We have a solution for our customers where we let the built in member types store some passwords to different external systems that our clients have.

We currently store these as plain text in the database. Is there anyway to hook up to any event to hash the password into the database to keep it stored safe?

I have been having a look on some of the System.Security.Cryptography that the .Net framework comes along with - is it possible to update the database with this record?