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Are passwords dead? With many vendors like Microsoft, Apple and Google moving toward passwordless authentication options alongside the FIDO Alliance and credential-based attacks on the rise, you’d be forgiven for thinking that passwords are on the way out, but login credentials aren’t done just yet.
Just today, open-source password manager Bitwarden announced that it has received a $100 million investment from PSG, a growth equity firm, with participation from Battery Ventures, highlighting that password management still has an integral role to play in enterprise and consumer security for the foreseeable future.
For enterprises, the investment highlights that while passwordless authentication options are growing in number, enhanced password management could still provide an effective answer to the onslaught of credential theft and phishing emails.
The state of passwords in 2022
The announcement comes as more and more users struggle to manage their online passwords, with research showing that 39% of Americans report experiencing a high level of password fatigue.
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This is unsurprising when considering the high volume of accounts that users juggle. 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.
As a result, many users resort to reusing credentials and selecting weaker passwords to make it easier to log in to their online accounts. This inevitably makes it easier for cybercriminals to conduct account takeover attempts in an extremely punishing threat landscape.
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. …