Source: RSA Security
RSA Security Inc. (NASDAQ:RSAS) today announced its strategic partnership with DynamiCode, a new company formed by a strong team of IT professionals, to deliver a unique and comprehensive consumer authentication service using an ASP model, leveraging RSA Security's award winning two-factor authentication RSA SecurID technology.
The service will include consultation and support on security policy planning, installation, deployment and user management. DynamiCode aims to provide a reliable and flexible solution for banking and financial institutions allowing their customers to use token-based authentication to protect their online accounts.
"This one-stop service enables banks and other financial institutions to quickly and easily deploy a reliable two-factor authentication solution without the need of investing in the up-front costs of infrastructure. It will also give them a high amount of flexibility increasing the adoption rate as their online customers grow," said David Fung, Managing Director - North Asia of RSA Security.
Financial Insights, an IDC Company, published a report "Asia Pacific Banking Advisory Service: Market Overview" in August 2005 on Internet banking adoption across Asia Pacific. The report indicated that Hong Kong's Internet penetration rate is 75.7%, the second highest in the region following Korea's internet penetration rate of 81.9%. The report also revealed that 45.4% of the respondents in Hong Kong and 30.6% in China have an internet bank account but security is one of the biggest issues hampering further take up. The report stated that 53.7% of respondents in Hong Kong and 41.6% in China have concerns with security when conducting online transactions.
DynamiCode incorporates the proven authentication technology from RSA Security, in which the token-based authenticator generates a simple, one-time authentication code that changes every 60 seconds to protect user identities from hackers. Users simply enter their User ID followed by the one-time access code to complete the authentication process.
"In June, the Hong Kong Monetary Authority and the Hong Kong Association of Banks announced the introduction of two-factor authentication for high-risk retail internet banking transactions," said Fung. "Token-based, one-time password solutions have become one of the most commonly used solutions amongst local banks."