In a post to its official blog on Thursday, 1Password developer AgileBits said the price cut to $9.99 comes as the result of a New York Times report on Wednesday that claimed Russian hackers have amassed over one billion Internet passwords.
While the origin and extent of the breached password data is unclear, AgileBits notes users should still have strong protections in place in case their information is one day stolen.
When Apple's next-generation iOS 8 launches this fall, 1Password will be ready with Touch ID support, meaning users will no longer have to remember long pass phrases to open the app. In addition, with iOS 8's app extensions, 1Password can finally see integration with other apps, bringing comprehensive protection to titles like mobile Safari.
The last major 1Password updated came in June, when AgileBits overhauled the app with AirDrop compatibility, better integration with 1Password for Mac and a clean iOS 7-inspired redesign.
1Password weighs in at 14.9MB and is available now for $9.99 from the iOS App Store. The accompanying Mac version is also on sale for for $34.99 on the Mac App Store.
Update: AgileBits has also cut $15 off the price of 1Password for Mac. The article has been updated to reflect this change.