LastPass is starting a new chapter and breaking away from the parent company GoTo. The company will now operate under a shareholder holding company and will retain its CEO Karim Toubba.

The LastPass hack of August 2022 was long remembered as cybercriminals got away with encrypted password folders. A year later, the same hackers were found to have gained access to a LastPass employee’s laptop. Now the company announces that it will separate from its parent company GoTo. This appears to be an attempt to regain customer trust.

LastPass hack

The August 2022 LastPass hack didn’t seem like a big deal at first. The company said at the time that hackers had gained access to “certain elements” of customer information but that the passwords had not been compromised. The company then quickly reversed this decision. It turned out that encrypted password folders containing sensitive information such as passwords, usernames and associated URLs had been stolen.

In January, the company introduced new rules for new and existing customers that require the master password to contain at least 12 characters.

new chapter

LastPass recently announced the completion of its planned spinoff from parent company GoT. The company will now operate under the shareholder holding company LMI Parent and will retain its CEO Karim Toubba. This reflects a new chapter for the company as it seeks to regain user trust following the high-profile LastPass hack.