Mike Newman, chief executive of My1login, now wants to raise funding from private investors as security experts advise website customers to create unique passwords for each social networking and online banking site they use.
Millions of users’ accounts at Linkedin and eHarmony were recently breached by hackers.
Newman claims more than 50 per cent of those who use the internet use the same password for their online accounts, which means they are increasingly in danger of falling prey to criminals. His firm generates complex passwords for all online accounts, which is claimed to be safe from the prying eyes of hackers as it does not require the user to download software and does not store passwords.
Newman believes that recent hacking scandals will help push online password management applications into the mainstream in the next 12 months. He said: “With each new hacking incident, individuals and businesses are finally waking-up to the idea that cybercrime has become a day-to-day threat and that increased password security management is absolutely essential. I predict that password management tools will be as familiar a concept as virus scanning within a year.”