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Enpass’s approach to password management means that the solution doesn’t store any user passwords, files or credentials on Enpass servers, but instead allows customers to choose whether to store the data on a local device or cloud service, such as OneDrive or Sharepoint.
Traditionally, many enterprises avoided password management tools due to the compliance risk of storing data in a third-party service provider’s systems, so the option to store passwords offline or in the cloud helps to address this challenge.
Finding the answer to password fatigue
Over the past few years, the number of passwords employees need to protect their online accounts has increased dramatically, with the Covid-19 pandemic causing a boom in digital account creation, and with research showing that individuals created an average of 15 accounts due to the pandemic.
The need to create unique passwords for every app and account also helped contribute to password fatigue, with 82% admitting to reusing credentials at least some of the time.
“Bad password practices among employees continues to be a big problem for businesses, which is being driven by IT departments trying to put stringent password policies in place,” said cofounder and CEO of Enpass, Hemant Kumar.
“Employees are guilty of ‘password fatigue’ — creating weak passwords because they’re easy to remember (and subsequently 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.”
By giving enterprises an offline option for password management, Enpass Business gives companies the option to provide employees with a solution for combatting password fatigue “within their trusted boundaries,” that doesn’t open the door to downstream security risks and compliance concerns.
A look at the password management market
The announcement comes as the password management market is expected to grow from $1.25 billion in 2020 to $3.07 billion by 2026, as more enterprises and consumers attempt to deal with the demands of implementing unique passwords for every service they use.
Enpass is competing against a range of competitors, including LastPass with LastPass Enterprise, which allows users to create and store passwords in employees’ personal vaults with administrative support like identity federation and group management. The organization reportedly raises $200 million in annual recurring revenue.
Another prominent competitor in the market is Keeper, which offers a solution for creating random high-strength passwords for all websites and applications, which users can secure in a vault. It also offers security teams access to auditing, report and group management capabilities. According to Kona Equity, Keep Security has raised $36.6 million in annual revenue.
The main difference between these solutions and Enpass Business is that it offers support for offline password storage.
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