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Are passwords useless? 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 considering that passwords are on the best way out, however login credentials aren’t executed simply but. 

Simply at this time, 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 function to play in enterprise and shopper safety for the foreseeable future. 

For enterprises, the funding highlights that whereas passwordless authentication choices are rising in quantity, enhanced password administration might 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 more customers battle to handle their on-line passwords, with research displaying that 39% of People report experiencing a excessive stage of password fatigue. 

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That is unsurprising when contemplating the excessive quantity of accounts that customers juggle. In actual fact, NordPass estimates that every particular person must handle 80-100 passwords, making it mentally exhausting to create sturdy and distinctive passwords for every on-line account. 

Consequently, many customers resort to reusing credentials and deciding on 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 a particularly punishing risk panorama. 

Analysis reveals that 81% of firms throughout the FTSE 100 had at the least one credential compromised and uncovered on the darkish internet, with a complete of 31,135 stolen and leaked credentials detected for these firms. 

Password administration vs. credential theft 

Whereas some suppliers are responding to this risk panorama by eliminating login credentials altogether, organizations like Bitwarden stay decided that higher password administration holds the reply to defending customers from some of these threats. 

“Password administration has grow to be a required a part of each firm’s safety stack,” stated Michael Crandell, CEO at Bitwarden.

“Bitwarden helps firms and people keep protected with sturdy and distinctive passwords for all their on-line accounts. This helps companies keep away from breaches and ransomware, and helps people keep away from identification theft,” Crandell stated. 

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

A have a look at the password administration market 

Bitwarden is among the largest suppliers within the password administration global market, which researchers count on will attain a price of $2.9 billion by 2027, as extra customers and organizations try to handle passwords extra proactively. 

The group is competing in opposition to some established opponents within the area, together with LastPass, which presents a password administration instrument which you can log in to password-free through the LastPass Authenticator, and use a built-in generator to create sturdy passwords. 

LastPass was spun out by Elliott Administration’s personal fairness agency and Francesco Companions final yr for $4.3 billion. 

One other 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 yr, 1Password closed a $620 million series C funding round and achieved a valuation of $6.8 billion. 

The important thing differentiation between Bitwarden and different opponents isn’t solely is it open supply, but it surely presents 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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