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Frost & Sullivan Award Commends FireID for New Product Innovation - The 2010 Frost & Sullivan World New Product Innovation Award in the Mobile OTP Key Authentication Market is presented to FireID
Frost & Sullivan Award Commends FireID for New Product Innovation

 

NewswireToday - /newswire/ - London, United Kingdom, 2010/12/15 - The 2010 Frost & Sullivan World New Product Innovation Award in the Mobile OTP Key Authentication Market is presented to FireID.

   
 
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FireID has demonstrated exceptional product innovation in its mobile OTP solution.The movement toward mobile one time password (OTP) solutions provides users with easy-to-use, secure, remote end-point access to any online service, thereby appealing to companies of all sizes and vertical markets.

"FireID has leveraged the global and widespread use of mobile phone devices and adapted its product to the new growing trend: the use of cellular phones as tokens," explains Frost & Sullivan Research Analyst Deborah Bensimon." The company's innovative authentication offering transforms a mobile phone into both a security token and a mobile-out-of-band solution."

With its OTP solution, FireID successfully addresses the specific ‘raison d'être' of OTPs which is to ensure that all users secure access to their applications and data through a solution integrated to their mobile device. FireID has further pushed its solution forward: a regular mobile OTP solution, it also permits the creation of offline OTP.

"Indeed, FireID's universal personal authenticator does not require cellular network connectivity," notes Bensimon. "This flexible solution enables safe access to applications as well as secure online purchases and transactions anywhere, anytime."

Designed primarily for banks, FireID' authentication platform addresses authentication issues such as transaction verification, mobile banking authentication or online banking authentication. The OTP transaction verification feature thwarts sophisticated attacks.

"FireID's authentication platform also immediately authenticates a user accessing a secure site due to its mobile banking authentication phone's web browser feature," adds Bensimon. "Furthermore, online banking authentication OTP does not require cellular network connectivity. Such features are pure value-added for FireID's mobile OTP solution and an opportunity for greater market penetration."

The world mobile OTP market will reach $146.7 million in 2010 and is projected to grow to $299.5 million by 2017. Since mobile OTP are cheaper than traditional hardware OTP devices, businesses from all sectors will increasingly invest in mobile OTP; which should further drive the success of mobile OTP solutions. FireID is strongly positioned to maximise on these trends.

The Frost & Sullivan Award for New Product Innovation is presented to the company that has demonstrated excellence in the following criteria: innovative element of the product, leverage of leading edge technologies, value added features/benefits, increased customer value and customer acquisition/penetration potential.

Frost & Sullivan Best Practices Awards recognise companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry.

About FireID

Founded in 2006, FireID is located in Stellenbosch, South Africa and has offices in the USA, UK and Netherlands with a broad international network of distributors and resellers. FireID is a leading mobile two-factor authentication system providing organizations with a simple and user-friendly solution for secure access to applications and information. In 2009, 25% of the company's revenue came from the USA against 70% from Europe. The company is present in 11 countries around the globe and has for main market vertical the financial sector, which accounts for 75% of its revenue.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best-practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from 40 offices on six continents.

 
 
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Frost & Sullivan Award Commends FireID for New Product Innovation

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