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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Standard Chartered PLC    STAN   GB0004082847

STANDARD CHARTERED PLC

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Standard Chartered backs passwordless tech startup Secret Double Octopus

10/15/2020 | 02:04am EST
FILE PHOTO: People pass by the logo of Standard Chartered plc at the SIBOS banking and financial conference in Toronto

LONDON (Reuters) - Standard Chartered Plc's venture capital arm SC Ventures has made a strategic investment in Secret Double Octopus, a Tel Aviv-based startup providing authentication technology that removes the need for passwords, the companies said on Thursday.

The financial terms of the deal were not disclosed.

Secret Double Octopus, which already counts Sony Financial Ventures and Japanese telecoms provider KDDI as investors, said it 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.

"On average an enterprise user forgets his password three times a year," said Raz Rafaeli, co-founder and chief executive of Secret Double Octopus. "The cost of password reset is $25 dollars at a minimum."

That could amount to millions of dollars annually for companies with thousands of employees, he added.

The technology could also be deployed to remove passwords in customer facing systems, Rafaeli said.

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.

Financial institutions spent about $2,700 on average per full-time employee on cybersecurity in 2020, up from about $2,300 last year, according to a recent study by Deloitte. That represented 10.9% of their overall IT budget, up from 10.1% in 2019.

(Reporting by Anna Irrera; Editing by Kirsten Donovan)

By Anna Irrera


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
SONY CORPORATION 1.53% 9765 End-of-day quote.31.94%
SONY FINANCIAL HOLDINGS INC. -0.04% 2597 End-of-day quote.-1.18%
STANDARD CHARTERED PLC -0.12% 484.1 Delayed Quote.-31.57%
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Financials (USD)
Sales 2020 14 880 M - -
Net income 2020 779 M - -
Net Debt 2020 - - -
P/E ratio 2020 26,0x
Yield 2020 1,51%
Capitalization 20 501 M 20 557 M -
Capi. / Sales 2020 1,38x
Capi. / Sales 2021 1,38x
Nbr of Employees 82 494
Free-Float 93,9%
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Number of Analysts 23
Average target price 6,59 $
Last Close Price 6,51 $
Spread / Highest target 38,8%
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Spread / Lowest Target -29,8%
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William Thomas Winters Group Chief Executive Officer & Executive Director
José Viñals Group Chairman
David Whiteing Group Chief Operating Officer
Andrew Nigel Halford Group Chief Financial Officer & Executive Director
Michael Gorriz Group Chief Information Officer
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