Chennai-based Precision Group, a company with a turnover of ₹350 crores, has entered the consumer market with the launch of its password manager, the InnaIT Password Manager. This new offering provides a unique solution for securing passwords by storing them on a ‘companion’ device, deviating from the conventional storage on local devices like personal computers or mobile phones or in the cloud.
In the enterprise sector, Precision Group, with a 25-year history, has been delivering security solutions to notable clients, including major banks, and providing biometric security solutions for the Aadhar Ecosystem, according to Mathew Chacko, the Founder & CEO of the company. Fueled by increasing concerns over identity theft, password compromise, and cyber attacks, the company aimed to develop a user-friendly and secure solution for individuals wary of password theft, Chacko mentioned during a press briefing.
Sivakumar Natarajan, the Product Head at Precision Group, highlighted that the InnaIT Password Manager stands out as India’s first hard token-based password manager utilizing both biometrics and public key infrastructure. This innovative approach eliminates the need for users to memorize passwords, enabling them to store all credentials in a dedicated ‘companion’ device equipped with an encrypted chip. Natarajan emphasized the convenience of the device, stating, “I have 183 passwords, and everything is stored in the small device that I always carry with me.”
The InnaIT Password Manager includes an integrated fingerprint sensor, providing an additional layer of secure biometric identity verification for users. The capacitive sensor used in the biometric sensor can read even faint fingerprints, offering protection against 23 different spoofing techniques.
Furthermore, the password manager stores credentials locally on the companion device in an encrypted form, ensuring unauthorized access prevention in the event of device loss. The device has a capacity to store over 500 credentials and can generate complex passwords of up to 64 characters in length, enhancing overall security.
In terms of pricing, the InnaIT Password Manager is initially listed at ₹5,999 (MRP), but the company is currently offering it at a discounted rate of ₹3,999 as part of its introductory offer.
This move by Precision Group reflects its strategic expansion into the consumer market, leveraging its extensive experience in providing security solutions for enterprises and critical sectors like banking. The InnaIT Password Manager addresses growing concerns related to password security and identity theft, offering users a comprehensive and convenient solution to safeguard their digital credentials.
