Grid Dynamics Signs a Strategic Partnership With Secret Double Octopus to Protect Global Organizations Against Cyber Attacks at a Time of Rapid Workforce Shifts and Growing Regulatory Demands

Rhea-AI Summary

Grid Dynamics (NASDAQ:GDYN) has announced a strategic partnership with Secret Double Octopus to enhance its cybersecurity offerings. This collaboration aims to meet increasing demands for protection against cyber threats, focusing on passwordless authentication methods. With the rise of remote work, multifactor authentication is crucial, as McKinsey estimates that 20-25% of advanced economy workforces now work remotely several days a week. The partnership will provide enterprise customers with advanced security solutions to streamline workflows while mitigating cybersecurity risks.

Positive

• Partnership with Secret Double Octopus enhances cybersecurity portfolio.
• Focus on passwordless authentication aligns with increasing demands in remote work environments.
• Access to multifactor authentication offerings for Fortune 1000 customers.

Negative

• None.

Key Takeaways:

• The strategic partnership will enhance Grid Dynamics' cybersecurity portfolio to meet the rapidly growing demand to protect enterprises against identity theft, phishing, and other cyber attacks.
• Secret Double Octopus' innovative workforce authentication solutions are an industry game-changer at a time of rapid workforce shifts and growing regulatory demands.
• Grid Dynamics expects to use Secret Double Octopus solutions to transform enterprise authentication standards, helping organizations better manage their cybersecurity risks while streamlining employee workflows.

SAN RAMON, CA / ACCESSWIRE / June 6, 2022 / Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) (Grid Dynamics), a leader in enterprise-level digital transformation services and solutions, today announced a strategic partnership with Secret Double Octopus (SDO), a global leader in next-generation workforce authentication solutions. The Octopus Authentication Platform provides a unified user experience and a consistent way to access workstations, remote services, cloud applications, and on-prem systems while providing stronger protection against cyber-attacks.

"As we are constantly witnessing the advent of a highly remote, mobile workforce and explosive growth of automation, even the best security departments are struggling to keep up. New approaches are needed," stated Stan Klimoff, Chief Strategy Officer at Grid Dynamics. "Our strategic partnership with SDO is the latest addition to Grid Dynamics' cybersecurity portfolio, and we are excited to be able to offer to our customers the best in passwordless authentication".

The Secret Double Octopus partnership will provide Grid Dynamics' significant roster of worldwide Fortune 1000 customers access to multifactor authentication offerings, at a time when multifactor authentication is of critical importance, given the prevalence of remote work. McKinsey estimates approximately 20 to 25% of advanced economy workforces work from home between three to five days a week, a four to five times higher percentage than before the pandemic.

"We know first-hand that Grid Dynamics is building some of the most complex cloud and analytics systems in the world," said Raz Rafaeli, Co-Founder & CEO of Secret Double Octopus. "Complex environments demand complex security measures, and these systems are often prime targets for attackers. In partnership with Grid Dynamics, we aim to reduce that complexity to enable our customers to grow confidently and securely. We're excited to be partnering with Grid Dynamics to reduce that complexity for our customers to grow confidently and securely."

Founded in 2015, Secret Double Octopus works to address the rapidly growing need for passwordless authentication and remote-access security in enterprise environments. Its solutions allow Grid Dynamics customers to leverage biometrics, mobile devices, and security keys to protect company assets, without the need to rely on fragile password-based authentication methods to log into workstations, cloud services, legacy applications, and other workplace tools.

About Grid Dynamics

Grid Dynamics (Nasdaq:GDYN) is a digital-native technology services provider that accelerates growth and bolsters competitive advantage for Fortune 1000 companies. Grid Dynamics provides digital transformation consulting and implementation services in omnichannel customer experience, big data analytics, search, artificial intelligence, cloud migration, and application modernization. Grid Dynamics achieves high speed-to-market, quality, and efficiency by using technology accelerators, an agile delivery culture, and its pool of global engineering talent. Founded in 2006, Grid Dynamics is headquartered in Silicon Valley with offices across the US, UK, Netherlands, Mexico, Switzerland, India, and Central and Eastern Europe.

To learn more about Grid Dynamics, please visit www.griddynamics.com. Follow us on Facebook, Twitter, and LinkedIn.

Forward-Looking Statements

This communication contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are not historical facts, and involve risks and uncertainties that could cause the actual results of Grid Dynamics to differ materially from those expected and projected. These forward-looking statements can be identified by the use of forward-looking terminology, including the words "believes," "estimates," "anticipates," "expects," "intends," "plans," "may," "will," "potential," "projects," "predicts," "continue," or "should," or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include, without limitation, quotations and statements regarding the benefits of our strategic partnership with Secret Double Octopus.

These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside Grid Dynamics' control and are difficult to predict. Factors that may cause such differences to include, but are not limited to, any factors limiting the benefits of our strategic partnership with Secret Double Octopus, including factors that limit the use and capability of its products.

Grid Dynamics cautions that the foregoing list of factors is not exclusive. Grid Dynamics cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Grid Dynamics does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Further information about factors that could materially affect Grid Dynamics, including its results of operations and financial condition, is set forth under the "Risk Factors" section of the Company's annual report on Form 10-Q filed May 5, 2022, and in other periodic filings Grid Dynamics makes with the SEC.

Media Contact:

Nancy MacGregor
Trier and Company for Grid Dynamics
415.309.5185 | nancy@triercompany.com

SOURCE: Grid Dynamics

View source version on accesswire.com:
https://www.accesswire.com/703932/Grid-Dynamics-Signs-a-Strategic-Partnership-With-Secret-Double-Octopus-to-Protect-Global-Organizations-Against-Cyber-Attacks-at-a-Time-of-Rapid-Workforce-Shifts-and-Growing-Regulatory-Demands

FAQ

What is the partnership between Grid Dynamics and Secret Double Octopus about?

The partnership aims to enhance Grid Dynamics' cybersecurity portfolio, focusing on passwordless authentication solutions.

How does the partnership impact Grid Dynamics' cybersecurity offerings?

It expands their capabilities, especially in multifactor authentication, crucial for protecting against cyber threats.

What market demand does this partnership address?

It addresses the growing need for cybersecurity solutions amidst the rise of remote work and identity theft.

When was the partnership with Secret Double Octopus announced?

The partnership was announced on June 6, 2022.

What does Grid Dynamics aim to achieve with this partnership?

They aim to transform enterprise authentication standards and manage cybersecurity risks more effectively.