Nok Nok Labs is suggesting that good things come in fives with a new report that details some of the important milestones that the company has reached as of the first half of 2021. The company noted that the demand for passwordless authentication options increased during the COVID-19 pandemic, since businesses needed a safe way to verify the identities of employees and customers logging in remotely.
As one of the founders of the FIDO Alliance (and one of the authors of the FIDO standard), Nok Nok was well positioned to deliver on that demand. The company has now deployed more than 500 million key pairs for users on five continents, with a roster of clients that includes five of the top 10 global banks and five of the world’s leading Mobile Network Operators. The company has also picked up more than 50 patents, which serve as the foundation for an SDK portfolio that enables passwordless authentication on iOS, Android, web, smartwatch, and IoT platforms.
According to Nok Nok, those passwordless solutions create tangible (and measurable) benefits for its enterprise-level clients. The technology is compliant with GDPR, PSD2, and other international standards, and also provides a better experience for end users. The amount of time needed to open a new account goes down as much as 60 percent, and the number of users who need to recover an account drops a full 90 percent.
With that in mind, passwordless technology reduces administrative and help desk costs, and helps prevent phishing, account takeovers, and other cyberattacks. Nok Nok warned that 80 percent of data breaches can still be attributed to compromised password credentials.
“We helped start this journey because we felt that the internet could not be fully secure without first fixing the password problem,” said Nok Nok CEO Phillip Dunkelberger. “Our FIDO-certified solutions lead the industry and are deployed at internet scale – with support for the broadest set of use cases.”
“Nok Nok Labs has developed solutions that accelerate the adoption of standards-based authentication,” said Fortinet CISO Field Team VP and Nok Nok Advisor Jonathan Nguyen-Duy.
Nok Nok recently became a member of the GSMA. BBVA and MUFG are some of the company’s biggest financial clients.
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