Less than a year after making its Finovate debut, Boulder, Colorado-based cybersecurity specialist PasswordPing has rebranded as Enzoic.
“2019 begins a new era for our company and the name change to Enzoic reflects our growth and evolution,” company co-founder, CMO, and Head of Product Management Kristen Ranta Haital Wilson said. “Customers are using our products in different ways, from risk-based authentication signals to bundling our solutions into their own product suites. Our name needs to reflect the diverse use cases for our solutions.”
These use cases include providing identity theft protection via its flagship IDShield solution whether users are accessing their accounts online or on the app. Enzoic serves as an additional layer of security at the point of authentication, detecting compromised credentials and prompting password resets when unauthorized logins are identified.
The company also highlighted a new service, IDShield Credential Screening, that monitors online sources, including the dark and deep webs, for exposed credentials. Offered as part of the base level plan, the new feature alerts users in the event their credentials – typically paired usernames and passwords – are found. The service then prompts users to make necessary changes. Enzoic’s IDShield also offers password screening at both new account setup and during password reset to ensure that new passwords are suitably strong.
Enzoic sees itself as part of the solution to a problem that represents 81% of hacking-related breaches in 2018: the challenge of compromised credentials. The company notes that losses from account takeover (ATO) climbed 1.2x from 2016 to 2017, and increased by another 1.6x the following year. And unfortunately, the “friendly fire” of people reusing passwords – more than 70% according to some studies – makes the battle against compromised credentials that much harder to fight.
“We have reached the point where compromised credential screening is really a must-have in order to adequately secure the authentication layer of your customer applications and corporate systems,” Enzoic founder and CTO Mike Wilson said. “Balancing security with user experience is a business imperative; unlike some other solutions on the market, our solutions provide protection without unnecessary friction.”
Founded in 2016, the company – as PasswordPing – demonstrated its credential screening technology at FinovateFall 2018. A finalist in the Innovation Quotient awards last year, Enzoic was named Startup of the Year at the 13th Annual 2018 IT World awards back in October.
