iProov and Cybernetica have formed an alliance with the aim of designing a multifactor authentication (MFA) digital identity solution, primarily intended for government agencies and financial services. This project is planned to cover the territories of Europe, the Middle East, and Africa (EMEA), Latin America (LATAM), and Asia Pacific (APAC).
Estonia, globally recognized as a pioneer in digital identities since 2014, considers the contributions of Cybernetica and iProov essential. These two companies have played a leading role in the country’s digital identity system, which is globally accepted.
The collaboration between Cybernetica and iProov envisions a flawless method that allows individuals to transform any smart device into a tool for digital signature and authentication.
This will facilitate instant and secure access to digital services, as well as transaction approvals. It will also provide governments and organizations with the assurance that users are truly who they claim to be.
Cybernetica and iProov adhere to the strictest security standards and certifications of the European Union. They protect a person’s digital identity from potential threats posed by Artificial Intelligence and also offer an easy-to-integrate solution for organizations.
iProov’s mission is to provide an intuitive user experience combined with high levels of biometric security, a measure to prevent online fraud, identity theft, and other cybercrimes during online onboarding, authentication, and identity verification stages.
“The combination of Cybernetica’s Splitkey technology with iProov’s patented biometric solutions truly expands our offering. By incorporating authentication and digital signing, we are poised to develop a secure and formidable digital identity solution for remote enrollment.”
“This not only strengthens our position in current markets but paves the way for us to venture into newer regions,” said Michael Buckland, Director of Digital Identity Technologies at Cybernetica.
Meanwhile, Joe Palmer, Director of Product and Innovation at iProov, emphasized that this merger combines Cybernetica’s cryptographic key protection with their company’s set of biometric solutions.
For Latin America, this is a crucial strategy, considering that cybersecurity is one of the most important topics on the technological and economic agenda in the region. According to the Latam CISO 2023 report, the economic damage from cyberattacks could exceed 1% of GDP in several American countries.
“The result is a powerful identity tool for remote enrollment, tailored to government and financial institutions worldwide. We are eager to launch this venture and envision the milestones we can achieve together,” concluded the iProov executive.