WISeKey Applies for Independent Identity Provider Status to Support the Swiss Federal e-ID Act
WISeKey International Holding is applying for independent identity provider status under the Swiss Federal e-ID Act, aiming to enhance online identification security. The proposal comes ahead of the March 7, 2021 vote on the e-ID legislation, which mandates federally approved identity providers for e-ID applications. The WISeID platform safeguards personal data and supports multiple authentication methods, including 2FA options. The technology benefits from a strong cryptographic foundation and aligns with United Nations goals for digital identity. This move signifies WISeKey's commitment to cybersecurity and digital transformation.
- WISeKey's application for independent identity provider status could enhance its market position.
- The WISeID platform provides robust security features such as strong authentication and encrypted vaults.
- The support of the upcoming e-ID legislation aligns with increasing demand for secure digital identities.
- None.
WISeKey Applies for Independent Identity Provider Status to Support the Swiss Federal e-ID Act
An electronic identity (eID) should enable users to identify themselves correctly and securely on the internet
Geneva, Switzerland – February 16, 2021: WISeKey International Holding Ltd. (“WISeKey”) (SIX: WIHN, NASDAQ: WKEY), a leading global cybersecurity and IoT company, today announced that it will apply to receive an independent identity provider status for its WISeID platform for the Swiss Federal Act on Electronic Identification Services (e-ID Act).
Of note, the Swiss electorate is scheduled to vote on March 7, 2021 to approve the legislation introducing a federally recognized electronic identity, the e-ID, which regulates how people can be uniquely identified on the internet. Once the e-ID Act is approved, anyone who wants an e-ID must apply through a federally approved identity provider.
The current pandemic situation has further increased the urgency for citizens, companies and organizations to adapt themselves to a new reality where professional interactions with customers and among employees must happen electronically. Nevertheless, this must be done properly in order to not weaken their business process or introduce new security risks.
Using Swiss-made technology, WISeKey’s WISeID Identity platform protects the personal identifiable information (PII) of users, offers strong authentication and encrypted personal vaults to protect digital assets and secure electronic transactions, all of which are significant aspects of the e-ID Act. WISeID users can easily enroll for a digital identity using an online process, which implements a secure identity validation system by capturing the National Identity or Passport documents and performing a live face recognition, using the camera of the computer or smartphone.
The WISeID credential can be reinforced with different options for “Second Factor Authentication” (2FA), which increases security layers as compared to a simple username/password. Currently WISeID supports 2FA with digital certificate, SMS, Dynamic QR-Codes and FIDO tokens. The WISeID Identity Provider is compatible with the OpenID Connect and OAUTH2 standards, which facilitates the integration with any application willing to use the WISeID Identities in their onboarding and login process, with the benefit of automated KYC and high security. In addition to the authentication process regulated by the e-ID Act, WISeID can be enhanced with digital certificates and legally binding electronic signatures.
WISeID users can benefit from new cloud services to securely store confidential documents on a personal cloud area and share with other WISeID users, and at the same time eliminates risks for eavesdropping and privacy loss.
At the heart of WISeID platform is the OISTE-WISeKey Cryptographic Root of Trust, which was created in in 1999 and stored in the country and has been actively used since 1999 by over 2.6 billion desktop, browsers, mobile devices, SSL certificates and Internet of Things’ devices already trusted by the Root of Trust. The OISTE WISeKey Cryptographic Root of Trust is ubiquitous and universal, and a pioneer in the creation of Digital Identities, in line with the United Nation's Sustainable Development Goals aiming on providing every person on the planet with a with a solid and tamper-proof digital identity based on common, interoperable standards by 2030. As a first step, the United Nation is seeking to develop scalable identity systems by 2020. This initiative was launched at the inaugural "ID2020 Summit ‒ Harnessing Digital Identity for the Global Community," held at the United Nations headquarters in New York on May 20, 2016. The WISeId Platform has also integrated a Hyperledger Fabric Blockchain to assure the integrity of the transactions.
Carlos Moreira, Founder and CEO of WISeKey noted, “For over two decades, WISeKey in cooperation with the Swiss OISTE.ORG Foundation have been global cybersecurity pioneers in delivering digital identity ecosystems to secure personal identification. Being an independent identity provider for the e-ID Act will allow Swiss Citizens to use a reliable Swiss technology provided by a Swiss listed company tested already in multiple projects and certified by Webtrust.ORG and able to satisfy strict recognition procedures and regular checks that will be performed by the independent commission (EIDCOM) within the Federal Department of Justice and Police (FDJP).”
The WISeID web services and mobile applications are available for download and use. Several offers, such as digital certificates to secure the email or the strong authentication capabilities are offered free of charge, while others require a business subscription, in order to get full access to validated identities and document signature capabilities. For more information visit https://wiseid.com.
For decades, WISeKey has been one of the very few recognized providers of hardware and software first-in-class digital security solutions for cybercrime protection, people and object identification and authentication.
WISeKey put all these technologies at disposition of our customers to support them in the “digital transformation.”
To learn more about WISeKey and its security solutions, visit WISeKey.com.
About WISeKey
WISeKey (NASDAQ: WKEY; SIX Swiss Exchange: WIHN, NASDAQ: WKEY) is a leading global cybersecurity company currently deploying large scale digital identity ecosystems for people and objects using Blockchain, AI and IoT respecting the Human as the Fulcrum of the Internet. WISeKey microprocessors secure the pervasive computing shaping today’s Internet of Everything. WISeKey IoT has an install base of over 1.5 billion microchips in virtually all IoT sectors (connected cars, smart cities, drones, agricultural sensors, anti-counterfeiting, smart lighting, servers, computers, mobile phones, crypto tokens etc.). WISeKey is uniquely positioned to be at the edge of IoT as our semiconductors produce a huge amount of Big Data that, when analyzed with Artificial Intelligence (AI), can help industrial applications to predict the failure of their equipment before it happens.
Our technology is Trusted by the OISTE/WISeKey’s Swiss based cryptographic Root of Trust (“RoT”) provides secure authentication and identification, in both physical and virtual environments, for the Internet of Things, Blockchain and Artificial Intelligence. The WISeKey RoT serves as a common trust anchor to ensure the integrity of online transactions among objects and between objects and people. For more information, visit www.wisekey.com.
About OISTE Foundation
Founded in Switzerland in 1998, OISTE was created with the objectives of promoting the use and adoption of international standards to secure electronic transactions, expand the use of digital certification and ensure the interoperability of certification authorities’ e-transaction systems. The OISTE Foundation is a not for profit organization based in Geneva, Switzerland, regulated by article 80 et seq. of the Swiss Civil Code. OISTE is an organization in special consultative status with the Economic and Social Council of the United Nations (ECOSOC) and belongs to the Not-for-Profit constituency (NPOC) of the ICANN. More information: http://www.oiste.org.
Press and investor contacts:
| WISeKey International Holding Ltd Company Contact: Carlos Moreira Chairman & CEO Tel: +41 22 594 3000 info@wisekey.com | WISeKey Investor Relations (US) Contact: Lena Cati The Equity Group Inc. Tel: +1 212 836-9611 lcati@equityny.com |
Disclaimer:
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties, and other factors, which could cause the actual results, financial condition, performance, or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSA’s predecessor legislation or advertising within the meaning of the FinSA, or within the meaning of any other securities regulation. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.
FAQ
What is WISeKey's application related to the Swiss Federal e-ID Act?
When is the vote for the Swiss Federal e-ID Act scheduled?
What security features does the WISeID platform offer?
How does WISeKey’s technology align with UN goals?
What benefits does WISeID provide to users?
