How did you get into the online security industry?
A: We (myself Per and the Keypasco CEO Maw-Tsong Lin) saw a need for online security in 1994 and since then we been active within the industry. First via the two-factor authentication company Todos, which developed hardware tokens for the e-banking market. Todos products are still used today by a large number of banks worldwide due to its good security, and by the time Todos was acquired by Gemalto in 2010 Todos had accomplished 75 banks and 20 million devices delivered.
We were the force behind Todos, and we took our experience and network with us to Keypasco. With experiences from the hardware market we found a passion to offer a service that presents a new way to security. Our solution provides the same or higher level of security and accuracy compared to the best hardware solutions without the high costs of upfront investments, administration, logistics, and without update limitations. And it’s not either or; our solution will always highly improve your current solution.
Where do you see the online security industry heading in the next five years?
Mobile device-centric solutions are the future of online security, and if you use a secure mobility solution that utilizes the devices the end user already carry you have a solution without the limitations that traditional solutions has. In five years I believe that the mobile market has taken over and the PC end user is a minority, and by then we have to have solved the security issue.
Within the past few years there has been a lot of news about online security breaches. What do you believe can be done at an industry level to help prevent the volume of breaches?
Authentication and online security has become more and more important due to the incidents that have affected the global market the last few years. But the blame should not be placed upon the users; the companies whose services are affective need to address the issue. Authentication has evolved along with human behaviour to span over more platforms than ever before, including the mobile platform. The mobile and online security market has, due to quick development and focus on intuitive user experience, left security a little behind. So we need to increase the security since a lot of Internet Content Providers still use primitive authentication solutions such as user credentials (username and password). But this increased level of security has to happen without making the user behaviour unpleasant. We need to set an accepted minimum-security level – no more username and password or easily stolen OTPs to access our online accounts.
How has Keypasco evolved over the years to remain as a leader in the online security industry?
Since the start in 2010 we have been established as a market leader and a force to be reckoned with within the changing digital and mobility market. The first two years was completely focused on R&D, so when we launched the solution in 2012 we were able to move quickly and our first customer went live in 2013 with 2.6 million end users. Keypasco offer today a patent-approved secure authentication and mobility solution to 13.9 million end users in the online gaming and financial/banking industry. We have reached this level of success by understanding user-friendliness, volume and pricing, and offer them in a combination with a security technology and concept that no one else in the security industry does.
We were described as “a true pioneer of the 21st century for mobile security” when Keypasco was awarded by Frost & Sullivan, and they point out that we have embraced the mega trends that challenge our industry. Frost & Sullivan’s research reveals that Keypasco’s software-based secure authentication solution is made for realistic business leaders who understand these growing security risks, everyday user behaviour, and the advantages and growing demand for mobility.
What are some key benefits that Keypasco offers that allows it to stand out from its competitors?
No additional devices, and our user-friendliness (no new behaviour for the end user to learn) in combination with high security are some of the core key benefits. But I think our latest customer describes what makes Keypasco unique the best:
“Our 隨行保鑣 (Mobile Guardian) offers our customers a user-friendly and secure mobile banking/Internet banking service through a mobile app. No more hardware tokens needed when travelling abroad, and our customers can always access our financial services no matter where or when through their mobile phones, and without expensive mobile roaming.
With the introduction of many new innovative personal wearable devices, using the personal wearable device as part of your own security is the trend, and Keypasco is at the forefront of this trend and development.
Keypasco solution with its unique patented device authentication, two-channel structure, proximity and central-stored PKI offers a complete mobile multi-factor strong authentication for our needs, both today and in the future. We are step-by-step going to introduce our new financial services, which is possible with the Keypasco solution.” – HuaNan Commercial Bank’s President Mr. Bruce L. Y. Yang