Seoul, June 1, 2023 - SSenStone, a leader in next-generation authentication security, announced...
Seoul, December 21, 2022 - SSenStone, a leader in next-generation authentication security, has received certification from the Ministry of Trade, Industry, and Energy (MOTIE) of Korea as a New Excellent Technology (NET). SSenStone aims to enhance its presence in the financial and IoT authentication security markets through this nationally accredited certification. As an award-winning company, SSenStone has demonstrated not only robust security but also convenience and commercial viability by providing authentication solutions based on the world's first one-way dynamic authentication technology, known as the one-time authentication code (OTAC), to industry-leading services such as Toss Bank, Milli-Pass, and Indonesia Mint Corporation's eStamp.
The NET Certification, a system jointly operated by the Korean Agency for Technology and Standards (KATS) and MOTIE, discovers and certifies new technologies developed by local companies, research institutes, and universities. It is highly trusted as it focuses on technologies developed for the first time in Korea or excellent technologies that have innovatively improved existing ones.
SSenStone's NET certified technology "OTAC-based one-way dynamic authentication technology for individual IoT device authentication and transmitted data security technology" identifies users using one-way dynamic OTAC tokens that are valid only for a specified period of time, eliminating the need for a separate one-time password (OTP) device for two-factor authentication (2FA). It enables the generation of an authentication code even in an off-the-network environment because it is generated independently within the device.
This next-generation authentication technology has gained recognition for its excellence in enhancing the security of IIoT infrastructure through a device authentication system based on a one-time dynamic code instead of vulnerable fixed-value-based authentications. The technology can be applied in various forms, including firmware, on-premises, and cloud. It offers cost-effective integration with existing systems, making it highly useful for organizations aiming to quickly launch new services based on secure, economical, and convenient authentication services. This includes financial service firms, telecommunications operators, Internet service providers (ISPs), and IoT operators.
SSenStone targets the financial and IIoT markets, which demand robust authentication technology to combat increasingly intelligent cyber threats. As its clients already operate a device certification system using OTAC technology, the new certification is expected to facilitate the acquisition of new clients and expand the market.
"With the growth of the IIoT market and technological advancements, cybersecurity threats are increasing day by day, and hacking methods are becoming more sophisticated," said Yoo Chang-hun, CEO of SSenStone. "The NET certification once again recognizes SSenStone's innovative technology. We are committed to providing a secure and advanced authentication environment without compromising user convenience to clients in need of reliable authentication technology. This will contribute to the emergence of more innovative and disruptive services in the finance and IIoT industries."
