CyberTech is one of the fastest growing sectors within the FinTech industry, with FinTech Global data showing investment in the industry has increased from $0.7bn in 2016 to $4.7bn in 2019. Given the huge increase in interest in the sector, every year the CyberTech 100 curates a detailed list of the top 100 innovative CyberTech companies. This is an essential list for all financial institutions looking to innovate and strengthen their arsenal in the fight against all aspects of cybercrime. Specifically, the list is aimed at senior executives, information security and compliance professionals at leading financial institutions as well as CEO and founders of CyberTech companies and advisory firms to who need to know which are the leading solutions in the cybersecurity space for financial services. Last year’s list generated global attention, in terms of awareness within the financial sector, but also amongst the cybersecurity community. swIDch has again been selected as part of the CyberTech100 for 2021, making the cut for an incredible second year in a row. This means once again we have been recognized as one of the world’s most innovative CyberTech companies that every financial institution needs to know about in 2021.
A thorough selection process
CyberTech100 divides the process for selection into five distinct stages. It begins with research into the CyberTech universe which is said to ‘cover every trend, every investment and profile every company that provides a technology solution for compliance, risk management or cybersecurity’. A shortlist of candidates that meet criteria are then established. Thirdly, in-depth interviews or surveys with founders and CEOs of shortlisted companies begins. This involves an extensive application process for participating companies and gives them an opportunity to showcase the advantages of their offering over others. Finally, the process to identify the annual Cybertech100 list and ‘Determine which companies excel in terms of the criteria and can be classified as CyberTech innovation leaders’ then begins. The standout companies are chosen by a panel of industry experts and analysts who review and study over 1,000 CyberTech companies undertaken by FinTech Global, a data and research firm. The publication of the results is announced to media and those who made list.
How did swIDch successfully make the list for the second year in a row?
swIDch’s OTAC eliminates the use of static information/code and a reliance on a network connection upon generation of dynamic codes which are communicated unidirectionally making our technology totally unique. It allows companies to generate dynamic codes that identify and authenticate users in a networkless environment, without the need for any additional infrastructure. It provides strong security to its clients as well as saves costs from fraud losses, integration and operation of their legacy system for authentication. The ability to generate a dynamic code without a network, which can also accurately identify a user had previously been deemed impossible before swIDch created OTAC. Other solutions in the market still require an active network connection to provide their authentication services whereas OTAC does not. Since the technology is provided in the form of API/SDK, it is universal and easy to implement, meaning it can simply be altered to apply across multiple verticals such as payment, mobility, IoT, and so on. Currently, swIDch holds 49 registered patents globally and further 122 patents pending to protect its technology.