“But using biometrics widely opens up the question of what happens if data about, say, your fingerprints or face is stolen and can be manipulated by attackers to impersonate you. “As an example, biometrics are ideal for authentication in many situations, as they literally convey your unique physical presence,” Shiner said. However, Shiner noted that some challenges remain if a truly passwordless future is realized. “We are closely watching the passwordless space and how it matures over the coming years, but whatever the future holds we will be there to support our customers in the most secure and private manner possible,” he said. Shiner also hinted at some possible new products that relate to passwordless authentication that he expects to launch in the coming months.
Elsewhere, two juggernauts from the identity and access management (IAM) sphere joined forces in May when Okta acquired Auth0 for an eye-popping $6.5 billion.ġPassword, for its part, has also embraced various forms of passwordless authentication, including integrating with Apple’s Touch ID and Face ID to enable users to unlock 1Password using their fingerprint or face, as well as support for 2FA hardware keys such as Yubikey. Decentralized passwordless authentication platform Magic announced a $27 million raise just last week, which followed shortly after Transmit Security raised $543 million at a hefty $2.3 billion valuation and Beyond Identity locked down $75 million. Numerous companies are tackling the so-called “password problem” by trying to remove the password from the equation altogether, leveraging “magic links” that are sent by email or biometric smarts. Helping workers stay on top of all their login credentials is where 1Password comes into play.
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Many of these tools are brought in to help specific teams solve specific problems, which means that across an organization, there can be hundreds of different software products - all requiring unique logins and access.” With the remote-hybrid shift came a proliferation of SaaS tools to help keep people and teams productive. “That switch meant that companies, most of whom were used to a centralized office, suddenly needed to support employees using their own devices, at home on their own potentially insecure networks.
“Businesses - both large and small - were forced overnight to adopt a remote way of working,” Shiner told VentureBeat. Register for your free pass today.Īccording to 1Password CEO Jeff Shiner, while multiple factors have aligned to drive demand for password management tools, the single biggest change since its last fundraise has been society’s rapid transition from offices to remote or hybrid working.
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