Trusona Offers Insurance Protection on Authentication Solution
May 16, 2016
Trusona, a Scottsdale, Ariz.-based startup that provides an authentication solution for the most critical and sensitive Web and mobile transactions, today announced that companies using its technology can insure those transactions for up to $1 million each. The company uses a combination of hardware, software and in-person techniques it says enable 100 percent accurate authentication for secure online access to energy infrastructure, institutional banking, brokerage accounts and more. Ori Eisen, Trusona’s founder and former CEO of antifraud technology provider 41st Parameter, told CardNotPresent.com that the backing of an A+ rated insurer (the name of which was not disclosed) sends a very strong signal to the industry regarding the strength of the solution.
“The solution, of course, would carry the same level of security with or without insurance,” Eisen said. “The best way to prove to the world that this solution is new, different and has never been done before is to back it up. But it’s very different for Trusona to say we will back up the service with a guarantee than it is to have a third party do so. So, in addition to the many use cases where insurance makes sense, for others like nuclear power plants and other mission-critical applications in organizations that want employees to be able to connect via the Internet, the very fact that we can get insurance is why companies like this will be interested in using our solution.”
Eisen predicted health care providers facing very strong regulatory guidelines on data protection and a rash of recent ransomware attacks and companies engaged in sending high-dollar wire transfers will be the most likely to protect themselves with insured authentication from Trusona.