GENEVA--(BUSINESS WIRE)--With smart watches, fitness trackers and payment wristbands expected to account for one in five mobile payment transactions by 2020 – representing $500 billion a year* – it is inevitable that they will become a growing target for cyber-attack, according to WISeKey and Kaspersky Lab. The two companies have today announced that they are developing technology that will deeply integrate authentication and data encryption into new wearable devices, enabling them to safely connect, communicate and exchange financial data. The interaction between devices, known as the Internet of Things is set to transform the business and consumer landscape. The market for connected wearables alone is estimated to be growing by 35% a year**. However, many connected devices and the data they exchange remain worryingly unprotected, and this will become even more serious as more of them are used to make payments. Premium watch manufacturers, such as Bulgari, already integrate WISeKey’s patented security software, WIS.WATCH into their connected watches. This enables a customer to securely identify and authenticate their device, to connect it to other devices such as their smartphone and to access applications, personal data and secure cloud storage. Under the new partnership, Kaspersky Lab’s secure software development kit for mobile devices will be included in this solution, adding a further layer of security and paving the way for ultra-secure mobile payments. “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." The collaborative solution will be based on WISeKey’s ‘Cryptographic Root of Trust for IoT’ and on its NFCTrusted© technology. Between them, these technologies ensure the authenticity, confidentiality and integrity of online transactions. The Cryptographic Root of Trust has been installed in over 2.6 billion desktop, browsers, mobile devices, SSL certificates and connected devices. *Source: Tractica report **Source: BI Intelligence Estimates About Kaspersky Lab Kaspersky Lab is one of the world’s fastest-growing cybersecurity companies and the largest that is privately-owned. The company is ranked among the world’s top four vendors of security solutions for endpoint users (IDC, 2014). Since 1997 Kaspersky Lab has been an innovator in cybersecurity and provides effective digital security solutions and threat intelligence for large enterprises, SMBs and consumers. Kaspersky Lab is an international company, operating in almost 200 countries and territories across the globe. Over 400 mln. users are protected by Kaspersky Lab technologies worldwide. Learn more at www.kaspersky.com. About WISeKey WISeKey is a leading global digital security solutions company. Working at the forefront of information cybersecurity, identity management, and mobile software services, WISeKey’s mission is to facilitate the global growth of secure electronic transactions by providing individuals, businesses, and governments with advanced technology and services that authenticate and protect digital identity across the full spectrum of personal, business and administrative transactions online. WISeKey, established in Geneva, Switzerland in 1999, (http://www.wisekey.com/), is a World Economic Forum Global Growth Company.
Kaspersky Lab has joined forces with Swiss security firm, WISEKey, to develop technology to integrate authentication and data encryption into new wearable devices; it will allow these IOT devices to safely connect, communicate and exchange financial data. Many connected devices and the data they exchange are not protected from cyber security threats and this will become even more serious as more are used to make payments. "This cooperation between WISEKey and Kaspersky Lab represents a breakthrough in IoT cyber-security", said WISEKey's CEO, Carlos Moreira.