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Token Wins Fast Company’s World Changing Ideas 2024 Award by Stopping Ransomware

By John Gunn, CEO, Token  |  2 minute read

In an era where cyber threats are becoming increasingly sophisticated, Token’s biometric multifactor authentication (MFA) smart ring stands out as a beacon of innovation. Recently, this groundbreaking device earned a prestigious spot in the Science and Technology category of Fast Company's 2024 World Changing Ideas Awards. With over 1,300 global entries vying for recognition, Token's achievement is a testament to its transformative impact on cybersecurity.

Revolutionizing Cybersecurity with Next-Gen MFA

Ransomware attacks are on the rise, with losses mounting to unprecedented levels. These attacks, often facilitated by generative AI, pose a significant threat to organizations worldwide. Legacy MFA solutions, built on decades-old technology, are no longer sufficient to combat these advanced threats. Token's innovative approach with the Token Ring and BioTouch Secure effectively stops ransomware attacks, particularly those initiated through phishing and social engineering.

The Power of Innovation Recognized Globally

The recognition by Fast Company underscores the global importance of innovative solutions in addressing critical challenges. Brendan Vaughan, Fast Company’s editor-in-chief, expressed his admiration for the diverse and groundbreaking ideas showcased in this year’s awards: “I was struck this year by the global sweep of the honorees. It’s endlessly inspiring to see how the world is coming together to devise inventive solutions to our most challenging problems. We need ideas from everywhere, and this year’s World Changing Ideas Awards are an extraordinary encapsulation of the innovation and creativity that is so abundant around the globe.”

Understanding the Ransomware Threat

Ransomware has quickly become the number one risk for organizations, with daily reports of attacks causing financial damages that can exceed $1 billion. Protecting against these attacks is now a top priority for CISOs, CEOs, boards, regulators, and cyber risk insurance providers. Unfortunately, many organizations still rely on legacy MFA technologies, making them easy targets for cybercriminals leveraging advanced AI and sophisticated attack methods.

How the Token Ring Works

The Token Ring is designed to offer a simple, fast, and user-friendly solution to protect organizations against phishing and ransomware cyberattacks. The BioTouch Secure technology integrates fingerprint biometrics—considered the most secure form of user authentication—into an attractive wearable device. This ensures both user convenience and robust enterprise security.

Key features of the Token Ring include:

  • A capacitive fingerprint sensor for high-level biometric security.
  • A large capacity secure element to safely store biometric information and user credentials.
  • A capacitive-touch bezel for easy operation.
  • NFC and Bluetooth communications for universal compatibility.

By combining these capabilities into a sleek and convenient ring, Token Ring prevents the loss of authentication devices and ensures top-tier security.

Token's Recognition

Token’s recognition in the 2024 World Changing Ideas Awards is a significant milestone, showcasing the importance of innovative solutions in the fight against ransomware threats. For more details on this achievement and to explore how Token is revolutionizing cybersecurity, read the full press release here.