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Are passwords lifeless? With many distributors like Microsoft, Apple and Google transferring towards passwordless authentication choices alongside the FIDO Alliance and credential-based assaults on the rise, you’d be forgiven for pondering that passwords are on the way in which out, however login credentials aren’t accomplished simply but. 

Simply at present, open-source password supervisor Bitwarden introduced that it has obtained a $100 million funding from PSG, a progress fairness agency, with participation from Battery Ventures, highlighting that password administration nonetheless has an integral function to play in enterprise and client safety for the foreseeable future. 

For enterprises, the funding highlights that whereas passwordless authentication choices are rising in quantity, enhanced password administration may nonetheless present an efficient reply to the onslaught of credential theft and phishing emails.  

The state of passwords in 2022 

The announcement comes as an increasing number of customers battle to handle their on-line passwords, with research exhibiting that 39% of Individuals report experiencing a excessive degree of password fatigue. 

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That is unsurprising when contemplating the excessive quantity of accounts that customers juggle. In actual fact, NordPass estimates that every particular person must handle 80-100 passwords, making it mentally exhausting to create sturdy and distinctive passwords for every on-line account. 

Consequently, many customers resort to reusing credentials and choosing weaker passwords to make it simpler to log in to their on-line accounts. This inevitably makes it simpler for cybercriminals to conduct account takeover makes an attempt in a particularly punishing risk panorama. 

Analysis reveals that 81% of firms inside the FTSE 100 had not less than one credential compromised and uncovered on the darkish net, with a complete of 31,135 stolen and leaked credentials detected for these firms. 

Password administration vs. credential theft 

Whereas some suppliers are responding to this risk panorama by taking a look at eliminating login credentials altogether, organizations like Bitwarden stay decided that higher password administration holds the reply to defending customers from a majority of these threats. 

“Password administration has change into a required a part of each firm’s safety stack,” mentioned Michael Crandell, CEO at Bitwarden.

“Bitwarden helps firms and people keep protected with sturdy and distinctive passwords for all their on-line accounts. This helps companies keep away from breaches and ransomware, and helps people keep away from id theft,” Crandell mentioned. 

In follow, Bitwarden supplies customers with a digital house to retailer their passwords, alongside options like credential autofill, automated password technology and password power scoring, to assist handle the safety of their passwords extra successfully at scale to cut back fatigue. 

A take a look at the password administration market 

Bitwarden is likely one of the greatest suppliers within the password administration global market, which researchers anticipate will attain a worth of $2.9 billion by 2027, as extra customers and organizations try to handle passwords extra proactively. 

The group is competing in opposition to some established rivals within the house, together with LastPass, which affords a password administration software which you could log in to password-free by way of the LastPass Authenticator, and use a built-in generator to create sturdy passwords. 

LastPass was spun out by Elliott Administration’s non-public fairness agency and Francesco Companions final 12 months for $4.3 billion. 

One other key competitor is 1Password, a supplier providing one-click login to websites, password-generation capabilities, and an insights dashboard the place customers can monitor password well being. Earlier this 12 months, 1Password closed a $620 million series C funding round and achieved a valuation of $6.8 billion. 

The important thing differentiation between Bitwarden and different rivals will not be solely is it open supply, nevertheless it affords a free password supervisor for limitless logins and units that may be be deployed within the cloud or by way of a self-hosted setup to make sure that organizations can meet exterior compliance necessities. 

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