With the recent announcement by LastPass that it was hacked, and source code was compromised (LastPass is reporting that no passwords were compromised) [view related post], I thought it timely to remind readers about the pros and cons of using a password manager.
Basically, the biggest pro is that you have your passwords in one place so you don’t have to remember them or write them down, or put them in a file called passwords (please don’t ever do that!)
The biggest con is that all of your passwords are in one place, so if the password manager is compromised, you may have to change all of your passwords, which would be a bit of a nightmare.
Here is a good article that outlines the pros and cons for your consideration. The best way to protect passwords is to use complex passwords or phrases and change them frequently. It takes a short amount of time and is the best way to thwart criminals’ use of previously compromised passwords.