MOUNTAIN VIEW, Calif., May 9, 2013 /PRNewswire/ -- Based on its recent analysis of the identity and access management solutions market, Frost & Sullivan has recognized OneID with the 2013 North America Frost & Sullivan Award for New Product Innovation. OneID has designed a highly secure and easy-to-use digital identity solution that is based on device-centric cryptographic secrets rather than trouble-prone username/password standards. Unlike traditional enterprise or employee-based IAM solutions, OneID takes a consumer-centric view of identity and privacy, thereby delivering a more complete solution across an individual's digital life.
OneID's solution enables websites to recognize users with the help of digital signatures generated by a user's device, and provides individuals the convenience of single-click sign-in for online accounts. OneID's patent-pending solution eliminates the need for shared secrets and significantly lowers a user's vulnerability to identity theft.
"OneID was chosen for our top Frost & Sullivan award because of its innovative use of asymmetric cryptography to deliver an advanced security platform that actually removes friction for users," said Frost & Sullivan Research Analyst Sathya Vendhan. "By using three private keys securely stored in separate locations, plus optional secrets like a password and PIN for sensitive information, OneID is able to provide a very strong security cover for its users."
OneID, which utilizes more than a dozen patent-pending technologies, has eliminated the vulnerability points that weaken single sign-on and some two-factor authentication solutions, which can easily be breached en masse or socially engineered for an attack. OneID provides end-to-end security, as transactions are digitally signed directly on the user's device and verified by the relying party.
"We've designed the ideal replacement for 50-year-old technology that was put into place before the Internet was developed and was never meant to provide the levels of protection we now require, given how we use the Internet today," said Alex Doll, CEO of OneID. "We're pleased to earn the recognition of Frost & Sullivan for our ability to provide secure online authentication and authorizations, while at the same time making the process simpler for consumers."
"In addition to the innovative security protocol, OneID has put usability on the forefront of its product. OneID has made it easy for users to create an account, add and remove their cryptographic keys from one device to another, and to simply click to use login with OneID," noted Sathya. "Users are again put in control of their OneID with a simple control panel, enabling them to manage their authorized devices."
Beyond users, OneID authentication tools are ideal for ecommerce websites to help remove the friction and frustration of login failures and to lower abandonment rates due to cumbersome checkout forms. When a website deploys OneID, it is able to offer click (or tap) login, form-fill and checkout with a single click, helping to drive sales and accelerate mobile commerce.
For the banking industry, OneID's customizable solutions allow for appropriate authorization levels that meet or exceed FFIEC guidelines. With its secure architecture, OneID supports nonrepudiation, helping to eliminate fraudulent transactions.
"The platform-independent OneID architecture lets users enable OneID on any device, meeting users where they are today, across multiple devices and platforms," observed Sathya. "And with the explosive growth of mobile commerce through smartphones and tablets, Front & Sullivan believes OneID's solution will help protect a sizeable segment of the population from the threats that are unique to mobile transactions."
Each year, Frost & Sullivan presents this award to the company that has developed an innovative element in a product by leveraging leading-edge technologies. The award recognizes the value-added features/benefits of the product and the increased ROI it offers customers, which, in turn, increases customer acquisition and overall market penetration potential.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis and extensive secondary research to identify best practices in the industry.
OneID is the first digital identity provider to eliminate the need for usernames, passwords and site-specific accounts, making the online experience simpler and more secure. OneID enables online transactions without typing by instantly recognizing individuals through their unique digital identity. OneID combines advanced, military-grade cryptography and a distributed cloud architecture to authenticate users through registered devices, like computers and smartphones. For businesses, OneID reduces fraud and eliminates the costs and risks associated with managing and securing customer accounts and data. Based in Redwood City, Calif., OneID was created by search engine Infoseek founder Steve Kirsch and is backed by Khosla Ventures and North Bridge Venture Partners. For more information or to create your OneID, visit http://www.oneid.com.
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SOURCE Frost & Sullivan