Smart watches, fitness trackers and payment wristbands are expected to account for one in five mobile payment transactions by 2020. Kaspersky Labs says it is inevitable that they will become a growing target for cyber-attack.
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.
Kaspersky Labs has joined with WISeKey - a company specialises in privacy on the move by securing mobile phone communications, data, making and receiving payments, access to personal bank accounts & more.
The collaboration will develop technology that will deeply integrate authentication and data encryption into new wearable devices, enabling them to safely connect, communicate and exchange financial data.
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.
Eugene Kaspersky, chairman and CEO of Kaspersky Lab says, "We live in a truly connected world, but as the number of connected devices continues to grow, so does the number of threats. 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".
Carlos Moreira, CEO of WISeKey says, “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.”
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 desktops, browsers, mobile devices, SSL certificates and connected devices.