MENLO PARK, CA 01/17/2006 — BusinessWeek, Online Banking Report and Frost and Sullivan have all recognized PassMark Security as an online security innovator, by presenting them with “best of” awards in 2005.
In its year-end cover story, BusinessWeek named SiteKey, which is powered by PassMark, one of the “25 Best Products of 2005” for its “high security” online, joining other super-successful new products like Apple´s “incredibly thin” iPod nano and the Infiniti M45 luxury sedan.
Online Banking Report (OBR) chose PassMark as one of two recipients for its “Best of 2005” award. OBR is a newsletter written and published by founder Jim Bruene, a former banker who´s become a leading voice in the industry. In making the award, OBR cited PassMark´s market penetration, calling PassMark´s dual two-factor two-way system the “front running technology” for security and the “biggest development in U.S. online banking in several years.”
Growth consulting company Frost & Sullivan presented PassMark Security with the 2006 Network Security Resource Protection Technology of the Year award. Frost & Sullivan particularly noted the elegance of the PassMark solution with regards to training the end-user to protect himself using the visual PassMark two-way authentication. Analysts at the firm believe that the PassMark solution has great potential as a widespread authentication solution for any Web transaction, not only in financial organizations.
“It is terrific to be recognized for our innovation by analysts and the media,” said Bill Harris, PassMark´s chairman. “And we are even more pleased by the customer acceptance we have seen from major financial institutions and their online users.”
Tremendous market acceptance and several innovations contributed to PassMark´s success in receiving these awards. Installed or being deployed at more than 20 financial institutions in three countries including Bank of America, the PassMark system is currently protecting more than 10 million users today and will be rolled out to more than 20 million users by the end of the first quarter. PassMark pioneered the category of tokenless two-factor authentication without requiring users to install new hardware or software; introduced the concept of “two-way” authentication using a personally chosen image and caption; and introduced neural network modeling and a policy engine to provide real-time authentication decision-making.
The PassMark System
The PassMark system includes both Two-Factor Two-Way Authentication™ and real-time, risk-based transaction analysis to protect the front door (i.e., log-in) and the back door (i.e., financial transaction). Since the second-factor of authentication uses devices online users already possess, their computers and phones, the result is unprecedented end-to-end protection for financial institutions and their customers against phishing, spoofing, keyboard logging and other fraudulent attacks, without requiring their users to carry any new hardware or install any new software. And with the world´s largest database of online banking authentication data, PassMark´s risk analytics are the most robust available today providing strong, layered security. PassMark is compliant with FFIEC guidance for customer authentication.
About PassMark Security
PassMark Security is the global leader in strong mutual authentication and layered security for online banking and ecommerce that is convenient enough for broad consumer use. Installed or being deployed at more than 20 financial institutions in three countries, the PassMark system will be protecting more than 20 million online users by the end of Q106. More information is available at www.passmarksecurity.com.