1Password Introduces Co-CEO Model to Enhance Growth and Strengthen Security

1Password has appointed a former executive from Qualtrics and Barracuda to the co-CEO position as part of a strategy to secure unmanaged devices and applications, especially in the context of a decentralized workforce.

Centrally located in Toronto, 1Password believes that having David Faugno lead operational strategies will allow Jeff Shiner, who has held the CEO position since 2012, to concentrate on product development and the overall vision of the company. Their focus will be on expanding extended access management to address the changing security landscape associated with remote work. Faugno’s role will include enhancing partnerships, extending international reach, and bolstering client support.

“This collaboration provides me with the opportunity to devote more of my time to product development and strategic vision while trusting David to oversee operational excellence,” Shiner stated in an interview with Information Security Media Group.

Faugno joined 1Password in September 2023 as president and chief operating officer, following a successful tenure as CFO at Qualtrics and Barracuda. His appointment reflects 1Password’s rapid expansion and consequential need for focused product and operational leadership. The decision to implement a co-CEO model is also indicative of the challenges posed by today’s cybersecurity environment, characterized by the increasing complexity of managing access and security across various devices and applications.

Addressing Extended Access Management Needs

Shiner and Faugno both underscored the significance of trust and well-defined roles in their co-leadership arrangement, which is intended to prevent the pitfalls that have plagued other co-CEO models in the cybersecurity industry. Companies like Darktrace and IronNet have previously attempted this structure but reverted to a single CEO format due to operational challenges.

“Our complementary skills and shared vision allow us to tread different paths while consistently steering the company in the same direction,” Shiner commented, expressing confidence in their operational dynamic.

An emerging demand for extended access management arises as hybrid work settings become increasingly commonplace. Employees now require secure access to corporate resources from multiple locations and personal devices. This dual-access model aims to maintain security without extensive traditional device management, thus supporting productivity while respecting user privacy.

“We are exploring ways to extend access management to previously unmanaged devices and applications, enabling users to maintain productivity while allowing security teams to establish necessary controls,” Shiner explained.

1Password is dedicated to embedding itself within the security framework of Chief Information Security Officers (CISOs) through strategic partnerships and product innovations. The company focuses on addressing the widespread issues of credential management and device compliance, particularly given the rising incidents of breaches associated with compromised credentials and devices.

“Most breaches stem from compromised devices and credentials, a challenge that continues to compound as shadow IT proliferates. Rapidly addressing these vulnerabilities is essential for providing value to our CISO clientele,” Shiner remarked.

Enhancing Security for Managed Service Providers

The acquisition of Kolide signifies a pivotal step in 1Password’s roadmap for extended access management, promoting device trust and user compliance. By assessing device security during login, Kolide equips organizations to take better control over unmanaged personal devices, thereby enhancing enterprise security while reducing the burden on help desks.

“We are effectively empowering every end user in the pursuit of sound security practices without adopting a heavy-handed approach,” Shiner said. This strategy resonates with CISOs aiming to balance security with user autonomy amid rising threats.

Faugno is actively looking to bolster 1Password’s presence in the Managed Service Provider (MSP) market by introducing multi-tenancy features designed to assist mid-sized businesses in managing their IT infrastructure more effectively. Faugno also plans to strengthen partnerships with industry leaders like CrowdStrike and Microsoft, with an eye towards expanding operations in Europe.

“The majority of smaller and mid-sized companies implement outsourced IT models; thus, we are eager to engage with the MSP ecosystem for broader market reach,” Faugno noted. The focus on annual recurring revenue, customer retention, and enterprise client adoption underscores 1Password’s commitment to maintaining a seamless integration into the cybersecurity landscape.

Shiner emphasized the company’s foundational philosophy, stating that focusing on developing quality products and providing exceptional customer support has been the cornerstone of their growth trajectory. “We are creating solutions tailored for businesses, driven by user experiences,” he concluded, reinforcing 1Password’s role in enhancing organizational security measures in an increasingly complex digital landscape.