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WISekey International Holdings’s IoT Beacon poised to be a worthy addition to its Cybersecurity Solutions Arsenal

27 Feb WISekey International Holdings’s IoT Beacon poised to be a worthy addition to its Cybersecurity Solutions Arsenal

WISekey International Holdings (NASDAQ: WKEY), a premier global cyber security and IOT Company, announced that its plans to showcase the Company’s IoT beacon, which is an ultra-low-power Bluetooth 5 secure beacon, designed for various industrial IoT applications in areas such as cold chain monitoring, heathcare, secure asset tracking and factory automation. The device will be showcased at Embedded World 2020 in Nuremberg, Germany.

The IoT beacon is amalgamation of WISeKey’s VaultIC407, the RSL10 and N34TS108 temperature sensor from ON Semiconductor, and Tatwah’s BLE IT-005 IP68 class Beacon. In addition it provides features like an impressive battery life, replay attack protection, device clone protection, VaultIC absence detection, revocation capability, measurement validity check, and true temperature display as per a Company statement.

Carlos Moreno, WISeKey’s VP Corporate Alliances commented

“The cutting-edge technologies and expertise used for the conception of this innovative IoT Beacon secured by design will fulfill compliance requirements related to international laws and certification for IoT devices. To name a few, the EU-wide cybersecurity certification framework (for ICT products, services and processes) as well as the latest California IoT law requires manufacturers of connected devices to be equipped with security (especially for devices that collect, contain, or transmit information). Thus, the Secure IoT Beacon protects the device and any information contained therein from unauthorized access, destruction, use, modification, or disclosure.”

The Company made a foray into the connected car segments in 2019, with Daimler AG (OTCPINK: DDAIF) using its technology to monitor and validate the authenticity of vehicle components, and secure communication between various components, besides providing over-the-air software updates. WISekey’s ISTANA PKI platform also not only facilitates user interaction with a car using smartphones but also helps dealers and suppliers to diagnose mechanical/technical issues and manage software updates from any location.

WISekey International Holdings (NASDAQ: WKEY)

Market Cap: $104.31M; Current Share Price: 7.45 USDChart
Data by YCharts

IoT security is extremely crucial as more and more devices use the internet to stay connected and store information online. According to an estimate by 2020, there would be over 20 million IoT devices and this poses significant opportunity for cyber criminals seeking to misuse data. Cyberattacks can be carried out in the form of hacking, data breaches, malware attacks and DDoS and have more challenging to defend against.

The inherent vulnerability of social networking sites, which focus more on the design and less on the privacy and security aspects, is proving advantageous for criminals who use default passwords to hack into accounts. The advent of machine learning and artificial intelligence to tackle data breaches and security lapses is revolutionizing the manner in which data is stored and protected.

According to a report by Brand Essence research, the Internet of Things (IoT) Security Market is poised to reach over USD 56.31 Billion by 2025, global growing at a CAGR of 32.2% from USD 7.98 Billion in 2018. The growth in the market will be fuelled by the growing demand for internet of thing devices that are interconnected such as connected cars, smart cities, wearable devices, smart homes to name a few. The services rendered encompass areas such as identity access management, security analytics, application and endpoint security and intrusion detection and prevention. The technology finds application in a wide variety of industries ranging from automotive, healthcare, banking and financial services and Insurance.

Further the industry is constantly evolving and adopting new technology to ensure that it offers the best security and networking facilities available. BlockChain, Artificial Intelligence and Machine Learning are the current buzzwords in the world of IoT security, with more and more companies realizing the need for an immutable decentralized record of transactions that can offer enhanced safety, performance and efficiency.

WISekey offers cybersecurity solutions to a global audience, helping them maintain and safeguard digital identity ecosystems for people and objects using leading-technology such as Blockchain, Artificial intelligence and Internet of Things (IoT).  The Company is the first to create a Cyber security Trust platform that can validate and protect data, people and devices.

Image Source: Company

The Company claims to have 1.5B microchips installed worldwide in various objects covering diverse markets like computers, Connected Cars, Mobile Phones, Switches/Routers, Anti-counterfieting, Drones, Smart Cities and Agricultural sensors. The humongous data generated by these devices enables the Company to develop and offer customized IoT platforms that use tools such as predictive analyses and direct-to-consumer experiences.

The Company’s offerings include Digital Brand Protection, IoTsecurity and Digital Identity and PKI. WISekey is the trusted security partner for over 3500 companies including Daimler, tyco, TomTom, Landisgyr, Johnson Controls, hp, Panasonic, Medtronic and TataSteel to name a few. It renders services in the areas of Brand Protection through consumer engagement and product and service authentication; Digital identity through document signature and authentication and IoT and connected security.

Image Source: Company

WISekey’s technology is trusted by the OISTE/WISekey’s Swiss based cryptographic Root of Trust, an entity with which the Company collaborated and called for sustainable communities to cooperate in developing a new Universal Decentralized Identification (UID) system on the Blockchain for guaranteeing sustainable peace in May 2019, as part of “The Business for Peace Summit” held in Oslo, Norway on May 15, 2019.

Risk Assessment

  • WISekey’s core technology has wide applicability over a wide range of industries such as Financial Services, Public Sector, Consumer, healthcare, Banking and Financial sectors, coupled with over 20 years of experience and a large clientele comprising of leading blue chip companies, it serves as a validation of its technology and potential. In fact it is one of the fastest growing Swiss listed IoT companies with more than $30 million in revenue as per the Company.
  • The IoT Cybersecuity market will witness a significant increase in demand in the future as automation and technology become an integral part of every aspect of life and the world will witness nearly $21.2 billion being spent on IoT security. The Company predicts that there would be over 50B connected IoT devices by 2020, which offers a massive opportunity for growth and expansion in the coming days.
  • The Company has a competitive advantage over competitors as it offers integrated security solutions as compared to piecemeal offerings, which not only require separate evaluation for each security component such as hardware, provisioning, communication, certification and roof of trust but also lead to issues with integration and possible security flaws. WISekey overcomes this issue by offering integrated solutions that cover the whole gamut of IoT security components.
  • The Company has entered into a partnership with the Blockchain Research Institute to explore best practices and sharing intellectual property in the field of blockchain. In addition the collaboration will seek public, private and academic tie-ups for promoting the adoption of applications that focus on blockchain –based cybersecurity solutions. In fact the company has invested over $2.6 million in research and development in IoT focused blockchain.
  • WISekey has built a robust patent portfolio with over 100 fundamental covering individual patents the design of secure chips, Near Field Communication (NFC), the development of security firmware and backend software, the secure management of data, the improvement of security protocols between connected objects and advanced cryptography, which not only adds value to its portfolio but also protects it from competition.
  • Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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