Lookout buys startup password provider SaferPass

Endpoint security firm Lookout has purchased startup company SaferPass under undisclosed terms, according to VentureBeat. The acquisition marks Lookout's attempt to expand into the password management space to bolster its suite of security solutions encompassing endpoints, cloud apps and mobile devices. Passwords remain one of the weakest links in an enterprise or consumer's application, due to users' penchant for reusing passwords across multiple services, which means a single breach can lead to compromise for every account using those same credentials. Saferpass' solution addresses this by generating a unique and hard-to-guess password for every account owned by the user and allowing them to "autofill" this password whether the service is deployed. "Large-scale data breaches have leaked billions of consumer emails and passwords on the dark web, putting individuals at risk of identity theft and financial fraud," said Lookout CEO Jim Dolce. "The SaferPass team shares our vision for providing seamless security solutions that address all access points and protect personal and corporate data wherever it may reside."