Cloud-based password manager LastPass recently fixed a security flaw in its authenticator app. The company's Vice President Cid Ferrara explains how it recently revamped procedures for reporting issues, and is offering new features for consumers and businesses.

"This was a bug that was reported to us responsibly by one of our users. We always are very happy to get that report from our community," said Ferrara. "There's not a software out there that's immune to bugs. It's our job to stay ahead of the bad guys everyday."

This password manager helps people automate process of storing and creating passwords. LastPass's parent company, LogMeIn, tripled quarterly revenue year over year according to its latest earnings report. "There's just really high demand for anyone who can help mitigate risk in terms of cybersecurity," said Ferrara.