September 9, 2022
Using the same password for multiple online accounts is quickly becoming a thing of the past, as data breaches have shown how risky it can be when common passwords get in the wrong hands. The password management industry was born out of this security risk and has raised significant sums of money from investors.
Password management services typically store passwords and generate hard-to-guess passwords for customers. In September 2022, Bitwarden, an open-source password manager for enterprises and consumers, closed a round of funding worth $100 million. Bitwarden’s main differentiator from its competitors is the fact that it is run entirely on an open-source codebase which is beneficial to individuals and businesses who are very conscious about their security and want to be able to inspect the platform they are using.
As remote work becomes increasingly common, keeping things secure can be a challenge which companies like Bitwarden seek to solve through unique and transparent measures. With funding pouring into the industry, it will be interesting to see how password management companies expand their product offerings to complement their password protection capabilities.
Author: Max Borins