Making Wearables More Secure
WISeKey and Kaspersky Lab have partnered to develop technology that will make mobile transactions safer on wearables.
Smart watches, fitness trackers and payment wristbands are expected to account for one in five mobile transactions by 2020, which represents $500 billion a year. According to Juniper Research, wearables are projected to be responsible for approximately 100 million annual mobile banking sessions by the end of 2020, a huge increase from the 2015 estimates of only 10 million transactions.
The two companies plan to create authentication and data encryption technology to make these purchases more secure.
The Internet of Things, which is the interaction between devices, has already started transforming the business and consumer landscape. In fact, the market for connected wearables is estimated to be growing by 35% a year. According to WISeKey and Kaspersky Lab, though, these data exchanges are not sufficiently protected.
Bulgari and other premium watch manufacturers are already using WISeKey security software in their watches. The software allows customers to securely identify and authenticate their device so they can safely connect it to their smartphone and use the watch to access applications, personal data and cloud storage. The partnership with Kaspersky Lab will strengthen this security.
“This cooperation between WISeKey and Kaspersky Lab represents a breakthrough in IoT cyber-security. The combination of trust and convenience that will be delivered to wearable devices opens the door to implementations in other sectors, where the same approach can support a variety of other IoT applications,” said Carlos Moreira, CEO of WISeKey.
Eugene Kaspersky, chairman and CEO of Kaspersky Lab, said, “We live in a truly connected world. But as the number of connected devices continues to grow, so does the number of threats. And unfortunately there are millions of devices in active use today that were never designed to be secure. But security should be built-in from the very outset. There’s an urgent need to establish and implement higher levels of security for IoT devices, and we’re happy to work with WISeKey in the development of such a solution.”