SOURCE: Wave Systems Corp.
LEE, MA--(Marketwire - Sep 24, 2012) - Wave Systems (NASDAQ: WAVX) today announced its role as a partner with Criterion Systems in providing its expertise in trusted computing for establishing user and device authentication. Earlier today, Criterion Systems announced it had received an award from the Department of Commerce and the National Institute of Standards and Technology (NIST) as part of the National Strategy for Trusted Identities in Cyberspace (NSTIC) initiative.
Other members of the Criterion team (or relying parties) include GE, Lexis Nexus, Experian, AOL, CA Technologies, Broadridge and PayPal.
NSTIC calls for the public-private collaboration on the creation of an "Identity Ecosystem" where individuals can choose from multiple identity providers and digital credentials for more convenient, secure, and privacy-enhancing transactions anywhere online. NSTIC is a catalyst for the use of new and existing solutions for establishing Internet privacy, security, interoperability and ease of use to enable a more trusted identity ecosystem.
Team Criterion will pilot the use of a standards-based platform to simplify online identity verification for attribute providers, relying parties and identity providers. Users will be issued an OpenID credential by identity providers (such as government agencies, banks, email or a social network) with whom they have an established online relationship. This digital credential will be used in lieu of creating a user name and password.
Use cases include harnessing Wave's expertise in the management of Trusted Platform Module (TPM) security chips to further extend and verify key credentials on registered user devices in cases where a higher level of assurance is required. The TPM can provision a cryptographic key that is unique to that device and can be used as a second authentication factor bound to the user's OpenID credential.
"The Criterion team is committed to bringing NIST's vision of a more secure, trusted and easy-to-use identity ecosystem to reality," said David Coxe, Co-Founder of Criterion and CEO of ID DataWeb. "We're pleased that Wave, with its strong track record in the trusted computing space, is among our partners who've pledged to help build a more trusted online identity verification system -- one that will help eliminate the need for user names and passwords."
"We applaud the Department of Commerce and National Institute for Standards and Technology for recognizing Criterion's innovative approach to using proven, off-the-shelf technology for ensuring a more secure online environment," said Steven Sprague, CEO for Wave Systems. "We've long advocated for the widespread use of hardware security built on industry standards for a higher level of assurance of user and device alike."
About Wave Systems
Wave Systems Corp. (NASDAQ: WAVX) reduces the complexity, cost and uncertainty of data protection by starting inside the device. Unlike other vendors who try to secure information by adding layers of software for security, Wave leverages the security capabilities built directly into endpoint computing platforms themselves. Wave has been a foremost expert on this growing trend, leading the way with first-to-market solutions and helping shape standards through its work as a board member for the Trusted Computing Group.
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