As the use of mobile and contactless payments with wearables continues to increase, it is inevitable that the devices will become a growing target for cyberattacks, a statement from the companies explained.
The two firms announced they are developing technology that will bring authentication and data encryption to wearable devices and enable them to securely connect and exchange payment data.
“This cooperation between WISeKey and Kaspersky Lab represents a breakthrough in IoT cybersecurity. The combination of trust and convenience that will be delivered to wearable devices opens the door to implementations in other sectors, where the same approach can support a variety of other IoT applications,” Carlos Moreira, CEO of WISeKey, explained in a press release.
Kaspersky Lab’s secure software development kit for mobile devices will also be included in this solution and will bring an additional layer of security for mobile payments.
Data from BI Intelligence estimates that the connected wearables market will grow by 35 percent over the next five years, but there are still many concerns about how secure these devices really are.
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Kaspersky Lab CEO Eugene Kaspersky said: “We live in a truly connected world. But as the number of connected devices continues to grow, so does the number of threats. And unfortunately, there are millions of devices in active use today that were never designed to be secure. But security should be built in from the very outset. There’s an urgent need to establish and implement higher levels of security for IoT devices, and we’re happy to work with WISeKey in the development of such a solution.”
