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Endpoint safety firm Lookout has acquired SaferPass, a startup specializing in cross-platform password administration. Phrases of the deal weren’t disclosed.
Based some 15 years in the past, Lookout has developed right into a complete safety platform that guarantees to guard all the pieces from endpoints on cell gadgets to cloud apps, defending customers and corporations from phishing assaults, ransomware and extra.
Whereas passwords are just about the default authentication mechanism for almost each on-line service, they’re typically thought of to be among the many weakest hyperlinks in each enterprise and client functions. Certainly, the overwhelming majority of knowledge breaches are due to compromised passwords, with end-users usually reusing the identical password throughout a number of on-line providers. Because of this if one among their on-line accounts is topic to an information breach it finally compromises all the accounts that use those self same credentials.
And that’s the reason Lookout is now increasing into password administration with the acquisition of eight-year-old Slovakian firm SaferPass, a service that enables customers to generate distinctive and hard-to-guess passwords and “autofill” them wherever SaferPass is deployed.
The ‘password drawback’
Plenty of firms are working to deal with the “password drawback,” together with the likes of 1Password, which not too long ago hit a $6.8 billion valuation off the again of a $620 million funding round. The broader password administration market is gearing as much as be a $2 billion industry by 2025, and by bringing SaferPass in-house, Lookout is healthier positioned to supply its present prospects — which embrace giants of the company world corresponding to Airbus and Henkel — a extra holistic safety product.
“At present, each password owned by an worker is a possible entry level to organizations each small and enormous,” Lookout CEO Jim Dolce mentioned in a press release. “On the identical time, large-scale knowledge breaches have leaked billions of client emails and passwords on the darkish net, placing people liable to identification theft and monetary fraud. The SaferPass workforce shares our imaginative and prescient for offering seamless safety options that tackle all entry factors and defend private and company knowledge wherever it might reside.”
