Duo Security Achieves Record Growth In Two-Factor Authentication Market
ANN ARBOR — Duo Security, a cloud-based two-factor authentication company, Tuesday announced that the company saw record growth of more than 400 percent in 2012.
The explosive growth is the result of the company’s success in expanding the two-factor authentication market beyond traditional buyers.
Duo Security’s mission is to democratize two-factor authentication, making it easy and affordable for organizations of all sizes. Duo’s customer base has grown over 50 percent per quarter over the last seven quarters.
Duo’s customers span a wide range of industries, including those that traditionally could not afford to invest in advanced authentication. Duo protects three of the top five global social networks, as well as companies ranging from Fortune 500 to SMBs across all sectors. Customers include companies as diverse as Bechtel, Toyota, PwC, Thomson Reuters, Etsy, Random House, Duke University, State of Ohio Department of Transportation, and the Federation of State Medical Boards.
Founded in December 2009, Duo simplifies the deployment and usability of two-factor authentication by delivering it as a cloud-based service, while leveraging a device that all users have, their mobile phone. This improved convenience and user experience means people are more likely to use the service and benefit from the protection.
“Passwords are no longer sufficient to protect access to accounts online,” said Harper Reed, former Obama for America CTO. “I’ve personally advised a number of companies to deploy Duo Security as they’ve made it exceptionally easy and affordable for anyone to use.”
Duo says it believes its success has been driven by three trends — the recent and dramatic rise in data breaches and account takeovers; enterprise acceptance of cloud services; and consumer adoption of mobile technologies.
“By making two-factor authentication easy for both users and IT staff, Duo has effectively removed the largest hurdles most companies face in adopting two-factor authentication to protect their accounts,” said Dug Song, CEO and co-founder, Duo Security. “Nearly half of our customers have never deployed two-factor previously — or were able to.”
In 2013, Duo looks to accelerate the growth of the two-factor market by democratizing enterprise-class security functionality.
Duo also announced Tuesday that its mobile app now uses the hardware security module embedded in the latest mobile devices to provide a secure, tamper-proof credential that cannot be copied or cloned.
Duo’s service can be set up in as little as 15 minutes, and used immediately by anyone with a phone. Over 1,000 organizations in over 80 countries rely upon Duo to prevent online account takeover and data theft. The company has venture funding from Google Ventures and True Ventures.
Learn more and try Duo free at www.duosecurity.com.