Storing passwords on (shared) docs
While normally free and universal, this solution has the following flaws for managing passwords:
- Passwords are not saved encrypted.
- Access control is difficult and not fine grained.
- Nothing is logged.
- If the documents are not shared (Word docs, txt files), sharing them is usually done at the file system level or by email. Solutions like Google Docs make sharing easy but not optimal for password sharing.
- Passwords are stored in several docs that can easily get lost, deleted or shared with the wrong people.
- Searching for passwords is difficult or impossible with this method, resulting in many lost hours.
Using a personal password manager with a shared database on Dropbox
This solution is a step forward to storing passwords on docs, but it's not optimal in terms of sharing passwords:
- No user management makes access control impossible.
- Normally logging is not implemented, or at least not at the user level (because there are no users).
- If a user needs to access the shared database, he/she also needs to have the application installed.
This solution is good if you need to share your personal passwords database between the different computers you use (work, home), but not for sharing passwords between several people.
Using a SaaS password solution
Several SaaS (Software as a Service) solutions for managing passwords have been developed lately and they are a natural fit for password sharing. These tools have the following disadvantages over Team Password Manager:
- You don't control your data: your passwords are stored in one or more servers somewhere, out of your control.
- Monthly payments: Saas solutions normally require a monthly payment, which can really add up over the years.
Team Password Manager offers a self hosted solution with a one time price. Host it on the server of your choice and only pay once.