According to Kaspersky, every day, internet users encounter a large number of online services and programmes that require authorisation.
In order to access email, instant messaging services, online banking and shopping accounts or social networking sites, users are required to enter their credentials.
Kaspersky Lab said that most security conscious user will create several usernames and passwords and attempt to recall the answers to a variety of secret questions that will help them recover login details if they lose or forget them.
And whilst many programmes can store your credentials, including web browsers, they typically keep them in a non-protected format, so exposing the data to malicious attacks.
Simon Geach, consumer sales director of Kaspersky Lab, said that, in light of the ever increasing risk of identity theft, his firm wants to provide its users with an increased level of security for their logins and passwords.
"We are well aware that most users tend to only have a couple of passwords for a large number of resources, which is a particularly unsafe practice", he said.
"To help improve this situation, we are giving them a powerful, user-friendly tool that reliably protects their digital ID", he added.
Kaspersky said that Password Manager has been designed to specifically address this problem together with a number of related issues by ensuring the security of passwords used to access websites and Windows applications.
In use, the software is billed as storing passwords, usernames and other confidential data in a dedicated database that is accessed via a master password.
It can also automatically recognise and fill in text fields in lengthy online forms and authorisation dialog windows in password-protected websites and programmes.
According to Kaspersky, the software helps users identify themselves to a website or a programme with just one mouse click.