FinTech Global, a specialist research firm, today announced its second annual list of the world’s top innovators helping financial services firms fight off cyber attacks and protect their data.
Transmit Security was named as one of the companies recognized for its innovative use of technology to solve significant industry problems, generate cost savings and efficiency improvements across the security value chain.
The CyberTech industry for financial services has grown exponentially over the previous four years, with total annual investments rising from $0.7bn in 2016 to a staggering $6.2bn last year. As a result, the competition to be identified as one of the leading 100 CyberTech companies in the world was especially fierce.
“Security executives working in financial services need to be aware of the latest innovation and threats in the market in order to protect client and company data as well as fend off cyber and financial criminals,” said Richard Sachar, director at FinTech Global. “The CyberTech100 list helps them do just that and identify new technologies which will have a lasting impact on the industry and attackers’ behavior.”
In addition to being recognized by FinTech Global, Transmit Security has accrued a number of awards in the last two years, including top-five rankings from Deloitte’s Fast 500, Calcalist’s Most Promising Startups, and Boston Business Journal’s Fast 50.
“Since our founding in 2014, our team has made incredible strides, especially within the financial industry,” said Mickey Boodaei, founder and CEO of Transmit Security. “Our product adoption speaks for itself: we count four of the five largest U.S. banks among our clients. Simplifying the identity experience is the heart of our mission. We want to make frictionless, passwordless biometric authentication the norm for every business, and that is becoming a reality for the financial services industry already.”
As an industry pioneer and a member of the FIDO Alliance Board, Transmit Security has been at the forefront of improving the identity experience, or the entire authentication process from beginning to end. As Mickey Boodaei puts it, the identity experience is inextricably linked to the customer experience, and passwords can cause a number of negative impacts on top-line revenue. Traditional password-based security is likely to result in customer attrition, lost sales and disintegrating satisfaction.
Last year, Transmit Security released a high-level report investigating these negative business impacts. Mickey Boodaei hosted a webinar highlighting the key takeaways from this report, exploring how passwordless, biometric authentication can dramatically improve customer loyalty and revenue.
Of the CyberTech100 listing, Boodaei remarked, “Transmit Security is honored to be part of the CyberTech100, and we look forward to participating in next year’s list.”