As a user of a password manager, you don´t need to do anything to create a decryption key because it is done automatically by the password manager´s software. Password manager decryption keys are most often derived from the master password you use to access your password manager via a process known as Password-Based Key Derivation Function 2 (PBKDF2). However, some password managers make it easy for third parties to access your passwords without a decryption key. Most password managers offer strong password security in much the same way – by encrypting data at rest and in transit so if data stored in a password manager is accessed or intercepted by a third party who does not have the decryption key, the data is indecipherable.
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