Lookout adds security offerings with SaferPass acquisition
Lookout has acquired SaferPass, adding password management technology to its suite of security offerings and furthering its goal to provide customers with proactive protection.
SaferPass is a password management company providing secure online identity offerings for both consumers and businesses.
The endpoint and cloud security provider says by acquiring SaferPass, it is expanding on its goals to provide proactive protection and safeguard customer data for both individuals and organisations.
Lookout acknowledges that usernames and passwords are now ubiquitous for authenticating and validating a user's identity across activities such as online shopping, banking, or even connecting to corporate applications and email.
In addition, passwords can be difficult to use and severely insecure in cases where a user has multiple accounts, with research indicating that, on average, individuals have over 100 accounts with an associated password to remember.
Lookout adds that passwords created by humans are usually algorithmically weak, and citing Verizon's Data Breach Investigations Report, notes that 81% of data breaches used weak, stolen or reused employee passwords.
Further, every time a password is reused, it creates another risk of a data breach.
The research also found that almost 64% of people reuse the same passwords across their online accounts, and if these login credentials are compromised, it can result in significant consequences, such as personal identity theft or stolen corporate information.
SaferPass provides a robust identity and password management offering, allowing users to securely manage their passwords, banking, and other sensitive information across devices.
Moreover, it offers an encrypted digital vault that stores secure login information used to access services through mobile apps and web browsers.
It also helps to keep users' identities, credentials and sensitive data protected by featuring 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.
Citing research by Mordor Intelligence, Lookout says the password management market by itself was valued at more than $1.2 billion in 2020 and is anticipated to grow to over $3 billion by 2026.
“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,” Lookout CEO Jim Dolce says.
“Today, every password owned by an employee is a potential access point to organisations both small and large.
“At the same time, large scale data breaches have leaked billions of consumer emails and passwords on the dark web, putting individuals at risk of identity theft and financial fraud.
“The SaferPass team shares our vision for providing seamless security solutions that address all access points and protect personal and corporate data wherever it may reside.
“This is an exciting next step in Lookout's evolution.
With this acquisition, lookout broadens its portfolio of security offerings, expanding opportunities for its carrier ecosystem and channel partners.
Lookout will integrate the SaferPass team into its organisation, and the company will now operate under the Lookout brand and leadership.