VinCSS JSC has received the “Best Practice” award from Frost & Sullivan, a leading market research company.
Past recipients of this award include Google, Zoom, Oracle, and Fortinet for their revolutionary achievements as leaders of their respective markets.
Future of identity and access management
The rapid progress of science and technology in the 21st century necessitates sweeping reforms in information security, especially in identity management, which is among the sectors that must undertake fundamental transformation as contemporary password-based methods and systems have become outdated.
According to studies conducted by Verizon and Forrester, the password, a 60-year-old invention, is the main cause for most data breaches and phishing attacks – persistent nightmares for both businesses and users resulting in damages worth billions of U.S. dollars.
Considering the above-mentioned issue, passwordless authentication is a promising solution to the shortcomings inherent in conventional passwords. In 2012, the Fast IDentity Online (FIDO) Alliance was established with participation from the world’s leading technology companies like Apple, Microsoft, Google, etc. for the joint development and application of passwordless authentication in accordance with international standards.
Nonetheless, developing procedures to assist businesses in transitioning to passwordless authentication has proven challenging. A decade after the establishment of FIDO Alliance, the authentication market is still exclusive to tech giants, and only enterprises with significant potential are willing to put efforts into technology solutions that satisfy the FIDO2 standards.
Since 2018, as the only organization representing Vietnam at FIDO Alliance and on an equal footing to renowned groups like Sony, Huawei, IBM, etc., VinCSS has untiringly proven its global competitiveness.
In the span of three years, VinCSS has successfully launched a passwordless authentication ecosystem – VinCSS FIDO2 Ecosystem, which includes seven fully functioning features that received FIDO2 certification. Just recently, in August, the company launched VinCSS IoT FDO, which incorporates the latest FIDO Device Onboarding technology, to optimize security for IoT devices.
Do Ngoc Duy Trac, CEO of VinCSS, speaks at the security forum. Photo by VinCSS
With these outstanding achievements, Frost & Sullivan, a market research organization since 1961 with global recognition, has recognized VinCSS as the leading enterprise in the passwordless authentication industry in Southeast Asia. With this recognition, Frost & Sullivan Best Practice has honored VinCSS with the Enabling Technology Leadership Award – The SEA Passwordless Authentication Industry.
Frost & Sullivan Best Practice is among the most coveted awards that businesses around the world seek to achieve, especially technology companies.
This award has a seniority of over 20 years with an accrediting panel consisting of leading scientists and analysts from 12 different industries, focusing on evaluating and discovering promising businesses with the potential to corner the market by innovating and utilizing technological progress.
Experts from Frost & Sullivan have attested that: “The FIDO2 ecosystem enables businesses to address multiple use cases, including eliminating credential replay attacks with user presence checks to prevent malware hacking, providing authentication standard enforcement to ensure supply chain security, and addressing authentication redundancy to fast-track and support better compliance and audit requirements.”
Passwordless authentication has prevented up to 91% of identity theft incidents, lowered operating costs by 14% for companies, raised user efficient experience by 64%, and increased successful digital conversion rate by 21% (according to Security Insider).
VinCSS head office. Photo by VinCSS
Diversifying to conquer the international market
Highly regarded among experts for innovation, creativity, efficiency, and diversity, VinCSS has made a name for itself in both the domestic and international markets by providing services of exceptional quality and catering to the extensive demands of the passwordless authentication market.
After the success of the first FIDO2-Standard passwordless authentication ecosystem in Southeast Asia, VinCSS has obtained valuable experience and conducted research, eventually launching a security solution for IoT devices, VinCSS IoT FDO. This technology has been incorporated into one of the world’s most secure commercial cameras by Pavana, a reputable smart camera manufacturer.
Do Ngoc Duy Trac, CEO of VinCSS, shared: “Beyond applying passwordless authentication on IT systems and IoT devices, VinCSS will proceed to develop security measures for connected cars and other utilities of international standards, mastered by Vietnamese.
VinCSS’s CEO at the Banking Industry Digital Transformation Forum 2022. Photo by VinCSS
Endorsed by Frost and Sullivan as a formidable player in the strong authentication industry, VinCSS promises to further penetrate the global market in the coming future.
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