Most of us employ weak passwords and should know better. Blah blah blah. But actually, as boring as the topic of password security is, get found wanting and the repercussions can be anything but dull (and extremely costly). Just ask the Associated Press.
Aiming to help users double-down on their password security is 1mylogin, which offers a cloud-based password manager. Today the UK startup has announced that it raised an additional $500,000 or so in funding that it will use to market its relatively new business offering soft-launched last month.
This brings the total raised by my1login to approximately $1.5 million via a mixture of grants and equity financing. This latest seed round comes from previous backers Scottish Investment Bank, the investment arm of Scottish Enterprise, and TRI Capital and Equity Gap, in addition to a number of unnamed angel investors.
Launched early last year, my1login’s freemium-based consumer product offers 1-click login for a user’s various online accounts by storing and making accessible all passwords via the cloud, encrypted with banking-grade security. Like other password managers, the idea is that you have a master password that unlocks access to your other passwords. That master password should (obviously) be strong and unique, but then so can the others since you won’t need to remember them.
Taking that proposition and dialling up the security notch further, my1login’s business product adds features, such as 2-factor authentication (key phrase-based), a central admin panel for managing access to passwords across an organisation, and analytics to help a business keep tabs on its various passwords and their usage. Thus my1login is setting out to help businesses prevent the use of weak passwords and what it calls weak password practices, where employees use the same password across multiple websites. Blah blah blah.