1Password, a leading password manager, today announced their B2B revenue has risen more than 300% over the last two years, as businesses rush to find solutions to rampant data and privacy breaches. A recent report from the Identity Theft Resource Center identified over 1,100 breaches in 2018, exposing over half a billion passwords. Additionally, IBM research puts the average cost of a breach at a staggering $3.86 million.
According to the 2018 Verizon Data Breach Investigations Report, passwords were the source of 81% of data breaches, and compromised credentials were one of the biggest causes, alongside password reuse and phishing. 1Password now serves over 47,000 paying businesses worldwide — from SMEs to enterprises.
“There is a clear and growing trend towards data breaches and their associated costs accelerating,” said Jeff Shiner, 1Password CEO. “We launched 1Password Business three years ago to address the need for businesses to improve their data security. We’re now seeing everyone from startups to multinational corporations making data security their top priority.”
Growing cybersecurity threats put great pressure on businesses to adequately secure customer data and their own confidential information. Likewise, every new high-profile incident raises further questions and doubts about the privacy policies of the software and services that businesses trust with their data.
“The rate and scale of corporate data breaches have been increasing dramatically over recent years,” said Troy Hunt, founder of Have I Been Pwned. “A dedicated password manager like 1Password not only provides essential protection against the impact of a data breach, it also makes passwords more user-friendly than ever.”
“Our internal privacy and data management policies go further than any other similar company,” said Shiner. “For example, we don’t track our users’ behavior within the app, and it’s not possible for us to access any passwords stored in 1Password. We don’t even use analytics to profile our customers for marketing. This is a fundamentally different approach, counter to current trends of customization at the expense of anonymity, and we hold ourselves to a higher standard in order to give customers the privacy they deserve.”
To help businesses protect themselves, 1Password offers free family accounts to all 1Password Business customers to help make good password habits stick. Employees who use weak or duplicate passwords at home are more likely to continue those habits at work — putting that business at increased risk of a breach.