LogMeIn acquired LastPass for $110 million in October 2015 before spinning the company out in 2021 after Elliot Management’s private equity arm and Franceso Partners purchased the organization for $4.3 billion.Īnother competitor is Bitwarden, an open-source password manager that enables users to store passwords and encrypts data with AES-256 bit encryption, salted hashing, and PBKDF2 SHA-256.
One of the organization’s main competitors in the market is LastPass, a password manager which offers passwordless login so that users can log in by using LastPass Authenticator. The passwordless authentication marketġPassword’s solution falls within the passwordless authentication market, which researchers anticipate will grow from $6.6 billion in 2022 to $21.2 billion by 2027. The extension will decrease the risk of credential theft by enabling users to login without the use of a password and simplify the sign-in experience. “The new browser extension feature that we launched today supports enterprises’ needs to manage Shadow IT, securing access to the apps and websites that fall outside the IT teams’ purview, on behalf of users and the organizations they work for,” said Steve Won, chief product officer at 1Password. “Our new browser extension helps users remove that guesswork by letting 1Password remember which third-party provider they used to sign in with, and to get them to where they’re going more quickly.” With such a high number of credentials exposed on the dark web, it’s clear that passwords are easily exploitable and ineffective at keeping out unauthorized users, which is driving the demand for passwordless authentication solutions among technology vendors and the FIDO alliance.Īs part of this movement, LastPass is using the browser extension to offer users greater protection against account takeover attempts targeting work and personal apps. A report from Digital Shadows found that 24 billion stolen usernames and passwords are available on the dark web.
The release comes as credential theft continues to rise. Register Now Stopping credential theft for good
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