Password Manager Software Overview
What is Password Manager Software?
Password manager software helps businesses create, store, and control access to their passwords.
Employees often need to access multiple password-protected applications, each with their own password. Instead of memorizing multiple unique passwords, users often write passwords down or use a single password for multiple applications. Both of these options create security risks.
Password manager software aims to help businesses avoid these risks by saving user IDs and passwords in a secure location. Each employee can access their credentials with a single master password. Most products autofill credential fields with the appropriate information, saving employees from memorizing multiple credentials. Users with a single master password are less likely to write credentials down and more likely to use unique, secure passwords for each application.
Password manager software also helps businesses share credentials among multiple employees. Most vendors include a centralized view of users, groups, and credentials. From this view, administrators can create and manage groups of users and credentials. This system allows shared application access without exposing login information to each user.
Features & Capabilities
Most password manager software vendors offer the following features:
Secure user ID and password storage
Single sign-on access to login credentials
Autofill for saved login credentials
Password generation tools
Single-user and group permissions tools for administrators
Password security and auditing reports
Multi-factor authentication options
Mobile app for users
Pricing for password manager software varies based on feature set and number of users. Most vendors use a tiered per-user per-month pricing model. Many vendors offer free trials of their software. Prices range from under $2.75 to over $5.75 monthly per user.