Password manager systems: which is the right one for you?

Number of cybersecurity incidents increased by 82,5% compared with the same period last year. If, until now, the cybersecurity meetings started with ‘ if we get attacked’ scenarios, this year they definitely got replaced with ‘when we get attacked’.

Australian Cybersecurity Growth Network predicts that the global cybersecurity market will reach $270 billion by the year 2026. Interestingly, 77% of this money will be allocated to external cybersecurity solutions and services, such as password manager systems.

If you are thinking about using one as well, but the choice among many password manager systems out there seems confusing, we’re here to shed some light on what you should look for in such solutions and select the one that will suit your needs the best.

Types of password manager systems and when to use them

A password manager – usually built on vault technology – is so far one of the best solutions for storing and sharing passwords. However, the bigger the demand – for individual use, small team use, or enterprise use – the more solutions there are, providing different features for different needs.

Let’s look at the most popular ones that you might want to consider.

Direct to consumer solution

For individual or small team use – keeping your passwords, sharing login details with family, coworkers, clients, and partners securely – the simple, yet secure, usually cloud-based personal or team password manager serves as an excellent choice.

This solution not only protects your data against hackers 24/7, but it also allows you to share passwords securely with others without risking your data to get leaked.

Vaults integrated to your infrastructure

When it comes to larger companies, corporations, and organizations, the most basic password manager systems don’t do their job anymore – they are either too expensive or too inconvenient to use for a large team.

If you’re looking for an internal password management system for your company or you need a tool to securely handle your clients’ data, look for an option to integrate a vault into your company’s infrastructure. This way, you will receive a secure solution that is adapted to your needs and is intuitive to use for your team and clients.

Open-source password managers

If you are looking for a solution that would allow you to customize the tool specifically to your needs – design, additional security, and UX/UI customizations included, you might want to consider open-source password manager systems.

However, keep in mind that this system requires not only IT knowledge and maintenance, but significant knowledge-base on cyber security as well. If that is an issue to you, choose the integrated to your infrastructure solution – this way, all the customization, and maintenance will be done for you.

Vaults hosted on private cloud or on-premise

Suppose you need a solution that complies with your strict company information security policy. In that case, you might consider choosing a vault provider that can offer you hosting a password manager on your private cloud or other applicable on-premise solutions, as this is often a requirement for larger organizations.

This way, your company can adhere to a strict cyber security policy by keeping sensitive data protected, inaccessible to anyone (even to vault providers), and under control by data owners – your company.

Finding a reliable provider

Once you know the differences, it’s time to find a reliable password manager provider. Most password manager systems focus on one main feature – for instance, they offer a tool only for individual use, or only for cloud hosting. This limits your possible future growth and expansion when needed.

Instead, you might want to choose a provider (such as PassCamp) that can always adapt to your needs. Such a provider can offer multiple solutions depending on what you need, at different stages of your team’s or company’s development.

For instance, you can start with a team account and later expand to enterprise-focused solutions such as integrations to infrastructure, cloud-based or on-premise solutions, and others. Or you can always start with the enterprise solutions immediately.

Don’t limit your growth. Partner up with PassCamp and enjoy your data security, no matter at which stage you currently are. We have your back.