Lookout expands into identity protection with SaferPass

Cybersecurity company Lookout Inc has acquired password management company SaferPass for an undisclosed sum.

SaferPass delivers a 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. 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.

By adding password management technology to its suite of security solutions, Lookout will deliver proactive protection and safeguard customer data for individuals and businesses.

Providing seamless security solutions

Passwords have become an important part of everyday life for many consumers, they are a standard form of authentication and keeping them secure is key in order to stop bad actors from gaining access to personal information. 

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.

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

Jim Dolce, Lookout CEO, said: "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 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." 

The acquisition of SaferPass broadens the Lookout portfolio of security solutions and expands the opportunity for its carrier ecosystem, as it looks to expand its 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 organisation.