"Today, every password owned by an employee is a potential access point to organizations both small and large. "We are pleased to welcome the SaferPass team to Lookout, and excited to combine our respective solutions to deliver better value to consumers and businesses alike," said Jim Dolce, Lookout CEO.
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In addition to keeping a user's identity, credentials and sensitive data safe, the product helps create strong, unique passwords through a password generator tool that ensures the individual is not using the same password in multiple places and that their password has not been compromised in a previous breach.Īccording to Mordor Intelligence, the Password Management market on its own, was valued at over $1.2 billion in 2020 and is expected to reach over $3 billion by 2026. The SaferPass solution provides an encrypted digital vault that stores secure login information used to access services through mobile apps and web browsers. SaferPass delivers a robust, innovative solution for identity and password management to both consumers and businesses, enabling users to securely manage their passwords, banking and other sensitive information across devices. If login credentials are compromised, the consequences can be serious – including personal identity theft or stolen corporate information.
1 Additionally, nearly 64% of people reuse the same passwords across their online accounts. In addition, human-generated passwords are often algorithmically weak according to the Verizon Data Breach Investigations Report, 81% of data breaches leveraged weak, stolen or reused employee passwords, and every time a password is reused, it opens the door to a potential data breach. On average, people have more than 100 accounts with an associated password to remember. Passwords can be difficult to use and incredibly insecure, especially in cases where a user has many accounts. Whether shopping online, banking, or connecting to corporate applications and email, usernames and passwords have become the standard form of authentication to validate a user's identity and enable access to sensitive information.
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