A password manager is an app where users can save their passwords and other personal information such as credit cards, driving licenses, IDs and more. The information gets encrypted and is available to use at any time.
When the user signs into an account which is not saved in the app, the password manager can detect the new credentials and save them so that it can autofill the username and password in the next login.
Most password managers include other helpful features such as password generators and browser extensions to increase protection against hackers.
Although it is still a new industry, there are several password management solutions in the market that HNWIs can choose from.
This is a free open-source fully cross-platform manager. You can store passwords and other private data with AES, Twofish or ChaCha 20 encryption. It also offers a stand-alone password and passphrase generator along with a password strength meter. You can integrate it to your Google Chrome, Chromium, Vivaldi and Mozilla Firefox browsers.
Budget-friendly subscription & self-hosted solution
This is another open-source solution that is conveniently optimized for use on desktop, laptop, tablet, and phone devices. It also offers powerful command-line tools (CLI) to write and execute scripts on your Bitwarden vault. For anyone who doesn’t want to use the Bitwarden vault, with Docker, they can easily host Bitwarden’s entire infrastructure stack on the platform of their choice.
Dashlane offers all the basic features of most password managers and more, all from a friendly interface that is very simple to navigate. Its extra features include an identity dashboard that monitors the user’s password strength and level of security, dark web monitoring which scans the web for leaked personal data and a VPN so users can conceal their identity while connected in unsecured networks.
This is a great overall solution for individuals, families and businesses alike. When managing passwords, users can create several vaults which they can share rights to with different groups of people or even add guest accounts to share specific information with. The travel mode feature lets users remove sensitive data from their phone for the duration of their trip and restores it upon their return. It also includes a watchtower which keeps track of password breaches and other security problems.
While still in the development stage, this project is worth mentioning since it plans to integrate decentralization in password management. The premium version of the app plans to save users’ data on a decentralized cloud. This is a system where data is stored on multiple computers or servers which are part of the cloud. The owner of the data is the only one who can retrieve it thus the company will have no access.
Designed by blockchain enthusiasts, DIW plans to offer a passwordless account based on a blockchain wallet. Their friendly user interface will make the app easy to use by the average user without the need to have advanced technological knowledge. Combined with their browser extension, users will be able to login into sensitive accounts from any public or potentially unsafe network without having to worry about compromising their credentials.