Manager

A password manager is a software application that helps a user store and organize passwords. Password managers usually store passwords encrypted, requiring the user to create a master password; a single, ideally very strong password which grants the user access to their entire password database. Some password managers store passwords on the user's computer (called offline password managers), whereas others store data in the provider's cloud(often called online password managers). However offline password managers also offers data storage in users's own cloud accounts rather than provider's cloud. While the core functionality of a password manager is to securely store large collections of passwords, many provide additional features.

Advantages: 

The advantage of password-based access controls is that they are easily incorporated in most software using APIs available in many software products, they require no extensive computer/server modifications, and that users are already familiar with the use of passwords. While passwords can be fairly secure, the weakness is how users choose and manage them, by using:

• simple passwords - short in length, that use words found in dictionaries, or don't mix in different character types (numbers, punctuation, upper/lower case), or are otherwise easily guessable
• passwords others can find - on sticky notes on monitors, in a notepad by the computer, in a document on the computer, whiteboard reminders, smart device storage in clear text, etc.
• the same password - using the same password for multiple sites, never changing account passwords, etc.
• shared passwords - users telling others passwords, sending unencrypted emails with password information, contractors using same password for all their accounts, etc.
• administrative account logins where limited logins would suffice, or
• administrators who allow users with the same role to use the same password.

Online Password Manager: 

An online password manager is a website that securely stores login details. They are a web-based version of more conventional desktop-based password manager.The advantages of online password managers over desktop-based versions are portability (they can generally be used on any computer with a web browser and a network connection, without having to install software), and a reduced risk of losing passwords through theft from or damage to a single PC - also the same risk is present for the server that is used to store the users passwords on. In both cases this risk can be prevented by ensuring secure backups are taken.

Security Password Manager: 

Security tokens like smart cards or secure USB flash devices are seen by security experts as the best way to authenticate users, since many require multi-factor authentication. The data stored in the token is usually encrypted to prevent probing and unauthorized reading of the data. Some token systems still require software loaded on the PC along with hardware (smart card reader) and drivers to properly read and decode the data. Some of the other advantages include: tokens can also be either contact or contact less smart card, stand-alone client based or tied into active directory. These tokens can be combined with RF ID badges for building access and use other security protocols like single sign-on (SSO), one time password (OTP) and public key infrastructure (PKI) instead of passwords to establish the trust. These tokens can be thought of as the key to secure the virtual front door.