WISeKey International Holding Ltd, a Swiss based cybersecurity company and Feitian Technologies, the leading supplier of user authentication and transaction security solutions, has announced a partnership to provide combined solutions to secure IoT devices.
Ransomware and Distributed Denial of Service (DDoS) are just a glimpse of the next big cyber-attacks to come with the introduction of IoT in critical infrastructures including hospitals, financial services and FinTech.
In “The 2016 Internet Organized Crime Threat Assessment (IOCTA),” Europol reports that DDoS attacks are becoming more widespread and more dangerous causing organizations billion dollar losses. The most common attack path is to flood the targeted victim’s servers with superfluous traffic to overload them and bring the service down. In the recent massive and sustained DDoS attacks hackers have used more than 150,000 hacked IOT devices, such as CCTV video cameras and digital video recorders, to generate exceptional data traffic. The malicious firmware used in these IOT devices can be remotely installed by cybercriminals when no efficient cryptographic based security mechanisms are in place to protect the upgrades. The WISeKey/Feitian Technologies partnership aims to directly reduce these risks.
WISeKey and Feitian Technologies have decided to jointly develop innovative hardware and software solutions to enable users, applications and devices to securely authenticate the networks, verify the authenticity and integrity of firmware upgrades, and limit access to sensitive information to authentic users. Such enhanced cryptographic techniques, based on proven technologies like PKI (Public Key Cryptography), high-security chips and hardened middleware will offer a robust barrier against the DDoS attacks.
“We are excited about the opportunity that working with WISeKey brings to the market,” said Huang Yu, Founder and CEO of Feitian Technologies Co., Ltd. “The integration of our technology to WISeKey’s Root of Trust, which is recognized by operating systems and applications to ensure the authenticity, confidentiality and integrity of online transactions, will help to significantly secure the IoT and deter cybercriminals.”
“Our partnership with Feitian is a significant breakthrough to extend WISeKey’s field of addressable applications and markets,” said Carlos Moreira, Founder and CEO of WISeKey. “Feitian’s recognized authentication and identification solutions are a perfect fit with our PKI expertise that will boost the deployment of secured IoT devices. This partnership between Swiss and Chinese technology companies to fight cyber-attacks is a powerful reference for the bilateral cooperation in areas including technology, research, economy and trade, investment and finance.”
Feitian Technologies (booth Lerins D 011) and WISeKey will discuss the benefits of this strategic partnership at Trustech 2016, the global and largest event dedicated to Trust-Based Technologies which will take place from November 29 to December 1, 2016, at the Palais des Festivals, Cannes on the French Riviera.
For more information, please visit www.wisekey.com.