May 26, 2024

Lookout Acquires SaferPass for addressing the surging Threat of Identity Theft

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Lookout, Inc., a leading provider of endpoint and cloud security solutions, today announced it has acquired SaferPass, a Password Management firm that offers secure online identity solutions for both consumers and businesses. By adding Password Management technology to its suite of security solutions, Lookout is expanding on 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 incredibly insecure, especially in cases where a user has many accounts. On average, people have more than 100 accounts with an associated password to remember.

Additionally, the firm added that human-generated passwords are often algorithmically weak; according to the Verizon Data Breach Investigations Report, 81% 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% of people reuse 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 added that it offers a robust, innovative solution for identity and password management to both consumers and businesses, enabling users to securely 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.

Additionally, the firm added that for 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.

According to Mordor Intelligence, the Password Management market on its own was valued at over $1.2 billion in 2020 and is expected to reach over $3 billion by 2026.

Jim Dolce, Lookout CEO

Jim Dolce, Lookout CEO stated: “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. Today, every password owned by an employee is a potential access point to organizations 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.”

Jim Dolce further added: “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.” 

Industry sources added that 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 fully integrated into the Lookout organization. The financial terms of this transaction have not been disclosed.

Press Release received on Mail


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