Intel buys Canadian ID-wrangler PasswordBox

Lazy aboot passwords, eh? Intel to cash in

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Chip giant Intel has acquired Canadian identity management company PasswordBox, apparently in a move to address the issue of "password fatigue".

The 44-strong company was formed 18 months ago in June 2013 and has 14 million users.

This year Intel phased out its McAfee brand, which it bought in August 2010 for $7.6bn, in favour of the new Intel Security division.

Intel cited a report by consulting firm Deloitte, which found 90 per cent of user-generated passwords are vulnerable to hacking, and research by Experian that the average user had 26 password-protected online accounts but used only five different passwords.

Chris Young, senior vice president and general manager of Intel Security Group, said: “Everyone can relate to password fatigue. The PasswordBox service has already brought relief to millions of consumers who now enjoy simple, instant login."

He said he hoped the tech would bring "simple, secure access to consumers worldwide.”

Intel said the acquisition is expected to support "future innovations" to be announced at a later date.

The terms of the deal were not disclosed. ®


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