WISeKey and Kaspersky Lab: With smartwatches, fitness trackers and payment wristbands expected to be used for one in five mobile payments by 2020 (equivalent to $500 million annually), it is inevitable that these devices will become an increasingly popular target for cyberattacks, according to WISeKey and Kaspersky Lab. 
The two companies announced that they are developing technologies that will integrate deep authentication and data encryption into new wearable devices, enabling them to securely connect, communicate and exchange financial data.
The interaction between devices, a trend known as the Internet of Things (IoT), has the potential to fundamentally change the landscape for businesses and consumers. The market for connected wearables alone is estimated to grow by 35% annually**. However, many connected devices and the data they exchange remain worrisomely unprotected, a situation that will become even more serious as the number of such devices used for payments increases.
Premium watch manufacturers such as Bulgari are already integrating WIS.WATCH, WISeKey’s patented security software, into their connected watches. This allows the customer to securely identify and verify their device, connect it to other devices such as their smartphone, and access applications, personal data and secure cloud storage infrastructures.
As part of the new partnership, Kaspersky Lab's mobile security software development kit will be included in this solution, adding an additional layer of security and paving the way for ultra-secure payments via mobile devices.
“The partnership between WISeKey and Kaspersky Lab is a significant development in the field of IoT digital security. The combination of security and convenience that will be integrated into wearable devices opens the door for implementations in other sectors, where the same approach can support a wide range of IoT applications,” said Carlos Moreira, CEO of WISeKey.
Eugene Kaspersky, President and CEO of Kaspersky Lab, said: “We live in a truly interconnected world. However, as the number of connected devices continues to grow, so do the number of threats. Unfortunately, today, there are millions of devices in use that were never designed to be secure. However, security must be built in from the start. There is an urgent need to establish and implement higher levels of security for IoT devices. We are therefore pleased to partner with WISeKey to develop such a solution.”
The collaborative solution will be based on WISeKey's 'Cryptographic Root of Trust for IoT' solution and NFCTrusted© technology. Between them, these technologies ensure the authenticity, confidentiality and integrity of electronic transactions. The Cryptographic Root of Trust solution has been installed on more than 2.6 billion desktops, browsers, mobile devices, SSL certificates and connected devices.
*Source: Tractica report
** Source: BI Intelligence Estimates
