Lookout Acquires Password Management Company SaferPass to Address the Rising Threat of Identity Theft

It’s hard to think about personal digital safety and enterprise cybersecurity without referencing passwords. This is why I’m excited that Lookout has acquired SaferPass, an innovative Password Management company that provides secure online identity solutions for both consumers and businesses of all sizes.

With the rise in identity theft and threats that seek to compromise corporate applications and emails, passwords offer a critical line of defense. Whether it’s individuals or businesses, Lookout will now offer enhanced protection to safeguard our customers’ sensitive personal and corporate data.

Passwords intersect personal identities and corporate data

For better or worse, passwords have not disappeared. If anything, strong credentials are one of the key best practices when it comes to protecting sensitive individual and business data. With the explosion of consumer and business applications, individuals are now expected to juggle, on average, more than 100 accounts between personal and work activities.

Having strong passwords is how you keep your important digital information secure. For individuals and families, your online banking, email, and social media accounts hold sensitive identity & financial information. For organizations, especially small and medium businesses, credentials are critical to protecting sensitive data residing inside their apps and emails. This has become especially important during work from anywhere, where employees are increasingly using personal and unmanaged devices that your IT teams lack visibility into.

In either situation, the biggest factor is the human element — human-generated passwords are often algorithmically weak. According to the 2022 Verizon Data Breach Investigations Report, 81% of breaches leveraged weak, stolen or reused employee passwords. Additionally, nearly 64% of people reuse the same passwords across their online accounts. 

Each instance of password reuse opens the door to a potential data breach and the consequences can be serious, including personal identity theft or stolen corporate information. 

Lookout extends data protection with password management

The reality with cybersecurity is that, even if you have the most robust systems in place, the human element will always be there. As people continue to shop, bank and work from anywhere, password management becomes a vital part of security.

All of us are living our lives in mobile apps and the web, which means our digital identities are increasingly exposed. Similarly, businesses are leveraging cloud services to streamline operations that rely on passwords to restrict access to authorized personnel.

Lookout is already a leading provider of data-centric cloud security for businesses and identity protection for consumers. This acquisition of SaferPass ensures that we buttress the Lookout Security Platform’s advanced data protection capabilities with password management.

Check out our news release to learn more about this acquisition.