Aussie cybersecurity company, Haventec, has successfully joined the FIDO Alliance, an international industry association with a focused mission to create authentication standards which reduce the world's over-reliance on passwords.
Haventec's technology includes Authenticate, a passwordless solution designed to simplify the authentication experience and stop usernames and passwords from being stolen.
FIDO Alliance executive director and CMO Andrew Shikiar says, "The FIDO Alliance is proud of our associate member Haventec for its dedication to the vision of industry standards for strong authentication."
"They join a powerful FIDO ecosystem vital to widespread adoption of interoperable, strong authentication that simplifies the user experience while raising security and privacy at the same time," he says.
In October 2021, FIDO Alliance launched its Online Authentication Barometer and found that despite biometrics being recognised for better security, 19% of people still consider passwords to be the most secure way to authenticate themselves online.
This demostrates the importance of this consortium of over 250 companies working together to educate their respective markets and reduce the reliance on passwords.
As a member of the FIDO Alliance board of directors, Microsoft states the company values the movement towards passwordless authentication and is excited for Haventec to join the Microsoft Azure Active Directory B2C ISV partner network.
Microsoft national security officer Australian Mark Anderson says, “As platforms and services continue to be digitised, all aspects of our business and personal lives are increasingly dependent on online transactions.
"Relying on usernames and password combinations as the authentication mechanism for these systems is a point for friction for users in terms of both compromised usability and security."
Anderson says, "The Microsoft Azure Active Directory B2C ISV partner network provides customers more choice to build seamless and secure authentication experiences as consumers seek simple and convenient logins.
Haventec CEO David Maunsell also commented on the announcement.
He says, “Consumers, enterprises, and regulators are all seeking a solution to the inherent weaknesses and complexity of the current digital authentication model. Our team has developed an internationally patented authentication solution, Haventec Authenticate, to counteract fraud and data breaches, streamline identity verification and simplify the user experiences.
"Becoming members of both Microsoft's ISV partner network and the FIDO Alliance recognises Haventec as a leading passwordless authentication provider.
Maunsell continues, "Haventec's focus is to deliver innovations for our clients that make digital life simpler and safer for their customers, and ensure that no passwords are stolen when they are protected by Haventec Authenticate.
"We share this passwordless mission with both the FIDO Alliance and Microsoft. Maunsell continues."
In 2021, Haventec celebrated several milestones including raising $11 million in capital, launching their US expansion and was crowned the winner of the cyber security categories at the Australian Technologies Competition and InnovationAus Awards.