Intel is bolstering its digital security division, banking on the market’s growing demand for online security.
The giant hardware manufacturer revealed Monday it had acquired PasswordBox, the makers of a popular password management software. PasswordBox will join Intel Security Group, the rebranded version of security software maker McAfee, which Intel dropped $7.7 billion to acquire in 2011.
{mosads}PasswordBox allows users to log in to apps, websites and bank accounts without having to enter a password. The software encrypts and saves the login credentials for each account.
Fallible passwords are often the weakest link in digital security. It’s one of the easiest, and most common, ways for a hacker to steal information.
“Everyone can relate to password fatigue,” said Chris Young, general manager of Intel Security Group. “The PasswordBox service has already brought relief to millions of consumers who now enjoy simple, instant login.”
Intel pointed to Deloitte research showing cyberattackers can crack over 90 percent of user-generated passwords. The average person has 26 password-protected accounts but only uses five passwords, according to Experian, which manages credit scores and monitors identity theft.
“We share Intel Security’s vision of simple, secure access and identity protection across all platforms and devices,” said PasswordBox CEO Daniel Robichaud.
PasswordBox can also hold other personal information like passport details and encrypted notes.
Its software has been downloaded more than 14 million times since the company launched in 2012, according to the PasswordBox website.
Terms of the deal were not disclosed.