The organization is competing against some established competitors in the space, including LastPass, which offers a password management tool that you can log in to password-free via the LastPass Authenticator, and use a built-in generator to create strong passwords. A look at the password management marketīitwarden is one of the biggest providers in the password management global market, which researchers expect will reach a value of $2.9 billion by 2027, as more users and organizations attempt to manage passwords more proactively. In practice, Bitwarden provides users with a virtual space to store their passwords, alongside features like credential autofill, automatic password generation and password strength scoring, to help manage the security of their passwords more effectively at scale to reduce fatigue. This helps businesses avoid breaches and ransomware, and helps individuals avoid identity theft.” “Bitwarden helps companies and individuals stay protected with strong and unique passwords for all their online accounts. “Password management has become a required part of every company’s security stack,” said Michael Crandell, CEO at Bitwarden. While some providers are responding to this threat landscape by looking at eliminating login credentials altogether, organizations like Bitwarden remain determined that better password management holds the answer to protecting users from these types of threats.
Research reveals that 81% of companies within the FTSE 100 had at least one credential compromised and exposed on the dark web, with a total of 31,135 stolen and leaked credentials detected for these companies. This inevitably makes it easier for cybercriminals to conduct account takeover attempts in an extremely punishing threat landscape.
In fact, NordPass estimates that each person needs to manage 80-100 passwords, making it mentally exhausting to create strong and unique passwords for each online account.Īs a result, many users resort to reusing credentials and selecting weaker passwords to make it easier to log in to their online accounts. This is unsurprising when considering the high volume of accounts that users juggle.
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