Protecting financial transactions with password manager software

With online security breaches affecting organizations of all kinds, financial institutions are now on high alert. With proactive strategies such as password manager software, banks and customers may be able to remain a step ahead of digital threats.

The financial services industry has made great strides in cybersecurity in the past few years as a result of both internal policy and external regulation. However, recent events continue to suggest that vulnerabilities do still exist.

"Passwords are used everywhere, and they are important keys in protecting valuable assets," explained Credit Union Times contributor Don Jackson in his latest report. "Unfortunately, research based on actual breaches has shown that users will generally select weak passwords, those that are simple and easy to guess, if allowed."

Banks are also at fault for their own array of dubious practices. The continued reliance on storing passwords in databases - whether or not they employ hash coding - has been the source of an untold number of compromised accounts.

While multi-factor authentication appears to be the way of the future, effective password protection will still be at the heart of these strategies. To take control of financial data, experts agree that password manager software may be one of the few comprehensive solutions available today.