Every business should have security at the centre of everything they do, but something that often gets overlooked is how to store passwords. Luckily, password management software is available for businesses to adhere to password management best practices, and drop bad habits such as using weak passwords and reusing passwords for different accounts and services.
There are a lot of password managers available, which can feel overwhelming, but we’ve tried the top 5 managers available and compared them to help you.
What Makes a Secure Password?
Before we delve into exploring password management systems, it’s worth having a recap of how to make your passwords secure:
- Aim for 8-12 characters
- Use a mix of upper and lower case letters, numbers and special characters
- Consider using a passphrase or combination of four to six words together
- Don’t reuse passwords
80% of all breaches are due to weak passwords
That’s a lot to remember! But luckily, a password manager’s job is to make it easier for you to generate strong passwords and stay secure – meaning one less job for you to worry about!
How Do Password Managers Work?
Password managers give you a safe space to store your passwords and sensitive information. You’ll use a master password or a portable key (sometimes both) to enter an area with all of your saved data, that is encrypted and locked. You’ll then be able to copy and paste passwords for websites, and generate new passwords too.
5 Best Business Password Managers
KeePass
KeePass is a desktop-only, open-source password manager. It was founded in 2003, and in terms of design, it still resembles the original interface – which is something to be aware of. Whilst it isn’t the most pretty to look at, it is one of the most powerful password managers due to its extensive encryption features and ability to use both a master password and an encrypted key file (recommended to be stored on a USB pen drive) to secure your database. Your data is not stored on the internet and only someone with your password AND your physical key file can gain access.
Pros
Free
Portable database storage option
Unofficial versions available for a number of operating systems and devices
Cons
Dated interface
May require more time & effort to setup
LastPass
LastPass is one of the easiest solutions to use, with a user-friendly interface and a vault to store all of your passwords.
LastPass allows you to download a browser extension, create a master password, and access your unique vault to store passwords.
Unlike KeePass, LastPass allows you to autofill passwords on websites, and you can also access your vault via a mobile app.
Unlike Keepass, your vault is stored “in the cloud” so it’s available wherever you are but, unfortunately, LastPass suffered a data breach in 2022, resulting in hackers gaining access to passwords and user information.
Pros
Access vault online
Tracks security issues on the dark web
Cons
Huge data breach in 2022
Must be on highest tier to share passwords with a group
DashLane
DashLane is the newest kid on the block, and from what we’ve seen, it’s blowing the other solutions out of the water. DashLane has by far the best interface, and also has world class encryption technology.
One of the features we like about DashLane is that you can assign role-based permissions to your team, allowing you to delegate management responsibilities, and have access to audits to view password changes and updates.
Pros
Easy to understand and use
2FA and SSO available
Collections feature, to sort passwords into folders
Gives you alerts for weak passwords
Cons
No monthly option and must commit to an annual agreement
Limited to one or two devices without upgrade
1Password
1Password is a secure password manager program with a range of features.
One feature that sets this apart from its competitors is that you can connect third party apps to your account – a feature that isn’t available for other solutions. You could use some of the third party apps – such as Slack – to monitor who logs into 1Password and when, allowing you to keep everything secure.
We hadn’t heard of 1Password until recently, but this new password management solution seems to be a popular favourite among businesses.
Pros
Prevents clipboards from storing sensitive data
Does not allow information to be copied to any site you haven’t visited
Cons
Autofill isn’t effective
No free plan for trial
NordPass
NordPass uses an encryption algorithm to help you to manage passwords, in a business vault with unlimited password storage.
It also features a data breach feature that allows you to monitor and scan individual emails and a domain, sorting them into high or low risk to help you prioritise.
In your admin dashboard, you can quickly see new password activity and manage data breaches. In addition to passwords, you can also save credit card details and secure notes.
What sets it apart from its competitors is the ability to share and transfer items between users – perfect for a team.
Pros
Safely store non-password data
Create groups for sharing passwords internally and control access
Data breach scanner
Cons
Short trial period might not be enough time to make an informed decision
Freeware is very limited compared to competing managers
Password Manager Comparison Table
See a simple to read comparison table below, to view key areas of each platform.
| KeePass | LastPass | DashLane | 1Password | NordPass | |
| Pricing | Free | £3.40 per user per month | $20 per month | $19.95 per user, per month | $3.59 per user, per month |
| No. of Passwords | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited |
| Login | Master Password or Key File | Master Password | Master Password | Master Password or Key File | Master Password |
| Sharing? | Shared access | One to One Sharing | Secure sharing | Yes | Yes |
| Password Generator | Yes | Yes | Yes | Yes | Yes |
| Auto Fill Web Forms | Yes | Yes | Yes | Yes | Yes |
| Dark Web Monitoring | No | Yes | Yes | No | Yes |
| SSO Integration | No | No | No | No | Google Workspace |
| 2FA/MFA | Yes | Yes | Yes | Yes | Yes |
| Audit Logs | No | No | Yes | No | Yes |
| Support | No | Yes | Yes | Yes | Yes |
| Interface | Outdated | Busy due to additional features available | Clean and uncluttered | Simple, organised | User-friendly |
Conclusion
KeePass is the only solution that is always free, however, its clunky interface may make it difficult to set up. Personally, we prefer the use of KeePass and DashLane, and found that 1Password’s features were the least attractive.
It may also be beneficial to take into consideration Forbes’ comparison rating, which rates NordPass the highest at 4.8/5, with DashLane and 1Password following closely, then KeePass and finally LastPass which comes in at a rating of 3.2/5.
If you are a Google Chrome user, the other option is to use Google Password Manager – a new feature that allows your passwords to be saved in your Google Account. It allows you to create unique passwords, and save them when logging into websites, with Google’s built-in security. Find out more about Google Passwords.
Overall, which solution you pick will depend heavily on the size of your team and what requirements you have. We at Ballyhoo always recommend to focus on your business security and ensure that your data is encrypted when sharing passwords in-house.
Working with Ballyhoo has lots of positives, including that you can rest reassured and have peace of mind that we take security very seriously. Contact us now to work with us.
