1Password is one of the most well-known password management services. It currently offers various management plans and sells subscription services to businesses. The company now wants to integrate its Universal Sign On with multi-factor authentication products like Duo and a single sign-on (SSO) products called Okta. To explain Universal Sign On feature, the company says that it can “remember how you log in to each account so you can get where you’re going with a single click.”
Universal Sign On intends to make logins easier
The Verge asked 1Password CEO and founders about the new feature and how will 1Password try to solve the challenges of universal log on and, in particular, whether they’re trying to compete with Okta, Active Directory, and others in this space? According to 1Password’s CFO Jeannie De Guzman, “We actually partner with Okta and we are an Okta shop at 1Password. When I think about competing with Okta… we don’t view them as a direct competitor. When you use Okta inside a company, it’s often times a lot of enterprise level software that you have enterprise-wide deployments… there’s a huge proliferation of SaaS apps going out that are being used by all of us at work right now. Those onesies and twosies that go to one person or to a small group of people… those don’t necessarily get caught in Okta” The “shadow IT” is a matter that concerns 1Password. This way, users can access things not governed by Okta SSO. Also, they might have accounts for work, and the IT department doesn’t know about it. Guzman believes this could be a good chance for 1Password to cooperate with Okta or other SSOs. Guzman says they can “capture all those logins that don’t get captured enterprise-wide.” Using new 1Password products can benefit businesses, especially in the finance department, where a person may have left the company but still has access to bank account passwords.
1Password is creating the future of password management
Because password security is so important to many individuals and businesses, password management services are constantly evolving. 1Password has unveiled its “vision of the future” website that shares the company’s latest advancement in password management. The new login methods are mostly focused on adding productivity to work processes. Moreover, it insists on single sign-on method that simplifies the login process. Also, 1Password recently had a great fundraising which was the largest funding round for a Canadian company. As per the latest report, they could raise $620 million (USD) in fund. The value of 1Password is now $6.8 billion. The new funds will allow 1Password to invest on developing new methods for protecting people’s password. The company says that they want to bring a human-centric approach to security.
