America’s digital custodians believe in Russian cyber attacks about Ukraine could spill over to US networks. Passwords aren’t enough to stay secure, warns the US Agency for Cybersecurity and Infrastructure Security.
That’s right. Most digital data crimes involve password breaches. Internet users help criminals by relying on simple passwords – for example “1234” – or by repeating the same password on multiple platforms. This is known in the cyber security industry as poor cyber hygiene.
Hackers can also beat two-factor authentication with smartphones, which sends an SMS to a phone number after entering a password. They do this by redirecting or intercepting text messages.
Twitter founder Jack Dorsey fell victim to one such scam. Cybersecurity startups like unique password creator LastPass offer an alternative.
According to Mordor Intelligence, password management, which is part of the $12 billion identity and access management sector, is already a $1.3 billion business. By 2026, the consulting firm expects the market to grow to $3 billion in value.
The pandemic forced many users to access corporate networks from remote hardware. Cyber attacks increased. This prompted more companies to set up accounts with third-party password managers. Last year, 1Password, which charges business users $7.99 per month, raised $100M at a $2B valuation — 17x annual recurring revenue. According to the Canadian company, it has more than 90,000 paying business customers.
LogMeIn’s private equity owners are on the verge of spinning off LastPass, one of the industry’s best-known companies, from the Boston-based software giant. Bought for $110 million in 2015, LastPass is likely to surpass unicorn status, which values a tech start-up at more than $1 billion. High-profile cybercrime supports the goal of increasing paid membership and restricting access to free services.
New York-based Beyond Identity, which links a user’s identity to devices, has raised over $1 billion in new funding this year. Microsoft’s authenticator uses an app that generates a code. Apple’s biometric service unlocks phones with fingerprints or face scans — even for users who wear a mask.
Usernames and saved logins are legacy technology. The future is passwordless.
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Cyber security: hacking bolsters prospects for password managers Source link Cyber security: hacking bolsters prospects for password managers