Secret Double Octopus, a provider of passwordless multi-factor authentication solutions for enterprises, announced the closing of a $15 million Series B funding round.
Investors include Sony Financial Ventures, KDDI, Global Brain, Jerusalem Venture Partners, Benhamou Global Ventures, Liberty Media, Iris Capital, and Yaniv Tal.
The role of passwords in keeping information systems secure is changing. Data breaches cost organizations an average of $3.92 million per incident, according to 2019 IBM research. In addition, weak or stolen credentials are the direct cause of a staggering 81% of hacking incidents, according to Verizon’s 2017 Data Breach Report. As a result of the growing threat aimed at enterprise credentials, Passwordless Authentication is rapidly becoming the new authentication standard.
Secret Double Octopus aims to replace passwords across the enterprise with the simplicity and security of an advanced passwordless authentication solution. Its proprietary phone-as-a-token tech prevents unauthorized use of a system and prevents identity theft.
The company specializes in passwordless authentication for the enterprise, delivering security solutions that allow companies to leverage biometrics, mobile devices, and FIDO security keys to protect company assets. The Octopus Authentication Server allows employees to forego a password when logging into workstations, cloud services, legacy applications, and other common workplace tools. It also offers similar support for on-premises Active Directory systems.
Particularly now, as many workers use unsecured Wi-Fi networks and personal devices to connect to their corporate networks and assets, organizations must quickly maneuver to enable access to corporate applications and workstations in a highly secure method. Removing passwords prevents credentials theft, Man-in-the-middle attacks, identity theft, phishing, and other forms of popular attack vectors. Furthermore, moving to Passwordless Authentication reduces Helpdesk and password management costs and minimizes IT operations.
“This investment is further proof of the market need for our innovative product. It is now more important than ever to implement simple, fast solutions like ours that bolster security while simultaneously increasing employee productivity by eliminating the hassle and costs associated with password management,” said Raz Rafaeli, CEO and Co-Founder of Secret Double Octopus.
Image Credit: Secret Double Octopus