Enpass is the first online password management app for companies

Enpass is the first online password management app for companies ...

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

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

Many companies avoided password management tools due to the danger of storing data in a third-party service providers system, thus the option to store passwords offline or in the cloud helps to address this problem.

Finding the answer to password fatigue

The number of passwords employees need to protect their internet accounts has increased dramatically over the last few years, with the Covid-19 epidemic causing a surge in digital account creation, and research has shown that individuals created an average of 15 accounts because of the epidemic.

A lack of access to unique passwords for every app and account has helped the organization, with 82% admitting to having reusing credentials at least once.

According to Enpass'' founder and CEO, bad password practices among employees continue to be a major concern for businesses, which is being driven by IT departments in order to place strict password guidelines in place.

Employees are chastised of causing confusion in terms of passwords because they are easy to remember (and later 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 has prompted data breaches.

Enpass Business offers enterprises an offline program for password management, which allows them to provide employees with a solution for managing password fatigue within their trusted boundaries, which does not open the door to downstream security concerns.

A look at the password management market

The announcement comes as the password management market is expected to expand from $1.25 billion in 2020 to$3.07 billion by 2026, as more enterprises and consumers seek to address the challenges of implementing unique passwords for each service they use.

Enpass is reportedly raising $200 million in annual recurring income to compete with LastPass and LastPass Enterprise.

Keeper, a leading provider of security solutions for creating random high-strength passwords for all websites and applications, which users may be secure in a vault. It also provides security teams with access to auditing, reporting, and group management capabilities. According to Kona Equity, Keep Security has raised $36.6 million in annual revenues.

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

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