Factbox-What Is Okta, Hacked Authentication Services Provider | Technology News

(Reuters) – San Francisco-primarily based Okta Inc, a extensively utilized obtain management firm that competes…

Factbox-What Is Okta, Hacked Authentication Services Provider | Technology News

(Reuters) – San Francisco-primarily based Okta Inc, a extensively utilized obtain management firm that competes with the likes of PingID and Duo to provide on the net authentication providers, reported it was investigating a digital breach on Tuesday.

The scope of the breach is mysterious, but a hack at Okta could have major effects mainly because 1000’s of other organizations depend on the firm to manage obtain to their personal networks and programs. Okta claimed the breach could be related to an earlier incident in January.

Below are some facts about the organization:

In accordance to its web site, Okta has been in business considering the fact that 2009 and describes alone as the “identity provider for the world-wide-web.” It says it has additional than 15,000 buyers on its platform.

Okta sells identification products and services, this kind of as One Sign-On and Multi-factor Authentication employed to log in to on the net purposes and web sites.

Hundreds of large organizations, this sort of as FedEx Corp, T-Cell US Inc, Moody’s Corp and Coinbase Worldwide Inc, use Okta’s products and services.

World cloud companies provider Cloudflare Inc also makes use of Okta. Cloudflare CEO Matthew Prince said in a tweet that the firm experienced reset the qualifications of some workers “out of (an) abundance of warning” but experienced “confirmed no compromise.”

In a 2019 job interview with CNBC, Okta’s CEO, Todd McKinnon, explained the organization experienced additional than 100 million registered end users.

Okta competes with the likes of PingID, Duo, SecureAuth, Microsoft Corp and IBM. Although regarded for presenting staff identification systems, Okta has been expanding its purchaser identification small business, which now accounts for a quarter of profits.

Before this month, Okta claimed it had agreed to buy its smaller sized rival Autho in a $6.5 billion all-inventory deal, a person of the largest application promotions so considerably this yr.

Okta claimed quarterly earnings of $234.7 million in March, an boost of 40%. The company’s share price has jumped all through the pandemic, getting the firm’s current market cap to in excess of $30 billion.

(Reporting by James Pearson in London Enhancing by Matthew Lewis)

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