Dec 05, 2014

How secure are password managers?

One of the of suggestions that often gets thrown out as a way to improve personal security is to use a password manager. Ok, I understand that it makes it easier to keep track of a bunch of long, difficult to remember passwords, but doesn’t the use of a password manager put all of your eggs in one security basket? If the password manager is compromised then you could give away access to everything, right? How secure are the password managers themselves?
I have used Lastpass and Keepass and chucked one file of password up onto Sky Drive so I could access it from any of my devices (its a test).
Most are quite secure. I would stay away from cloud based password managers unless it offers client side encryption and decryption and all traffic is encrypted. I would also stick with a trusted, open source application so that you know the code has been looked at and checked for hidden backdoors. KeePass is one option, Password Safe is another.
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