What You Need to Know

Password managers have become very popular among people who want to have a single view of the passwords for their various online accounts and digital assets. 

The ability to view and use one’s passwords on any device and with any operating system has made a strong case for password managers, especially for people living digital lives. 

Is this trend slowing down? Let’s see three strong trends which might be signaling exactly that. 

#1 Eroding trust due to security breaches

In the last several years, there have been multiple cybersecurity breaches and vulnerabilities related to some of the most popular password managers, which have eroded trust in their security. 

And let’s be honest – tight security is one of our most important considerations when it comes to choosing where to store the access details to our most valuable digital assets. Breaches in security simply mean breaching that trust, which inevitably leads to decreased usage of these password managers. 

#2 Switch to Apple and Google

Does the eroding trust in password managers mean that people will stop protecting their digital assets and online accounts? 

Recent reports indicate a slightly different trend – that people still have the need to protect their digital world, but they are simply using different means to achieve that. 

For example, Apple and Google have recently doubled down on their password management solutions. This is attracting an ever-increasing number of people who are switching to either Apple Keychain or Google Chrome Password Manager to protect their online passwords. 

A drawback is that if you use Apple or Google’s password management solutions, you need to stick to their ecosystem – Apple or Google devices, browsers, and operating systems. But obviously, their security, brand reputation, and continuous addition of new features are convincing more and more people to use them instead of third-party password managers. 

In the end, how many cybersecurity breaches have you heard about for Google or Apple? Not many at all. And security and trust outweigh any “political” considerations regarding the “evil big corporations.” ?

#3 Digital Inheritance services 

Digital inheritance services are another type of application that is gaining significant popularity and attracting password management users. 

Digital legacy planning apps enable people to have a single pane of glass for their digital assets and 24/7 access. And, in addition to what password managers offer, they enable users to create their digital inheritance plan – to catalog their assets, designate beneficiaries to each of them, and decide whether they want to share the information immediately or only in the case of an unforeseen event. 

How will these trends shape the future of password protection? Will we eventually be using Google and Apple for accessing our online accounts, and digital inheritance services for legacy management of our digital assets? So far, this seems the path forward.