ROCHESTER, N.Y.--(BUSINESS WIRE)--Token, a revolutionary provider of secure, wearable authentication solutions, today announced that the company has begun production of its smart ring in the United States. Demand for Token’s next-generation wearable authenticator that prevents phishing, ransomware, and cyberattacks has been overwhelming, with almost 200 organizations already committed and on the wait list for the world’s first multifactor authentication smart ring.
The incidence of successful cyberattacks is skyrocketing, with the latest Cost of a Data Breach Report from IBM uncovering that in 2022, 83 percent of organizations experienced two or more data breaches. John Horn, Director of Cybersecurity at leading analyst firm Datos Insights, stated, “As cyber risk continues to elevate, legacy MFA solutions are being defeated regularly by sophisticated phishing attacks. Many enterprises are left with heightened business risk and interruption, needing to move to phishing-resistant MFA solutions.”
Organizations looking for the most advanced protection against cybercrime must move away from legacy solutions and adopt next-generation tools that remove the human element from the login process. Relying on legacy solutions has created unrealistic and unfulfilled expectations that users will somehow recognize and overcome every new and sophisticated hacking attack they receive via emails, text messages, and malicious webpages. This is reflected in the soaring costs of the average data breach, which has now reached $9.4 million for U.S. companies.
“Starting production is a major milestone for Token, reflecting the hard work and dedication of a very talented team, and marking a critical step toward stopping the cyberattacks that are devastating so many businesses,” said Token CEO, John Gunn. “We are seeing incredible demand from the market, with a significant portion of our first production run already committed.”
Token has secured $43 million in funding and financing to deliver its game-changing multifactor authentication technology. The company’s innovative anti-phishing solution has already won six awards for its next-generation MFA solution that is easy-to-implement, passwordless, FIDO 2-compliant, and a biometric wearable that stops phishing attacks and data breaches. The ring easily integrates with all IAM solutions to provide a big leap forward in protection with minimal implementation effort.