SAN FRANCISCO, June 1, 2022 — Lookout, Inc., a number one supplier of endpoint and cloud safety options, at present introduced it has acquired SaferPass, an progressive Password Administration firm that gives safe on-line identification options for each customers and companies. By including Password Administration know-how to its suite of safety options, Lookout is increasing on its mission to ship proactive safety and safeguard buyer information for people and companies.
Whether or not procuring on-line, banking, or connecting to company functions and electronic mail, usernames and passwords have grow to be the usual type of authentication to validate a consumer’s identification and allow entry to delicate data. Passwords might be troublesome to make use of and extremely insecure, particularly in instances the place a consumer has many accounts. On common, individuals have greater than 100 accounts with an related password to recollect. As well as, human-generated passwords are sometimes algorithmically weak; based on the Verizon Knowledge Breach Investigations Report, 81% of knowledge breaches leveraged weak, stolen or reused worker passwords, and each time a password is reused, it opens the door to a possible information breach. Moreover, almost 64% of individuals reuse the identical passwords throughout their on-line accounts. If login credentials are compromised, the implications might be critical – together with private identification theft or stolen company data.
SaferPass delivers a sturdy, progressive resolution for identification and password administration to each customers and companies, enabling customers to securely handle their passwords, banking and different delicate data throughout gadgets. The SaferPass resolution gives an encrypted digital vault that shops safe login data used to entry providers by means of cellular apps and internet browsers. Along with maintaining a consumer’s identification, credentials and delicate information protected, the product helps create sturdy, distinctive passwords by means of a password generator software that ensures the person will not be utilizing the identical password in a number of locations and that their password has not been compromised in a earlier breach.
In line with Mordor Intelligence, the Password Administration market by itself, was valued at over $1.2 billion in 2020 and is anticipated to achieve over $3 billion by 2026.
“We’re happy to welcome the SaferPass group to Lookout, and excited to mix our respective options to ship higher worth to customers and companies alike,” mentioned Jim Dolce, Lookout CEO. “Right this moment, each password owned by an worker is a possible entry level to organizations each small and enormous. On the similar time, giant scale information breaches have leaked billions of client emails and passwords on the darkish internet, placing people vulnerable to identification theft and monetary fraud. The SaferPass group shares our imaginative and prescient for offering seamless safety options that handle all entry factors and defend private and company information wherever it could reside. That is an thrilling subsequent step in Lookout’s evolution.”
The acquisition of SaferPass broadens the Lookout portfolio of safety options and expands the chance for its provider ecosystem and channel companions – it additionally expands Lookout’s footprint in Central Europe by means of its new location in Bratislava, Slovakia. SaferPass will now function below the Lookout model and management and the SaferPass group might be totally built-in into the Lookout group. The monetary phrases of this transaction haven’t been disclosed.
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