$2.5M Investment and MIRACL Partnership Broadens Aware’s Product Portfolio Enabling Organizations to Minimize Risk from Data Breaches, Ransomware
Aware, Inc.,, a leading authentication company applying proven and trusted adaptive authentication to solve everyday business challenges with biometrics, announced it has entered into a partnership with MIRACL, a cybersecurity software company specializing in single-step, secure multi-factor authentication. Aware expects this partnership to enable it to extend its cloud-based biometric authentication technology to protect against data breaches and ransomware, which are continuing challenges in many industries, including financial services. This partnership further cements the value Aware is bringing to the financial services market, as demonstrated by its recent acquisition of Fortress Identity. Concurrently with entry into the partnership, Aware also made a $2.5 million strategic investment in loan stock issued by Omlis limited, the parent company of MIRACL.
“Data breaches and ransomware are continuing to wreak havoc on enterprises, and recent high-profile attacks like the Colonial Pipeline are reminders of the escalating threats we continue to face,” says Bob Eckel, chief executive officer and president of Aware. “In many cases, government agencies are calling on organizations to pursue multifactor authentication (MFA) to enhance their security. To date, many defenses against cybercrimes have relied on zero knowledge trust, which has several disadvantages; or traditional passwords, which are prone to login errors and irritating reset requirements. With MFA that incorporates biometrics, organizations can now have unprecedented protection and user privacy without the risks or frustrations of other approaches. This technology we now have available is an important and effective tool against these sorts of attacks.”
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The partnership is a through mutual reseller arrangement whereby each company can both sell each other’s products and integrate them within their own product lines, quickly bringing to market password-free login paradigms delivering superior security and simplicity for users. For Aware, adding MIRACL’s risk management functionality to its solutions portfolio delivers greater value to customers, and increases the number and variety of Aware’s easily integrated cloud and SaaS-based “adaptive authentication” services to best fit its customers’ needs and flexibility requirements. The partnership also lays the groundwork for future joint product development.
For MIRACL, the partnership adds affordable, high performing, and proven competitive biometrics to its technology to combat the rising threats of data breaches and ransomware. This will enable the company to provide a more extensive range of authentication capabilities to customers, in addition to its MIRACL Trust® solution.
“Ransomware attacks have increased more than 150 percent between the first six months of 2021 compared to the same period the previous year. MFA is now an essential deterrent,” says Rob Griffin, chief executive officer at MIRACL. “MFA incorporating advanced biometrics – which verify an individual’s identity based on unique physical characteristics – are a stronger defense than most other approaches available today. We expect the market to be very receptive to the addition of Aware biometrics to our authentication offerings and look forward to a strong and mutually beneficial partnership moving forward.”
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