swIDch, an innovative cyber security start-up with offices in London, Seoul & Singapore today announced it has once again been selected as a winner at the annual CyberSecurity Breakthrough Awards, taking home the win for “Transaction Security Solution of the Year”. swIDch has now claimed the top prise at this prestigious annual event for three years in a row, confirming its position as a company at the forefront of pioneering cyber security technologies.
The Cybersecurity Breakthrough Award is a world-class international award that selects the most innovative and leading companies, technologies, and products in cybersecurity. This year’s award analysed around 4,100 nominations from all over the world, including top companies and startups in the larger information security industry, covering areas across Cloud Security, Threat Intelligence, Encryption, Identity Management and many more.
swIDch has successfully established a new payment security solution directly utilising the IC chip that adopts its patented technology, One Time Authentication Code (OTAC). It’s TAP-OTAC turns standard payment cards such as debit and/or credit cards into ‘One-time-password’ generators, producing non-duplicate and non-reusable OTPs by simply tapping the card on the user’s mobile device. It means that users acquire the advantages of hardware OTP (hardware tokens) and mobile OTP (software tokens) at the same time: robust security alongside a super-convenient user experience. The technology has already been adopted by Toss Bank, a leading Korean challenger bank with over 20 million users, with multiple other prominent digital banks in talks to also adopt their technology as well.
OTAC technology combines user identification and authentication steps into one single dynamic code, removing layers, reducing server loads and bringing breach risk to near zero. It can also generate both on and offline enabling uninterrupted use, plus it’s tiny size (<10KB) means it can be seamlessly integrated into existing systems for hassle-free implementation.
“We are incredibly proud to be a winner of this award for the third consecutive year”, Chang-Hun Yoo, Founder and CEO, swIDch commented. “This recognition serves as confirmation of our innovation and market-leading value in what is a highly competitive space, but also provides motivation for myself and our team to bring OTAC to as many businesses and end-users as possible in order to provide next-generation security solutions”.
swIDch has achieved outstanding results in numerous awards and acceleration programs such as EUROPA and Cybertech 100. It has once again proved its technological prowess, innovation and growth potential with “Transaction Security Solution of the Year”. swIDch is also expanding its OTAC ecosystem by developing its business beyond payment into smart grids, drones, IAM and the Internet of Things (IoT).
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