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Standard Chartered partners with Secret Double Octopus

Thursday 15 October 2020 13:47 CET | News

Standard Chartered’s venture capital arm SC Ventures has made a strategic investment in Secret Double Octopus, an Israel-based startup providing passwordless authentication technology.

Secret Double Octopus, which already counts Sony Financial Ventures and Japan-based telecoms provider KDDI as investors, will use the funding to grow the business. The startup helps large enterprises replace passwords used by employees to log into company systems with passwordless multi-factor authentication. It says its technology can help make systems more secure, while cutting down on the large costs associated with managing passwords.

That could amount to millions of dollars annually for companies with thousands of employees. The technology could also be deployed to remove passwords in customer facing systems. Standard Chartered’s involvement comes as banks and other financial institutions continue to ramp up their investments in cyber security, as they seek to protect their organisations and customers from a multitude of online threats, according to Reuters.

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Keywords: Standard Chartered, Secret Double Octopus, SC Ventures, strategic investment, Israel, startup, passwordless, authentication, Sony Financial Ventures, telecoms, KDDI, banks, financial institutions, cyber security, online threats
Categories: Banking & Fintech | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Banking & Fintech