Intel has announced the acquisition of PasswordBox, a Montreal-based provider of a cross-platform identity management service. Primary product functionality enables users a convenient way to log into all of their websites and applications from any device without having to type or remember passwords. According to Intel, PasswordBox will become a part of the Safe Identity organization within Intel Security Group.
The Safe Identity organization provides solutions that reduce the pain of passwords, simplify and strengthen security and providing consumers with easy access to their digital lives. According to most cybersecurity experts and CISOs, secure passwords are essential to protecting sensitive personal and corporate data.
According to a recent report by Deloitte, more than 90 percent of user-generated passwords are vulnerable to hacking because 10,000 of the most common passwords could access close to 98 percent of all accounts.
Additionally, last year an Experian survey reported the average user possesed 26 password-protected online accounts but used only five different passwords. In fact, nearly 37 percent of users have asked for assistance on their username or password for at least one website per month. Intel Security and PasswordBox will work together to target and try to eliminate these problems.
“Everyone can relate to password fatigue. The PasswordBox service has already brought relief to millions of consumers who now enjoy simple, instant login,” said Chris Young, SVP and GM of Intel Security Group. “Intel Security and PasswordBox share the same goal of improving digital identity protection across all devices and platforms. We believe we have the technology, expertise and reach to bring simple, secure access to consumers worldwide.”
The Intel Security Group combines the security expertise of the previous acquisition of McAfee, with the innovation, performance, and trust of Intel. Intel Security is focused on solving some of the largest challenges in digital security today. These solutions will help provide users with peace of mind by knowing they can access their content more simply. Intel Security will incorporate PasswordBox’s current and future technologies to deliver three benefits to consumers:
1. Reduced Password Fatigue – PasswordBox’s solution utilizes one of the most accurate form fillers on the market, with patent-pending one-tap (on mobile devices) and one-click (in browsers) login to simply and seamlessly provide secure access from any consumer device. Intel Security will continue to extend and expand these capabilities to provide consumers a convenient way to access their favorite sites and apps.
2. Security Simplified – In an era of catastrophic data breaches, consumers are expected to create increasingly complex passwords that include capital letters, numbers and symbols to protect their digital identities. Intel Security will incorporate the simplicity of the PasswordBox solution with new, user-friendly authentication technologies that enable users to get the benefit of improved security in a manner that is simple to set up and use.
3. Experience Next Generation Solutions – Intel Security has assembled world-class innovators in hardware engineering, software and services, to build solutions that address the most pressing security challenges. Combining the power of Intel Security with PasswordBox’s expert team, Intel is committed and well positioned to innovate and deliver new, ground-breaking, next-generation solutions on a regular cadence to meet the needs of consumers.
PasswordBox was a privately held company founded in 2012, with 44 employees and headquartered in Montreal, Quebec. All current employees have joined Intel Security. Since its debut one year ago, PasswordBox secured VC funding, led by OMERS Ventures, won best mobile app at CES 2014, and has been downloaded 14 million times worldwide. Intel’s acquisition of PasswordBox is effective immediately. Terms of the transaction were not disclosed and are not material to Intel’s operations.
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