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Token’s Next-Generation Smart Ring Wins Fast Company’s 2024 World Changing Ideas Award Honors by Stopping Ransomware

By John Gunn, CEO, Token  |  3 minute read

Token’s biometric multifactor authentication smart ring, recognized for stopping AI-generated ransomware attacks, earns prestigious recognition among 1,300 global entries

ROCHESTER, NY – May 14, 2024 – Token, a revolutionary provider of secure, wearable authentication, today announced that its innovative Token Ring with BioTouch Secure has been honored in the Science and Technology category of Fast Company's 2024 World Changing Ideas Awards. Selected from over 1,300 global entries across all categories, the Token Ring ushers in a new paradigm in multi-factor authentication (MFA) and stops the ransomware attacks that are devasting organizations around the globe.

“Ransomware losses are exploding as the leading global cybersecurity threat and this has become the biggest concern of every organization. Legacy MFA solutions use 20-year-old technology and are no match against sophisticated cybercriminals using generative AI,” said John Gunn, CEO of Token. “Token Ring’s next-generation multi-factor authentication is the only solution that stops ransomware attacks from phishing and social engineering, which is how 90% of successful attacks are done.”

“I was struck this year by the global sweep of the honorees,” says Fast Company editor-in-chief Brendan Vaughan. “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.”

Ransomware is every organization’s number one risk

Every day brings news of another major ransomware attack and the financial losses can now exceed $1 billion. Protecting against ransomware attacks and data breaches has become the top priority of CISOs, CEOs, boards, regulators, and cyber risk insurance providers. Organizations have become easy targets for cybercriminals because most are using 20-year-old legacy MFA technology to stop cybercriminals who are using the power of generative AI and the most advanced attack methods. Next-generation MFA eliminates the risks of cybercriminals using stolen credentials, MFA prompt bombing, Sim Swapping, BYOD compromises, Adversary-in-the-Middle (AitM/MitM), and other common attack methods.

Token Ring Next-Generation MFA

Token Ring is a simple, fast, and user-friendly way to protect organizations against phishing and ransomware cyberattacks. BioTouch Secure integrates fingerprint biometrics, the most secure form of user authentication, into an attractive wearable device for the ultimate in user convenience and enterprise security. Token Ring features a capacitive fingerprint sensor for the highest level of biometric security, a large capacity secure element to safely store biometric information and user credentials, a capacitive-touch bezel for user friendly operation, and NFC and Bluetooth communications for universal compatibility. Token Ring combines these capabilities into an appealing ring for convenience and to prevent the loss of authentication devices.

About The World Changing Ideas Awards

World Changing Ideas is one of Fast Company’s major annual awards programs and is focused on social good, seeking to elevate finished products and bold concepts that make the world better. Judges choose winners, finalists, and honorable mentions based on feasibility and the potential for impact. With the goals of awarding ingenuity and fostering innovation, Fast Company draws attention to ideas with great potential and helps them expand their reach to inspire more people to work on solving the problems that affect us all.

About Fast Company

Fast Company is the only media brand fully dedicated to the vital intersection of business, innovation, and design, engaging the most influential leaders, companies, and thinkers on the future of business. Headquartered in New York City, Fast Company is published by Mansueto Ventures LLC, along with our sister publication Inc., and can be found online at fastcompany.com.

About Token

In a world of stolen identities and compromised user credentials, Token is changing the way our customers secure their organizations by providing passwordless, biometric, multifactor authentication. We deliver the next generation of multifactor authentication that is invulnerable to social engineering, malware, and tampering for organizations where breaches, data loss, and ransomware must be prevented. Join the conversation on LinkedIn and find out more at tokenring.com.