Running an e-commerce site can be challenging, especially when it comes to safeguarding customer data. A data breach can have disastrous effects on your business. Fortunately, using an open-source password manager is one of the most effective ways to keep your customer information safe.
In this post, we’ll discuss the importance of guarding sensitive information with a secure password and share some best practices for creating one. We’ll also look at five open-source password managers that can help you protect your customers’ data. Let’s get started!
The Importance of Protecting Sensitive Data with Secure Passwords
Whether you run an online store or offer professional services, safeguarding your customers’ details is of utmost importance. In 2021, the average total cost of a data breach was $4.24 million. Such an expense could easily bankrupt your business.
A data breach can also cause irreparable damage to your public image. Not only could you face serious legal implications, but you might also lose the trust of your clients. This may result in significant losses. Furthermore, you may find it very difficult to win back your customers (and attract new ones).
Unfortunately, cyber attacks can happen to anyone, at any time. Content Management Systems (CMSs) such as WordPress are popular targets for hackers. In the first half of 2021, the popular WordPress security tool Wordfence blocked over 86 billion password attack attempts.
Therefore, implementing security measures is essential. They include creating strong passwords for your WordPress website and other places where you store sensitive information.
Best Practices for Creating a Secure Password
Strong passwords can make it almost impossible for malicious actors to hack into your site and steal sensitive data. Additionally, you may want to enable two-factor authentication (2FA) to make your site more secure.
Let’s look at some best practices for creating a secure password:
- Try to avoid using identifiable information, such as your surname or date of birth.
- Create long passwords, ideally between 12 and 16 characters.
- Make your passwords more complex by using a mixture of letters, numbers, and special characters like exclamation marks.
- Use a unique password for each of your accounts.
However, creating uncrackable passwords is not enough. You’ll also need to ensure that they are stored in a secure location and shared responsibly.
This is where open-source password managers come in. These tools help you generate very strong passwords and also enable you to store and share them securely.
For added security, we highly recommend opting for open-source software. A community of professional developers is constantly improving upon open-source tools. Therefore, any vulnerabilities are almost immediately patched.
5 Open-Source Password Managers for Protecting Customer Data
You don’t have to spend a lot of money to keep your data secure. Fortunately, there are plenty of affordable or free password managers with top-notch security features. Let’s take a look at five open-source tools that can help you protect customer data and other sensitive information.
1. KeePass
KeePass is a lightweight, easy-to-use password management tool that is compatible with Windows, Linux, and macOS. It enables you to store all of your passwords in a single database locked with a master key.
The database is protected with some of the most secure encryption algorithms: AES-256, ChaCha20, and Twofish. You can also import and export your password files in CSV, TXT, and other formats.
KeePass can help you generate strong passwords. Moreover, it enables you to easily search for specific entries in your database and view details about them. For example, you can see when a password was created and its expiration date.
Pricing: KeePass is a completely free, open-source tool.
2. Padloc
If you’re looking for a simple yet efficient password management solution, Padloc may be the answer. This tool is available on all major platforms, including Windows, Linux, and Mac. You can also download the application for Android and iOS.
Padloc has a clean and intuitive interface, making it super easy to manage and access your passwords. It also enables you to share sensitive data securely, including credit card details.
Pricing: Padloc’s free plan allows you to store up to 50 passwords. You can upgrade to the Premium plan from $2.99 per user per month for more advanced features, including unlimited connected devices and stored information.
3. Passbolt
Another powerful password manager you can use is Passbolt. This tool can be handy if you have a team-based environment. It enables you to share passwords with other members securely.
Passwords are sent encrypted over HTTPS. The receiver can then use their private key and secret passphrase to access them.
Passbolt is a self-hosted solution, so you can run it on your own servers. Due to its open-source nature, you can also easily customize it to your particular needs.
Pricing: You can get started with Passbolt for free. If you’re looking for more advanced password collaboration, consider opting for the Business plan, which costs €30 per month.
4. Password Safe
With over five million downloads, Password Safe is one of the most popular password managers. Its open-source software enables you to create an encrypted username and password list easily. Then, only users who know the master password will be able to access the information.
Password Safe also comes with built-in support for multiple languages. This feature makes it ideal for global teams.
Moreover, it utilizes two-factor authentication for added security. As such, it’s almost impossible for hackers to access any of your data or passwords.
Pricing: Password Safe is entirely free and can be installed on Windows 7 or later.
5. Bitwarden
Bitwarden is a versatile password manager that is suitable for individuals, teams, and large organizations. It uses multi-security algorithms that enable users to store and share sensitive data safely.
With Bitwarden, you can create and manage your passwords from any device or location. Therefore, it could be ideal if your team is spread out across multiple remote working locations.
Moreover, its source code and features are constantly updated and vetted by a global community. As such, Bitwarden is continually upgraded to maintain the security of your passwords and data.
Pricing: You can get started for free with a personal plan or create a premium account for just $10 per year. Bitwarden also offers business plans that start at $3 per month per user.
Conclusion
A data breach can have disastrous consequences for your business. It can cost you thousands of dollars and destroy your brand reputation. Fortunately, you can protect your customer data and other sensitive information by using secure, open-source password managers such as KeePass, Padloc, and Passbolt.
Do you have any questions about using open-source password managers? Let us know in the comments section below!
Image credit: Pixabay.