Learn How a Virtual Networking Approach Can Strengthen the Security of Federal Networks REGISTER >
That didn't take long.
After emerging from stealth with $8 million in Series A funding in 2016, Scottsdale, Ariz.-based Trusona announced this week that it had raised an additional $10 million in a Series B round. The latest round of financing was led by Microsoft Ventures with backing from existing investor Kleiner Perkins.
Trusona specializes in authentication and federated identity technologies for businesses.
The company's patented technology, TruToken, strengthens magnetic card security by analyzing the physical magnetic signature of a card along with how users swipe their cards to detect fraud. Trusona also offers two authentication solutions, TruVerify for logins and TruFidelity, which helps combat man-in-the-middle attacks during online transactions. What caught Microsoft's eye, and prompted the software giant to open its checkbook, is Trusona's ability to effectively replace the bane of modern cybersecurity: the password.
Last year, a Cloud Security Alliance survey sponsored by Centrify found that nearly a quarter (22 percent) of all breaches were caused by compromised credentials, basically stolen user and password pairs. Even worse, 27 percent of U.S. employees in the SailPoint Market Pulse Survey for 2016 said they sell their passwords if asked.
With Trusona's tech, IT executives no longer have to worry about duplicitous employees, or their credentials, at least.
"Trusona offers businesses the ability to replace a static username and password combination (which can always be lost, stolen or compromised) with a more dynamic way to prove authentication online," explained Ori Eisen, CEO and founder of Trusona. "With the Trusona app, users can login with a single tap without typing any username or passwords."
Trusona's approach to protecting identities includes making the process of protecting accounts as frictionless as possible.
"All you need is to register with the free Trusona app and the relying party (such as banks, healthcare providers, WordPress, streaming media, Salesforce, a company’s network, etc.) sends you a prompt," added Eisen.
Under the hood, the Trusona platform is on the lookout for suspiciously similar login attempts.
"What sets Trusona apart is its patented technology that uses the unique nature of each authentication to assure the transmission is authentic and not a session replay," Eisen said. "Trusona's patented anti-replay technology, infused in every solution, protects from malware that can replay static usernames and passwords to compromise any online account. This assures the right person is behind every digital interaction."
Microsoft, eager to do away with passwords itself, seems impressed.
"Identity management is a critically important and growing space," said Nagraj Kashyap, corporate vice president of Microsoft Ventures, in prepared remarks. "Helping businesses and consumers move toward a safer and more secure digital world is a priority for Microsoft. We believe in the work Trusona is doing to give their enterprise clients peace of mind when it comes to data protection."