Secret Double Octopus, which works in passwordless authentication for security online, has secured a strategic investment from SC Ventures, the FinTech and investment arm of international banking group Standard Chartered, a press release says.
Secret Double Octopus' product is an authentication solution, working to remove the need for a password for any business environment. The company boasts a simple user experience and a formidable protection against cyberattacks.
In addition, Secret Double Octopus is working with companies like ForgeRock and Okta and providing services to companies anywhere from mid-size businesses to Fortune 50 companies.
Raz Rafaeli, co-founder and CEO of Secret Double Octopus, said the company was fortunate to have gotten to this point.
"This partnership demonstrates the trust our technology has gained in global organizations of the largest scale," he said, according to the release. "SC Ventures is a beacon of fintech innovation, and we look forward to many years of collaboration delivering passwordless capabilities to the enterprise world."
Alex Manson of SC Ventures said the way the world has changed in 2020 requires "a shift in how organizations secure their employees and clients."
"We are thrilled to partner with Secret Double Octopus as they transform enterprise authentication standards, helping organizations like ourselves better manage their cybersecurity risks, while streamlining employee workflows," he said, according to the release. "We look forward to supporting Secret Double Octopus in the next phase of its growth."
With over $1 trillion lost to financial crimes globally every year, advanced technology will be needed going forward, PYMNTS writes. The use of only passwords might have to be done away with, as many people don't vary their passwords from site to site, which is a security risk, experts say.
The solution will come through more advanced methods like multifactor authentications that do away with the reliance on passwords. Multifactor authentication can be cumbersome for users, though, who often value efficiency over security. Because of that, some banks have instead used biometric measures like a selfie taken to verify one's identity.
Even that isn't perfect, but using artificial intelligence (AI) can boost automation and help with accuracy overall.