OneSpan Launches Passwordless, Phishing-Resistant Authentication for a Secure Workforce

Rhea-AI Summary

OneSpan (NASDAQ: OSPN) introduces DIGIPASS FX1 BIO, a cutting-edge physical passkey with fingerprint scan, providing passwordless authentication and robust security for remote workforces. The product addresses the rising data breaches and the need for user-friendly workforce authentication. According to Gartner, by 2025, over 50% of the workforce and 20% of customer authentication transactions will be passwordless. DIGIPASS FX1 BIO offers unparalleled security, simplified user experience, protection against social engineering attacks, increased efficiency, future readiness, and compliance assistance.

Positive

• DIGIPASS FX1 BIO addresses the critical need for robust and user-friendly workforce authentication in the face of rising data breaches and the shift to remote work.
• The product is designed to provide unparalleled security through passwordless biometric authentication, simplified user experience, protection against social engineering attacks, increased efficiency, future readiness, and compliance assistance.

Negative

• None.

DIGIPASS FX1 BIO provides high-assurance security presenting the next level of protection for remote workforces

BOSTON--(BUSINESS WIRE)-- OneSpan™ (NASDAQ: OSPN), the digital agreements security company, today introduced its latest innovation to the Digipass Authenticators product line, with DIGIPASS FX1 BIO. This cutting-edge physical passkey with fingerprint scan empowers organizations to embrace passwordless authentication while providing the utmost security against social engineering and account takeover attacks. This latest addition to the workforce authentication market is designed to safeguard corporate data and applications for a dispersed workforce.

With data breaches on the rise and remote work the new normal, the need for robust and user-friendly workforce authentication has never been more critical. According to Gartner®, “By 2025, more than 50% of the workforce and more than 20% of customer authentication transactions will be passwordless, up from less than 10% today.”¹ Moreover, the current state of data security is concerning, with 74% of all data breaches including a human element, with people being involved either via error, privilege misuse, use of stolen credentials or social engineering, costing an average of $4.5 million globally.

DIGIPASS FX1 BIO revolutionizes authentication, rendering it faster, more secure, and user-friendly while reducing authentication friction. It provides a cost-efficient, adaptable, and future-proof solution that overcomes traditional multi-factor authentication (MFA) limitations. With DIGIPASS FX1 BIO, organizations can safeguard employees, partners, and corporate resources while enabling a flexible 'work from anywhere, anytime, on any device' policy without compromising security.

“In the Web3 era, we firmly believe that a one-size-fits-all approach to security is insufficient,” said Matthew Moynahan, President & CEO at OneSpan. “We are committed to continuous innovation, delivering diverse and secure solutions for organizations while keeping customer experience and security at the core of what we do. In a world where security needs to take precedence, DIGIPASS FX1 BIO presents a solution to the challenges faced by modern enterprises, providing a secure and user-friendly environment for an organization’s workforce.”

DIGIPASS FX1 BIO enables:

• Unparalleled Security: Passwordless biometric authentication using fingerprint biometrics and public-key cryptography, reducing the risk of breaches.
• Simplified User Experience: Seamless, flexible authentication across various devices and connectivity options (USB, Bluetooth, NFC), enabling work from anywhere.
• Mitigating Social Engineering Attacks: Modern phishing-resistant technology protects any user against the most sophisticated attacks.
• Increased Efficiency: Cuts operational and development costs, integrates easily with industry standards and requires no additional software installation.
• Future-Ready: Built on FIDO technology, adapts to emerging tech, and works with a wide range of platforms and services.
• Compliance Assistance: Designed to assist with meeting GDPR and HIPAA compliance requirements.

For more information on OneSpan DIGIPASS FX1 BIO, visit here.

¹ Gartner, Take 3 Steps Toward Passwordless Authentication, Ant Allan, Reviewed on 22 February 2023. Originally Published on 19 October 2021

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.

About OneSpan

OneSpan helps organizations accelerate digital transformations by enabling secure, compliant, and refreshingly easy customer agreements and transaction experiences. Organizations requiring high assurance security, including the integrity of end-users and the fidelity of transaction records behind every agreement, choose OneSpan to simplify and secure business processes with their partners and customers. Trusted by global blue-chip enterprises, including more than 60% of the world’s largest 100 banks, OneSpan processes millions of digital agreements and billions of transactions in 100+ countries annually.

For more information, go to www.onespan.com. You can also follow @OneSpan on Twitter or visit us on LinkedIn and Facebook.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of applicable U.S. securities laws, including statements regarding potential future plans, expectations, features, benefits, use cases, integrations, and outcomes of the DIGIPASS FX1 BIO product. Forward-looking statements may be identified by words such as "seek", "believe", "plan", "estimate", "anticipate", “expect", "intend", "continue", "outlook", "may", "will", "should", look forward” "could", or "might", and other similar expressions. These forward-looking statements involve risks and uncertainties, as well as assumptions that, if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Factors that could materially affect our business and financial results include, but are not limited to the factors described in the “Risk Factors” section of our Annual Report on Form 10-K, as updated by the “Risk Factors” section of our Quarterly Report on Form 10-Q for the quarters ended June 30 and September 30, 2023. Our filings with the Securities and Exchange Commission (the “SEC”) and other important information can be found in the Investor Relations section of our website at investors.onespan.com. We do not have any intent, and disclaim any obligation, to update the forward-looking information to reflect events that occur, circumstances that exist or changes in our expectations after the date of this press release, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231114137671/en/

Media Contact:

Nicole Bosgraaf

Director, Global PR & Social Media

+1-401-219-2131

nicole.bosgraaf@onespan.com



Investor Contact:

Joe Maxa

Vice President of Investor Relations

+1-312-766-4009

joe.maxa@onespan.com

Source: OneSpan Inc.

FAQ

What is DIGIPASS FX1 BIO?

DIGIPASS FX1 BIO is a cutting-edge physical passkey with fingerprint scan, providing passwordless authentication and robust security for remote workforces.

What are the key features of DIGIPASS FX1 BIO?

The key features include unparalleled security, simplified user experience, protection against social engineering attacks, increased efficiency, future readiness, and compliance assistance.

What is the expected trend for passwordless authentication according to Gartner?

Gartner predicts that by 2025, over 50% of the workforce and 20% of customer authentication transactions will be passwordless.

How does DIGIPASS FX1 BIO enhance security?

It offers passwordless biometric authentication using fingerprint biometrics and public-key cryptography, reducing the risk of breaches.

What compliance requirements does DIGIPASS FX1 BIO assist with?

It is designed to assist with meeting GDPR and HIPAA compliance requirements.