SANTA CLARA, Calif., Oct. 23, 2018 (GLOBE NEWSWIRE) -- MagicCube, the creator of the world’s only Software Trusted Execution Environment platform (sTEE™), today introduced a new Impact Note from Javelin Strategy and Research that outlines the need for virtual trusted execution environments (vTEE) and software-based solutions to provide payment and financial service companies a secure environment for handling customer data.
“It is a big deal that the industry is looking to create a category for MagicCube - the only precedence I am aware of is when Arcot Systems created 3-D Secure, which was also a big deal,” said MagicCube CEO and Co-Founder Sam Shawki.
He added, “The logistical flexibility and the remote management and feedback loop capabilities that a virtual Trusted Execution Environment provides is superior to secure hardware devices as it does not require negotiating access with device providers, OEMs, or carriers.”
Findings from the ongoing EMVCo Virtual TEE Certification Impact Note from Javelin and MagicCube include the following specific benefits:
- Improved security for customers. vTEEs are monitored remotely for suspicious activity and in the event of an attack, the provider can push an update or remotely disable the platform.
- Improved flexibility. vTEE solutions provide significant flexibility and ubiquity across devices and provides much less friction in deployment and manageability
- Provides device isolation. vTEEs create an emulated device within the application to serve the same “isolation” requirements that hardware performs today, yet unlike hardware it can be remotely managed, monitored and updated without delays or approvals or the control of the hardware and OS makers
According to Al Pascual, SVP, Research and Head of Fraud & Security at Javelin Strategy & Research, “Should EMVCo move forward with the certification, virtual TEEs that meet the specifications EMVCo sets forth can be used in securing payment applications going forward. This would enable hardware-grade security on any device capable of running the vTEE, regardless of the device. This reduces barriers to entry for providing security on consumer devices, in critical use cases, such as acceptance of PIN on glass or payment applications within the IoT.”
MagicCube currently offers the only solution on the market with its sTEE platform for mobile and Internet of Things (IoT) devices. Working on adhering to EMVCo standards, MagicCube is on the cutting-edge of the future of connected payments by:
- Providing security on consumer device, in critical use cases, such as the acceptance of PIN on glass or payment applications, making it the only platform that can secure both ends of a transaction using a unified platform
- Reducing costs involved in expanding financial applications to new devices and user bases
- Greatly Improving time to market for security products for mobile and IoT devices
- Providing a feedback loop with a remote administration service that monitors and pushes updates to the vTEE even if host devices and OSs are not being updated by their respective vendors
MagicCube’s sTEE platform eliminates the need for a special chip and/or chip partition and the platform has a wide range of uses, including its current PIN on Glass product and software-only payment acceptance devices and ultimately any IoT devices that can’t be secured through legacy solutions.
MagicCube was recently named to Network World’s ‘10 Hot IoT Startups to Watch’ list earlier this year and last year partnered with the PCI Security Standards Council, contributing to the newly-issued PCI Security Standard for software-based PIN entry on commercial off-the-shelf devices such as smartphones and tables. MagicCube is attending Money 20/20 to highlight its suite of products.
To view the full report, please visit: https://www.javelinstrategy.com/coverage-area/impact-note-emvco-virtual-tee. Additionally, MagicCube and Javelin Strategy will be co-hosting a webinar on November 6 (details and registration here).
To learn more about MagicCube, please visit http://magiccube.co/products/ or visit them at Money20/20 in Las Vegas at booth #1859.
About MagicCube
MagicCube is the creator of the world’s only Software Trusted Execution Environment (sTEE™) platform, a technology that enables large-scale deployment and management of IoT and mobile-secure solutions to consumers. The MagicCube sTEE platform provides a secure in-app container that protects sensitive data, sensitive logic, and cryptographic operations on the device while offering unprecedented ease of large-scale deployment and remote management capabilities. MagicCube is completely hardware-independent, runs on any smart device and is not limited to enterprise deployments. MagicCube has developed a suite of products (MC-Token Shield and MC-Screen Shield) capable of replacing the need for hardware-secure elements to build, deploy and remotely provision and manage point-of-sale systems and other IoT devices. This transforms a regular consumer mobile device into a full-featured point-of-sale system capable of securely accepting sensitive data, such as a payment card PIN, onto the touchscreen. For more information, visit www.magiccube.co or follow us on Twitter @Magic3inc.
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