The new multi-factor authentication technology architected by LaunchKey, which is also celebrating its first year in business, decentralizes credentials from personal identification information, further strengthening the privacy and security of enterprise organizations, developers and individuals alike.
"LaunchKey's technology will shift the way personal and corporate data are protected and secured and how proprietary information is accessed," said Zach Ware, CEO of Project 100 and VegasTechFund partner. "As logins and passwords quickly become obsolete, tools like LaunchKey will become the secure de facto solution for user authentication."
"Passwords have become increasingly ineffective as their inherent weaknesses are exacerbated by a continual rise of computing power and diligence of hackers," said Sanders. "By moving away from this flawed authentication process, we provide users a safe and secure way to sign in and remove the burden and exposure presented when users have to remember a multitude of passwords -- many of which are tied to personal data."
According to market research, the multi-factor authentication market is expected to reach $5.45 billion by 2017. When a security breach or cyber attack occurs, it can cost companies upwards of hundreds of millions of dollars and jeopardizes personal and confidential information.
Major enterprises and Fortune 500 companies are looking to LaunchKey to become their authentication tool of choice to access and protect company files, applications, websites and network infrastructure. LaunchKey's vision is to become a part of the daily lives of individuals, connecting them to critical information while providing enhanced security and ease of access.
Passwords are inherently insecure, so LaunchKey authenticates users to websites, applications and other networked systems by pushing authentication requests to a user's paired smartphone or tablet for physical authorization without requiring passwords. This system allows users to securely and privately authenticate without relinquishing personally identifiable information in the process.
The password-less authentication process combines the benefits of strong out-of-band authentication with the security of multiple authentication factors. LaunchKey's multi-factor authentication involves all three factors: possession (device factor), inherence (geofencing) and knowledge (combo and pin lock). When activated, all three must be used correctly together for authorization to be granted.
Personal identification remains anonymous and is not used in the authentication process -- a major advancement in the world of online security. LaunchKey ensures security while improving the ease and overall experience of authentication. Users can remotely manage their sessions from any of their smartphones and tablets, and simply log out with a swipe of a finger.
The LaunchKey application is available in Google Play and the App Store. The company's RESTful API is now in public beta with customized software development kits in the most common languages for both websites and native apps, plugins for popular content management systems including WordPress and Drupal, and support for popular protocols including OAuth and OpenID. LaunchKey is currently in the process of negotiating partnerships with leading technology providers.