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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 things from endpoints on cellular units to cloud apps, defending shoppers and corporations from phishing assaults, ransomware and extra.

Whereas passwords are just about the default authentication mechanism for nearly each on-line service, they’re typically thought of to be among the many weakest hyperlinks in each enterprise and shopper purposes. Certainly, the overwhelming majority of information breaches are due to compromised passwords, with end-users typically reusing the identical password throughout a number of on-line providers. Because of this if one among their on-line accounts is topic to a knowledge breach it in the end 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 permits customers to generate distinctive and hard-to-guess passwords and “autofill” them wherever SaferPass is deployed.

The ‘password drawback’

Plenty of corporations 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 best positioned to supply its present clients — which embrace giants of the company world equivalent to Airbus and Henkel — a extra holistic safety product.

“As we speak, 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 similar time, large-scale knowledge breaches have leaked billions of shopper emails and passwords on the darkish internet, placing people liable to identification theft and monetary fraud. The SaferPass staff shares our imaginative and prescient for offering seamless safety options that deal with all entry factors and shield private and company knowledge wherever it could reside.”

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