Allegedly, passwords are an excellent way to protect personal and organizational computer systems. Though in reality, leaked passwords are responsible for 81% of all global cybersecurity hacks. Here, is where the cybersecurity company - Secret Double Octopus, which is based in Be’er Sheva, comes into play. As they have developed a security system based on identification recognition and data traffic. The company recently announced the successful completion of its $15 million series B funding round.
An Algorithm Based On Nuclear Weapon Launch-Code Security
Secret Double Octopus developed a non-password based product that verifies identities and secures organizational data in all environments, including AWS, G Suite, Salesforce, WordPress, Box, HubSpot, SAP, and Office 365. The company strives to prevent cyberattacks from collecting data that can hack encryptions, as well as block other cyberattacks, such as man-in-the-middle, PKI Manipulation, key theft, and certificate authorities weak points. Through the company’s product, Octopus Authenticator, users can send information via multiple communication channels, where the information is deconstructed into pieces that do not contain enough data to recover the source. However, still capable of reassembling the data once it has reached its desired receiver.
The startup company’s technology is based on an algorithm called ‘Secret Sharing’, which had been developed decades ago to safeguard the launch-codes of nuclear missiles (according to foreign reports).
Since this algorithm has proven itself impenetrable, no matter the computing force behind the hack - at least until we witness Quantum hacking - it is still considered significantly safer than a PKI-based-encryption, which can be hacked using different computing methods, as well as harm the Quantum calculations. In practice, once the user wants to access any system, they will receive a notification on their phone requiring them to authorize access through biometrics, that they, in fact, are the intended user.
Secret Double Octopus was founded in 2015 by Professor Shlomi Dolev, Dr. Shimrit Tzur-David, Raz Rafaeli, and Chen Tetelman. Their current $15 million funding round was accomplished by both new investors, such as Sony Financial Ventures, KDDI Corporation, and Global Brain, as well as existing investors, like JVP, Benhamou Global Ventures, Yaniv Tal, Liberty Media, and Iris Capital. The company has raised a total of $22.5 million in funding since its foundation.
Yoav Tzruya from JVP said in response to the funding series: “The transition of organizations to password-free symbolizes a dramatic change in organizational security, and drastically reduces one of the more popular attack vectors.”