Lookout Inc., a provider of endpoint and cloud security solutions, announces today the acquisition of SaferPass, a password management company that provides secure online identity solutions for consumers and businesses. By adding password management technology to its suite of security solutions, Lookout expands its mission to deliver proactive protection and safeguard customer data for individuals and businesses.
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.
Passwords can be difficult to use and insecure, especially in cases where a user has many accounts. On average, people have more than 100 accounts with an associated password. In addition, human-generated passwords are often algorithmically weak. According to the Verizon Data Breach Investigations Report, 81 percent 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. Additionally, nearly 64 percent of people re-use the same passwords across their online accounts. If login credentials are compromised, the consequences can be serious – including personal identity theft or stolen corporate information.
SaferPass delivers a robust, innovative solution for identity and password management to consumers and businesses, enabling users to manage their passwords, banking and other sensitive information across devices.
The SaferPass solution provides an encrypted digital vault that stores secure login information used to access services through mobile apps and web browsers. 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.
The acquisition of SaferPass broadens the Lookout portfolio of security solutions and expands the opportunity for its carrier ecosystem and channel partners – it also expands Lookout’s footprint in Central Europe through its new location in Bratislava, Slovakia.
SaferPass will now operate under the Lookout brand and leadership and the SaferPass team will be integrated into the Lookout organization. The financial terms of this transaction have not been disclosed.
To learn more about Lookout for SMBs and Consumers, visit: https://protection.lookout.com/ and To learn more about the Lookout Security Platform, visit: https://www.lookout.com/products/enterprise
