Security architecture and practices are important to every vendor, but the expectations and consequences are especially high for Cybersecurity products. When a password or credential vendor has multiple breaches, not only do customers abandon them but regulators take notice.
The two data breaches in 2022 compromised information from up to 1.6 million UK users, exposing their email addresses, IP addresses, and in some cases names, telephone numbers, and physical addresses.
LastPass is being fined over $2m by the UK government, but perhaps more importantly the continuing saga in the media is putting pressure on their reputation and market position, which has been cut in half since before the breaches.
It is an important market lesson for not only security vendors, but all digital companies that rely heavily on consumer trust. Cybersecurity can be a competitive advantage or a significant detriment if not managed properly. The choice is a business imperative.
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