your passwords.
Unfortunately, no means of password storing is 100% safe and secure. You can and should do everything in your power to keep your passcodes safe, secure and difficult to guess.
Every company is at risk of someone infiltrating an account because of poor password storage or even losing access to data because you can’t remember your password. Two-factor authentication can help add an additional layer of protection and is often offered on your most important online accounts.
Otherwise, you can work with our team offering cybersecurity in Miami to determine the best way to store your important passwords.