Password Manager Alternatives: Why Businesses Should Avoid LastPass

As cyberattacks grow more sophisticated, strong password security is critical for every business. According to Verizon’s 2022 Data Breach Report, compromised credentials are involved in 61% of breaches.

Reliable password management ensures credentials are unique, complex, and encrypted across employees – critical for any business’s security strategy. But major vulnerabilities discovered in popular tool LastPass now pose substantial risk.

In this post, we’ll discuss the security issues plaguing LastPass and recommend safer business password managers like 1Password, Dashlane, and Keeper. We’ll also overview key criteria for evaluating password management solutions.

Don’t gamble with your credentials. Read on to learn why LastPass should be avoided and the most secure alternatives for protecting business passwords.

Avoid Browser Password Managers

Some browsers like Chrome and Safari have built-in password managers that store credentials. However, relying solely on these comes with substantial security risks for businesses:

• No end-to-end encryption – stored passwords are visible to the browser provider
• Limited organizational management and sharing
• No ability to generate complex, unique passwords
• No multi-factor authentication for access
• No security policy enforcement and auditing

While convenient for individual consumers, inherent limitations make browser-based password managers unsuitable for robust business security needs. Standalone password management platforms are vastly superior for protecting credentials.

Problems with LastPass

LastPass has suffered multiple alarming security issues over the past few years, putting customers at risk despite efforts to patch vulnerabilities.

In 2015, LastPass revealed master passwords were compromised due to a breach. Then in 2019, a hack exposed customer vault data, emails, and hashed passwords.

Most concerning, vulnerabilities found in 2022 allowed attackers to extract decrypted sensitive data due to defective encryption. Research also revealed companies could be impersonated through injected code.

While LastPass has tried patching flaws, fundamental weaknesses still make the platform too unreliable for robust business use. Minimizing risk requires adopting a more secure password manager.

Password Manager Alternatives

1Password

1Password is widely considered the most secure and robust business password manager. Features include cloud sync, shared password vaults, and advanced security like end-to-end encryption.

Pros: very strong security protocols, intuitive interface, excellent support. Cons: more expensive plans.

Dashlane

Dashlane provides solid password management tailored for business use. Capabilities include password auditing, secure sharing, and dark web monitoring.

Pros: affordable plans, good security. Cons: sync can be slow, some limitations for larger teams.

Keeper

Keeper offers top-rated security with features like biometric authentication, file encryption, permissions controls, and cloud backup.

Pros: strong security reputation, integrates with apps. Cons: interface less user-friendly, mobile use clunky.

Key Criteria for Evaluation

When selecting a secure and reliable password manager for your business, consider criteria such as:

• Encryption methods – Solutions should use zero-knowledge encryption so only you control keys.
• Credential storage – Cloud sync enables access across devices but local-only options increase security.
• Pricing – Evaluate team plans and features compared to costs.
• Support – Look for responsive customer support via email, chat, phone.
• Access controls – Managers should be able to set granular staff permissions.
• Auditing – Review login activity, enforce complex passwords.

Prioritizing security, usability, and your specific business needs will help identify the right password manager. Leading providers offer free trials to evaluate fit.

Conclusion

Due to vulnerabilities like defective encryption, LastPass poses too much risk for securing business credentials. While patches have been released, fundamental weaknesses remain.

For stronger password management, leading alternatives like 1Password, Dashlane, and Keeper offer more robust security tailored for business use. Evaluate options based on encryption methods, storage, pricing, support, and access controls.

Adopting a trusted business password manager is a strategic investment in security. Don’t gamble with credentials relying on flawed tools like LastPass. Contact us today for help selecting and implementing a secure password management solution for your organization.

Don’t gamble with credentials relying on flawed tools like LastPass. Contact us today for help selecting and implementing a secure password management solution for your organization.