Its biometric-based authenticator BindID allows users to go passwordless in a matter of hours on any device without any added software or hardware. There are currently seven members in the executive leadership team that is leading Transmit Security forward. Co-founded by serial entrepreneurs Mickey Boodaei and Rakesh Loonkar, Transmit Security says it intends to rid the world of passwords. You can register for Transmit Security’s webinar here. Transmit Security has a seven-member executive leadership team. During the webinar, they will share the findings from the report and demonstrate how organizations can deliver an improved customer experience, save money and create more secure systems using passwordless technology that leverages biometric-based security capabilities. Boodaei and Loonkar are both renowned cybersecurity entrepreneurs with more than two decades worth of experience in the security management space. It’s time to eliminate our dependency on outdated password technology and evolve to a place where passwords are no longer necessary.”īoodaei, along with Transmit Security President Rakesh Loonkar, will present the report findings during a webinar on April 6th at 11:00 a.m. BOSTON- ( BUSINESS WIRE )- Transmit Security, the Identity Experience company, today announced that Goldman Sachs (NYSE:GS) has recognized President and Co-Founder Rakesh Loonkar as one. “These horrible customer experiences are costing businesses an unimaginable amount of money, not to mention the revenue that’s lost due to password-sharing between consumers. Customers are dropping out of transaction processes - or failing to use a site at all - due to overly complicated, and oftentimes error-ridden, password systems,” says Transmit Security CEO and Co-Founder Mickey Boodaei. “The number of consumers getting blocked from their online accounts because of poor password experiences is staggering. And 64.5% will abandon the site if they are simply asked to create a username and login. Transmit Security’s data shows that 66% of users will leave a website if the registration process is too complex. In fact, for most customers the problems with passwords begin long before a failure. Worse, 92% of users will leave a website instead of recovering or resetting their login credentials. Loonkar served as Vice President of North American Sales at NetScreen Technologies (acquired by. Transmit Security’s report revealed 55% of consumers have stopped using a website because the login process was too complex, and that 87.5% of consumers have found themselves locked out of an online account after too many failed login attempts. Loonkar serves as President of Trusteer, Ltd. Password-based security settings have become outdated and expensive, according to Transmit Security.Traditional passwords also significantly impact customer experiences. JBS USA was the subject of a cyberattack recently that disrupted meat processing across North America and Australia, and the company paid hackers $11 million. The account's password has since been discovered inside a batch of leaked passwords on the dark web. He and his team are focused on delivering a passwordless future for companies. It is a company that focuses on identity experience. The Colonial Pipeline Co ransomware attack, which took the largest fuel pipeline in the US offline in May, was the result of a single compromised password. episode 603 A Passwordless Future: Transmit Security President Rakesh Loonkar on the Identity Experience Rakesh Loonkar is the President of Transmit Security, a company that he co-founded in 2014. Transmit Security was co-founded by serial entrepreneurs and investors, Mickey Boodaei and Rakesh Loonkar in 2014 with the aim of changing the security identity landscape. The funding comes amid a wave of recent cybersecurity attacks across the US and Europe, many of them a direct result of breached password security. Transmit's customers include retail, banking and telecommunications leaders such as UBS Group AG, Lowe's Cos. For devices without biometric scanners, users can simply use their phones to log in to platforms on other devices. Transmit's BindID product uses fingerprint and face-scanning techniques to eliminate passwords from the login process. Mickey Boodaei and Rakesh Loonkar founded Transmit Security in 2014 with the goal of easing the tensions between the logistical headaches of passwords and cybersecurity. Investment in its first funding round was led by New York-based firms Insight Partners and General Atlantic. The cash injection brings the seven-year-old company’s valuation to $2.2 billion, Transmit Security announced Tuesday. In an era of rising incidents of hacking, cybersecurity start-up Transmit Security has raised $543 million to expand its business providing companies with biometric authentication systems instead of user passwords.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |