Enpass is the first online password management tool for businesses

Enpass is the first online password management tool for businesses ...

Enpass, a password management company, has announced the introduction of Enpass Business, an offline password management tool for businesses.

Enpass''s password management approach means that Enpass doesn''t store any user passwords, files, or credentials on Enpass servers, but that it allows customers to choose whether to store the data on a local device or cloud service, such as OneDrive or Sharepoint.

Because of the compliance risks of storing data in a third-party service providers systems, many organizations avoided password management tools, thus the possibility to store passwords offline or in the cloud helps to address this problem.

Finding the answer to password fatigue

The number of passwords employees must wear in order to protect their online accounts has increased dramatically in the past few years, with the Covid-19 epidemic sparking a spike in digital account creation, and research shows that individuals created an average of 15 accounts due to the epidemic.

The need to create unique passwords for every app and account has also contributed to password fatigue, with 82% admitting to changing credentials at least once.

According to Enpass'' founder and CEO, bad password practices among employees continue to be a huge concern for businesses. IT departments are increasingly attempting to impose stringent password restrictions.

Employees are accused of using password fatigue to create poor passwords because they are quick to remember (and eventually easy to crack), password reuse, writing down more complex passwords on sticky notes or in plain text files, and sharing passwords via email, all of which is leading to data breaches.

Enpass Business provides businesses with the option to provide employees with a solution to dealing with password fatigue within their trusted boundaries, which does not open the door to downstream security concerns.

A look at the password management market

The move comes as the Password management industry is expected to increase from $1,246.9 million in 2020 to $3,071 million by 2026 as more businesses and consumers endeavor to deal with the demands of creating unique passwords for every service they use.

Enpass is collaborating with a wide spectrum of competitors, including LastPass and LastPass Enterprise, which allows users to create and store passwords in employees'' personal vaults with administrative help, like a identity federation and a group management. The company reportedly raised $200 million in annual recurring revenue.

Keeper, a company that provides a mechanism to generate random high-strength passwords for all websites and applications, which users may access in a vault.

Keep Security has raised $36,560,000 in annual income, according to Kona Equity.

The main difference between these technologies and Enpass Business is that it provides support for offline password storage.

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