WISeKey drives innovations in IoT security with 23 strategic patents in the US
WISeKey International Holding Ltd., cybersecurity delivering Integrated Security Platforms, announced that it has registered a total of 23 new strategic patents in US which are essential to the digital transformation applications that are fueling the growth in the IoT market.
With a rich portfolio of more than 46 patent families, covering over 100 fundamental individual patents, and another 22 patents under review, WISeKey continues to expand its technology footprint in various domains including the design of secure chips, near field communication (NFC), the development of security firmware and backend software, the secure management of data, the improvement of security protocols between connected objects and advanced cryptography.
For WISeKey, adding to its patent portfolio and intellectual property is key to ensuring that the company remains a major player in the IoT industry for years to come, providing their customers with scientifically proven technology that differentiates and protects their products from counterfeiting, adds valuable supply-chain tracking features, and prevents the loss of sensitive enterprise and consumer data.
“Innovation is at the core of everything we do at WISeKey,” commented Carlos Moreira, WISeKey’s CEO and Founder, “which is why we directed more than 18% of our annual revenue in 2019 (or approximately $4.5million) to R&D expenses in an effort to keep our products ahead of bad actors who are using the expanding surface area of the IoT landscape to disrupt critical services and cause harm to consumers.”
Digital transformation in the IoT market is opening up new applications that can improve the efficiencies of power grids, use NFC chips embedded on pharmaceutical labels to provide better quality healthcare, or secure autonomous vehicles but it’s also creating new security risks, each with its own set of challenges and consequences. Digital identities provided as part of the WISeKey Integrated Security Platforms act as the first line of defense in IoT security architectures by giving each object its own unique, immutable, identity that can be used for strong authentication of the device and encryption of sensitive data as it travels from the edge to the cloud.
If you spread the estimated 50 billion connected devices across the predicted world population of 6.8 billion in 2020, you will end up with more than 7 IoT devices per person. Add on top of that the massive amounts of data being generated by each device, over 2.3 zettabytes by 2035, and you can immediately see how big the IoT security market is for WISeKey and why the investment in developing market-leading technologies is critical for their continued success.
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