Standard Chartered Backs Passwordless Tech Startup Secret Double Octopus

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.