Passwords aren’t dead but. Bitwarden raises $100M for password management

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Are passwords dead? With many distributors like Microsoft, Apple and Google shifting towards passwordless authentication choices alongside the FIDO Alliance and credential-based assaults on the rise, you’d be forgiven for pondering that passwords are on the way in which out, however login credentials aren’t carried out simply but. 

Just immediately, open-source password supervisor Bitwarden introduced that it has obtained a $100 million funding from PSG, a progress fairness agency, with participation from Battery Ventures, highlighting that password management nonetheless has an integral position to play in enterprise and client safety for the foreseeable future. 

For enterprises, the funding highlights that whereas passwordless authentication choices are rising in quantity, enhanced password management may nonetheless present an efficient reply to the onslaught of credential theft and phishing emails.  

The state of passwords in 2022 

The announcement comes as increasingly customers wrestle to handle their on-line passwords, with analysis exhibiting that 39% of Americans report experiencing a excessive degree of password fatigue. 

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This is unsurprising when contemplating the excessive quantity of accounts that customers juggle. In truth, NordPass estimates that every individual must handle 80-100 passwords, making it mentally exhausting to create robust and distinctive passwords for every on-line account. 

As a end result, many customers resort to reusing credentials and choosing weaker passwords to make it simpler to log in to their on-line accounts. This inevitably makes it simpler for cybercriminals to conduct account takeover makes an attempt in an especially punishing menace panorama. 

Research reveals that 81% of firms inside the FTSE 100 had a minimum of one credential compromised and uncovered on the darkish net, with a complete of 31,135 stolen and leaked credentials detected for these firms. 

Password management vs. credential theft 

While some suppliers are responding to this menace panorama by taking a look at eliminating login credentials altogether, organizations like Bitwarden stay decided that higher password management holds the reply to defending customers from all these threats. 

“Password management has become a required part of every company’s security stack,” stated Michael Crandell, CEO at Bitwarden.

“Bitwarden helps companies and individuals stay protected with strong and unique passwords for all their online accounts. This helps businesses avoid breaches and ransomware, and helps individuals avoid identity theft,” Crandell stated. 

In apply, Bitwarden gives customers with a digital area to retailer their passwords, alongside options like credential autofill, automated password era and password energy scoring, to assist handle the safety of their passwords extra successfully at scale to scale back fatigue. 

A take a look at the password management market 

Bitwarden is without doubt one of the largest suppliers within the password management world market, which researchers anticipate will attain a price of $2.9 billion by 2027, as extra customers and organizations try and handle passwords extra proactively. 

The group is competing towards some established opponents within the area, together with LastPass, which affords a password management instrument that you may log in to password-free through the LastPass Authenticator, and use a built-in generator to create robust passwords. 

LastPass was spun out by Elliott Management’s personal fairness agency and Francesco Partners final 12 months for $4.3 billion. 

Another key competitor is 1Password, a supplier providing one-click login to websites, password-generation capabilities, and an insights dashboard the place customers can monitor password well being. Earlier this 12 months, 1Password closed a $620 million sequence C funding spherical and achieved a valuation of $6.8 billion. 

The key differentiation between Bitwarden and different opponents isn’t solely is it open supply, nevertheless it affords a free password supervisor for limitless logins and gadgets that may be be deployed within the cloud or through a self-hosted setup to make sure that organizations can meet exterior compliance necessities. 

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