You know how it goes. Your clients are using password after password for the services, platforms, and apps you provide, and you struggle to keep them all straight. Some applications have one login and password for everyone, some have a different login and password for each person, and all of them require something just a little bit different. It’s your job to manage and protect each and every password so that your clients’ sensitive information is protected. It’s enough to send any sane person running for the Advil. And it’s why we see statistics like these:

  • 86% of people are using passwords that have already been leaked in previous data breaches
  • Only 20% of people use a different password for every online account
  • 45% of people use the same password for some accounts
  • 20% of people use the same password for most of their accounts
  • 21% of people use passwords that are over 10 years old
  • 47% of people use passwords that are over 5 years old
  • The five most popular passwords in 2014 were 123456, password, 12345, 12345678, and qwerty
  • 73% of online accounts use duplicated passwords
  • 54% of people use five or fewer passwords over their entire lifetime

Fortunately, there is a solution to the password conundrum – a good business grade password manager. With a good password manager, you will be able to protect yourself, your business and your customers from identity theft and cyber crimes. At the same time, you will enjoy these benefits:

  • Only having one password to remember
  • The ability to generate strong, random passwords
  • Simple account login using autofill
  • Easily make password changes
  • Secure password sharing
  • All passwords stored safely
  • Additional layer of security
  • Password manager use across multiple devices

The problem is there are so many password managers out there it can be difficult to know which business grade password manager will best suit your needs. Add to this the fact that not all password managers are created equal, and you really need to know what you are looking for to protect your passwords and your sensitive information. With that in mind, here are the pros and cons of five of the top password managers, so you can make an informed decision.

LastPass

LastPass is used by many organizations and for good reason. This business grade password manager offers incredible value. Here is what you need to know:

Pros

  • Affordable
  • Easy to use
  • Supports all the major operating systems, platforms, browsers, and mobile operating systems
  • Has a wide range of features and configurations
  • Uses two-factor authentication
  • No need to install apps on your computer – completely cloud-based
  • Offers a security challenge – goes through your password database to determine which passwords are weak and which are duplicates
  • Allows you to change some passwords automatically to keep a revolving set of passwords
  • Great free features, such as credit monitoring, autofill, multiple identities
  • Has its own authentication app
  • Has a portable version

Cons

  • Limitations in free version includes the inability to share passwords and limited two-factor authentication
  • Has experienced vulnerabilities in security in the past, but has worked hard to fix them and regularly updates clients

Price

  • There is a free version of LastPass that is quite comprehensive, with almost all the features of the paid version. The paid version is just $24/year, which is reasonable.

IT Glue

IT Glue is an entire document management system, that includes password management. This makes IT Glue valuable in terms of the versatility it has for an organization.

Pros

  • Streamlines all IT documentation, making it easier
  • Easy to customize to an organization’s needs
  • Detailed audit log that let’s you know when passwords need to be changed
  • Stores multiple passwords and links them to the correct platforms/apps
  • Easy to save a lot of information and keep it organized
  • Easily integrated with PSA, RMM, or API

Cons

  • User-interface not the easiest to use
  • Requires significant data entry
  • Not very customizable
  • Not compatible with Firefox
  • Not exclusively designed for password management, so password management function is quite basic
  • Expensive

Price

  • Basic – $19/user
  • Select – $29/user
  • Enterprise – $39/user

Bitwarden

Bitwarden is an open-source password manager that is free to use, whether you are an individual, a team, or an entire organization. This makes it a highly accessible password manager for anyone, anywhere.

Pros

  • Since it’s open-source, it’s free – the premium version is very affordable
  • Synchronizes across platforms
  • Passwords are fully encrypted prior to leaving the computer
  • Compatible with all major browsers
  • No ads to deal with
  • Strong encryption
  • Native iOS and Android mobile apps available
  • Auto-fill function available
  • Supports multiple logins on the same site
  • Supports two-factor authentication
  • Cloud-based or on-premise
  • Allows for password-sharing

Cons

  • Two-factor authentication only available on premium version
  • Has not had a third-party security audit
  • No ability to update data while offline
  • Web browser extension can only paste in one field at a time
  • Not able to store images of ID cards and similar

Price

Individual use

  • Open-source – Free
  • Premium – $10/year

Sharing

  • Basic – Free
  • Families – $1/month
  • Business Teams – $5/month
  • Business Enterprise – $3/user/month

Passportal

Passportal is a password manager that is targeted specifically at Managed Service Providers (MSPs), which is ideal since MSPs have to manage large numbers of passwords for large numbers of clients. The company has grown substantially in recent years and recently rebranded their product offering, now called Ocular.

Pros

  • Cloud-based
  • Easy to use
  • Auditing and reporting tools
  • AES-256 encryption with the use of a SHA-256 Hash algorithm
  • Two-factor authentication
  • Mobile-friendly
  • Real-time user activity feed
  • Documentation management
  • Ability to integrate with multiple platforms, including Datto, ConnectWise, Tiger Paw, and Autotask
  • Ability to set user access for each client
  • Exit procedures and workflow for employees
  • User-friendly dashboard showing stats and alerts
  • Active directory integration with client networks

Cons

  • In the recent past, documentation was not adequate – this has been improved considerably
  • Can be costly

Price

  • 30-day free trial
  • Up to 15 users – $49/month
  • Will quote pricing packages base don organizational needs

Passwordstate

Passwordstate was created by Clickstudios. It is an effective password manager that is ideal for large enterprises, but still usable by smaller businesses.

Pros

  • Cloud-based
  • Role-based access to accounts and apps
  • Passwords can be organized based on function or department
  • Easy to use interface
  • Allows different permissions for passwords, such as view only, modify, and admin privileges
  • Password permissions can be time-limited
  • Password sharing capability
  • Allows document attachment
  • Password lists have a Guide tab to enter a list description
  • 256-bit encryption, salting fields, and obfuscation of code
  • Supports Windows, Linux, MacOS, and mobile
  • Numerous two-factor authentication options
  • Customizable
  • Provides tacking and auditing of activities

Cons

  • Windows-only server
  • Expensive

Price

  • 1-9 users – $54/user
  • 100-199 users – $30/user
  • Enterprise one installation/unlimited users – $6,204
  • Global unlimited installations/unlimited users – $16,440

Ultimately, you will need to choose a business grade password manager that offers the capabilities you want and that fits your budget. However, just knowing these great options are available makes it possible to rest easy at night, knowing your password management is – well – managed.

Written by Sophie Furnival Content Specialist @ SherWeb

Sophie is SherWeb's Marketing Communications Strategist.