With attacks on password managers tripling in 2024, here’s what businesses and individuals need to do to stay secure

Password managers have become an essential tool for improving cybersecurity, helping users store and manage unique, complex passwords across multiple platforms. However, as more businesses and individuals rely on password managers, cybercriminals have taken notice—leading to a sharp rise in attacks targeting these tools.

A recent report from Picus Security revealed that attacks on password managers have tripled in 2024, with cybercriminals using advanced techniques like memory scraping and registry harvesting to extract credentials. For the first time, stealing credentials from password stores has entered the top 10 most common attack techniques in the MITRE ATT&CK Framework, accounting for 93% of all credential theft methods last year.

So, should businesses and individuals still trust password managers? And what extra steps should they take to keep their credentials secure?

Why Are Cybercriminals Targeting Password Managers?

Cybercriminals are always looking for the weakest link in security, and password managers have become a high-value target because they store multiple login credentials in one place. If an attacker gains access to a password manager, they can potentially compromise all the accounts linked to it.

Here’s how these attacks are happening:

  • Memory Scraping Attacks – Malware scans system memory to steal passwords from password managers while they are in use.

  • Registry Harvesting – Some password managers store encrypted data in the Windows registry, which attackers attempt to extract and decrypt.

  • Cloud-Based Breaches – If a password manager syncs with the cloud, attackers may target cloud credentials to access stored passwords.

  • Master Password Attacks – Many users fail to create strong master passwords, making brute-force attacks more effective.

With stealthier malware and automated attack tools, hackers are evolving their techniques to steal credentials before security teams can detect a breach.

Are Password Managers Still Safe?

Despite the rise in attacks, password managers are still one of the best tools for securing credentials. They encourage users to generate strong, unique passwords, reducing the risk of credential stuffing and account takeovers.

However, using a password manager alone is no longer enough. Businesses and individuals must layer additional security measures to protect stored credentials from emerging cyber threats.

How to Secure Your Password Manager Against Cyber Threats

While password managers remain a critical part of cybersecurity, following these best practices can significantly reduce the risk of compromise.

  • Use Multi-Factor Authentication (MFA) for Your Password Manager

    The biggest mistake users make is relying only on their master password for security. Adding MFA ensures that even if attackers steal your master password, they still need another verification method to gain access.

    ✅ Enable MFA using a physical security key (like YubiKey) or an authenticator app.
    ✅ Avoid using SMS-based MFA, as SIM-swap attacks can compromise it.

  • Use a Strong, Unique Master Password

    Your master password is the key to your digital vault, so it needs to be:

    ✅ Long (at least 16+ characters)
    ✅ Random (not a dictionary word)
    ✅ Unique (not used anywhere else)

    Tip: Use a passphrase instead of a traditional password. Example:
    🚫 Weak: Password123!
    ✅ Strong: Blue-Tiger$Dance78&Rain

  • Choose a Password Manager with Local Encryption

    Not all password managers encrypt your data locally before syncing with the cloud. Ensure your provider:

    ✅ Uses zero-knowledge encryption (so they can’t access your data).
    ✅ Encrypts before syncing to cloud storage.
    ✅ Supports secure password sharing (for business use).

  • Monitor for Leaked Credentials

    Cybercriminals actively trade stolen credentials on the dark web. Use tools like:

    • Have I Been Pwned? (haveibeenpwned.com) – Check if your credentials have been leaked.
    • Dark Web Monitoring – Many security platforms alert you if your passwords appear in data breaches.

  • Keep Your Password Manager and Devices Secure

    Attackers often target your device first to gain access to your password manager.

    ✅ Enable auto-lock on your password manager (set it to lock after inactivity).
    ✅ Keep your operating system and antivirus software updated.
    ✅ Avoid storing passwords in browsers, as they are often less secure than standalone password managers.

The Future of Password Security: Moving Beyond Passwords

As cyber threats become more sophisticated, businesses are shifting toward passwordless authentication using technologies like:

  • FIDO2 Passkeys – A biometric-based alternative to passwords.

  • Zero Trust Authentication – Continuous identity verification.

  • Hardware Security Keys – Devices like YubiKey or Google Titan that eliminate passwords.

Password managers will continue to evolve to integrate these technologies, but until then, following strong security practices is essential.

Final Thoughts: Should You Still Use a Password Manager?

Yes—but with extra precautions. Password managers remain a key defence against weak passwords and credential reuse, but businesses and individuals must go beyond just storing passwords.

By enabling MFA, using strong master passwords, and staying vigilant against emerging threats, you can secure your credentials and stay ahead of attackers.

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