HYPR and Samsung Join Forces to Deliver Decentralized Authentication to the Enterprise Globally

by PaymentsJournal 0

NEW YORK – February 27th, 2018 – HYPR Corp., the leading provider of enterprise-facing decentralized authentication solutions, announced today it has partnered with Samsung Pass, an identity management as-a-service provider, to offer a secure and convenient way for enterprise employees to log into workstations directly from Samsung mobile devices using biometrics. In addition to the partnership, Samsung NEXT—focused on finding, growing and scaling transformative software—has invested in HYPR. This brings HYPR’s total funding to date to $13.8 million, which includes investments from RRE Ventures and Mastercard.

By removing the need for employees to manage multiple passwords or tokens, HYPR and Samsung Pass will streamline the employee authentication process providing a frictionless point of entry to workstations and applications. The goal is to reduce the risk of an enterprise breach by removing the need for a centralized credential store.

“The work HYPR has done building decentralized biometric solutions directly aligns with what Samsung is trying to achieve with Samsung Pass,” said Hector Lozano, Senior Business Development Manager of Samsung Pass. “HYPR will help us reach more people who can use their Samsung devices to securely, and conveniently, authenticate themselves in split seconds. Whether you are unlocking your computer at work or getting cash from an ATM, it will only take a glance on the phone to get this done.”

Samsung Pass has been selective about choosing the right partner, and HYPR has proven they are the right choice with speedy development and integration into the Samsung Pass mobile ecosystem. Together, HYPR and Samsung Pass are realizing a shared vision that will provide a new level of security, privacy, and usability for enterprise. The introduction of advanced biometric experiences like Samsung Pass is a significant leap forward toward a fully decentralized and secure work environment.

“At Samsung NEXT, we are laser-focused on transformative software and services—and are increasingly motivated by the concept of decentralization,” said Patrick Chang, Samsung NEXT Ventures. “Understanding that the need to access technology at the edge will only grow, we see identity and authentication being further intertwined. We are excited by the potential of HYPR to protect users and offer them a more secure and human method of access—one where storing credentials on servers is a notion of the past.”

HYPR’s decentralized authentication solution improves security and reduces the risk of an enterprise data breach by storing a consumer’s credentials on the device itself instead of in a central database where a single hack can yield the personal information of millions of users.

“The centralized storage of employee credentials provides a risk the enterprise has always had to bear. By eliminating this single point of failure, the decentralized storage of personal credentials such as biometrics, PINs and passwords is a significant step forward for enterprise security,” said George Avetisov, CEO and Co-Founder of HYPR. “By working closely with the Samsung Pass team, we are able to greatly accelerate adoption and deliver a secure biometric experience throughout the enterprise.”

With over 2 billion biometric devices in the world, the deployment of biometric sensors across mobile is driving enterprises to adopt decentralized authentication.

About HYPR

HYPR greatly reduces the risk of a data breach for the enterprise while providing an enhanced user experience for consumers and employees. Traditional centralized authentication requires the storage of personal credentials such as biometrics, PINs and passwords in a central repository, creating a single point of failure. A centralized credential store invites hackers, increases the risk of a data breach and carries high IT costs. The HYPR Decentralized Authentication Solution ensures that personal credentials always remain safe on users’ devices, enabling fast, secure access to mobile and web applications. By eliminating the need for centralized credentials, HYPR decreases the size of the attack surface and empowers business leaders to prevent breaches, eliminate fraud, and save millions of dollars in IT costs. HYPR has secured over 25 million users and is trusted by Fortune 500 leaders such as Mastercard to secure decentralized access to consumer, employee, and IoT applications.

Additional information is available at: https://www.hypr.com/