Nok Nok Labs‘ billings increased by over 200 percent in 2017, offering one strong indicator of “a record year”, the company has announced.
In a statement, the company credits its success to “market momentum fueled by the proliferation of mobile devices and global regulations that require strong authentication for online services.” The company notes that two of the three biggest MNOs in Japan, the biggest financial institution in China, and international communications IT provider Ericsson all deployed its authentication solutions. Meanwhile, the company also established reseller agreements with Fujitsu and ThreatMetrix, the latter having recently been acquired by LexisNexis.
As for the regulatory developments that continue to carry this momentum forward in 2018, Nok Nok Labs points out that the National Institute of Standards and Technology (NIST) lauded the FIDO Alliance standards to which Nok Nok Labs adheres in its Roadmap for Improving Critical Infrastructure Cybersecurity; and the company asserts that the European Union’s incoming General Data Protection Regulation and Payments Services Directive 2 regulations are further pushing businesses to embrace its S3 Authentication Suite and FIDO standards more broadly.
The growing interest in Nok Nok Labs’ solution is poised to continue in the wake of this week’s announcement of the new FIDO2 and WebAuthn authentication standards enabling FIDO-based biometric and hardware key authentication directly though multiple major web browsers including Google Chrome. Nok Nok Labs has a new version of the S3 Authentication Suite designed to support this functionality in the pipeline, and says it will be released this quarter.
(Originally posted on FindBiometrics)