Effective secrets management is crucial for organizations to store, access, and rotate sensitive data securely, minimizing risks of exposure and misuse. Without robust secrets management, organizations expose themselves to various security risks, including unauthorized data access, compromised applications, and potential financial losses. Open-source secrets management solutions offer flexibility, cost-effectiveness, and customization benefits but also come with maintenance and security risks. Managed secrets management solutions provide comprehensive security, ease of use, and scalability but have financial implications and potential vendor lock-in. Understanding the pros and cons of both options is essential to determine which solution aligns with an organization's needs and goals.