Okta authentication service provider hacked: how it affects major companies

The scope of the breach is unknown, but a hack on Okta could have major consequences as thousands of other companies rely on the firm to manage access to their own networks and applications. Okta said the breach could be linked to an earlier incident in January.

Here is some information about the company:

According to its website, Okta has been in business since 2009 and describes itself as an “identity provider for the Internet”. It says it has more than 15,000 subscribers to its platform.

Okta sells identity services, such as single sign-on and multi-factor authentication used to log in to online applications and websites.

Hundreds of large companies, such as FedEx, T-Mobile US, Moody’s, and Coinbase, use Okta’s services.

Cloudflare, a global cloud service provider, also uses Okta. Cloudflare CEO Matthew Prince said in a tweet that the company had reset the credentials of some employees “out of sheer caution” but “did not confirm any compromise.”

In a 2019 interview with CNBC, Okta CEO Todd McKinnon said the company has more than 100 million registered users.

Okta competes with likes of PingID, Duo, SecureAuth, Microsoft, and IBM. Known for offering employee identification systems, Okta is expanding its customer identification business, which is now responsible for a quarter of revenue.

Earlier this month, Okta said it had agreed to buy its smaller rival Atho in a $ 6.5 billion (approximately Rs 49,546 crore) all-stock deal, one of the largest software deals this year.

Okta reported quarterly revenue of $ 234.7 million (about Rs 1,809 crore) in March, an increase of 40 percent. The company’s share price rose during the epidemic, taking the company’s market cap to over $ 30 billion (approximately Rs 2,28,691 crore).

Thomson Reuters 2022

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