Okta Authentication Services Provider Hacked: How It Affects Major Companies

The scope of the breach is unknown, however a hack at Okta might have main penalties as a result of 1000’s of different firms depend on the agency to handle entry to their very own networks and functions. Okta mentioned the breach might be related to an earlier incident in January.

Listed here are some details in regards to the firm:

In line with its web site, Okta has been in enterprise since 2009 and describes itself because the “identity provider for the internet.” It says it has greater than 15,000 prospects on its platform.

Okta sells identification companies, equivalent to Single Signal-On and Multi-factor Authentication used to log in to on-line functions and web sites.

Tons of of enormous firms, equivalent to FedEx, T-Mobile US, Moody’s, and Coinbase, use Okta’s companies.

World cloud companies supplier Cloudflare additionally makes use of Okta. Cloudflare CEO Matthew Prince mentioned in a tweet that the corporate had reset the credentials of some workers “out of (an) abundance of caution” however had “confirmed no compromise.”

In a 2019 interview with CNBC, Okta’s CEO, Todd McKinnon, mentioned the corporate had greater than 100 million registered customers.

Okta competes with the likes of PingID, Duo, SecureAuth, Microsoft, and IBM. Whereas recognized for providing worker identification techniques, Okta has been increasing its buyer identification enterprise, which now accounts for 1 / 4 of income.

Earlier this month, Okta mentioned it had agreed to purchase its smaller rival Autho in a $6.5 billion (roughly Rs. 49,546 crore) all-stock deal, one of many largest software program offers thus far this yr.

Okta reported quarterly income of $234.7 million (roughly Rs. 1,809 crore) in March, a rise of 40 %. The corporate’s share worth has jumped in the course of the pandemic, taking the corporate’s market cap to over $30 billion (roughly Rs. 2,28,691 crore).

© Thomson Reuters 2022

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