Two security companies, WISeKey and Kaspersky Lab have joined forces to create a system which will make payment through wearable devices safer and more secure, the companies said in a press release recently.
The solution will be based upon WISeKey's ‘Cryptographic Root of Trust for IoT’ and on its NFCTrusted technology, and will include Kaspersky Lab's secure software development kit for mobile devices.
“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.
The two companies decided to build such a solution as the number of connected devices and wearables grows. According to a Tractica report, wearables will account for a fifth of mobile transactions by 2020 – amounting to $500 billion (£350bn) a year.
Such a strong and growing market will be an important target for cyber-crooks, the duo believes.
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".