- The primary purpose is that users get an opportunity to secure their weak passwords automatically, which might put them at risk of being hacked.
- Google Password Manager stands out in the competition with its direct access to Chrome and Android users.
Google released a blog post announcing some significant updates to Password Manager. The new changes will help the users with multiple passwords for the same website/app to group them automatically on Chrome and Android devices.
A feature, known as ‘Password Checkup,’ will warn users about weak or reused passwords and compromised credentials when they enter passwords to their online accounts. It will also give them the option to change the password in such a case.
With this, users will get an opportunity to automatically secure their weak passwords, which might put them at risk of being hacked.
The changes will not only help users create unique and robust passwords across platforms but will also enable Android users to create a shortcut to Password Manager on their home screens. Users can access all their passwords with a single tap on their home screen.
Stepping stone towards passwordless authentication
This announcement comes as panic over compromised credentials have reached a breaking point. Verizon’s 2022 Data Breach Investigations Report highlighted that 50% of data breached were due to compromised credentials.
As the FIDO-passwordless movement is underway, providers like Apple, Microsoft, and Google have already committed to deploying passwordless authentication processes. These new updates to the Password Manager provide an effortless intermediary step for users who are very much dependent on password-based security.
There will be fewer chances of insecure passwords being compromised by attackers because the updates to Password Manager will automatically flag weak passwords and provide instant support to change them.
Competition in the global password management market
Google is one of the most significant players in the password management market. Researchers valued it at USD 1.25 billion in 2020 and predict it will reach USD 3.07 billion by 2026 as more users and organizations are looking for reliable solutions to manage their online account passwords effectively.
An established provider, 1Password, is a tough competitor in this field. It is a password manager that enables users to generate strong passwords in a single click across multiple platforms like Android, Windows, Linux, iOS, and macOS. The company reached a valuation of USD 6.8 billion this year.
LastPass is yet another prominent competitor. It helps users generate passwords with a generator and then save them in the LastPass vault. Users can log in via the LastPass Authenticator without needing a password. Private equity firms acquired LastPass’s parent company for USD 4.3 billion in 2019.
Undoubtedly, Google Password Manager stands out in the competition with its direct access to Chrome and Android users. It will ensure that the giant Google product ecosystem users can seamlessly manage and update their passwords to protect themselves from credential-based attacks.
In the company’s blog post, Google researchers wrote, “Strong, unique passwords are key to helping keep your personal information secure online. That’s why Google Password Manager can help you create, remember, and autofill passwords on your computer or phone, on the web in Chrome, and your favorite Android and iOS apps.”
“Google Password Manager can create unique, strong passwords for you across platforms and helps ensure your passwords aren’t compromised as you browse the web,” the blog post said.