FREMONT, CA: Wave Systems Corp., a provider of data protection and digital security solutions, announces a five-year Master Licensing Agreement (MLA) with a financial services firm for delivering its Virtual Smart Card (VSC) 2.0 solution.

With increased security breaches, digital crimes, and internet frauds, securing customer information has become one of the top agendas of every organization. Most of the breaches are related to data and password stealing by hackers and here comes the necessity for a two-factor authentication security that strengthens the user logon sequence.

The two-factor authentication provides a second layer of protection to any account log-in that makes hackers difficult to exploit the credentials, phishing and take-over of accounts.  

Wave Virtual Smart Card 2.0 is a two-way, tokenless, and hardware-based authentication solution. It utilizes the Trusted Platform Module (TPM), a hardwaresecurity chip built into the motherboard, and turns it as a smart card. The enterprise-grade virtual smart card management solution working on Windows 7, 8, and 10 offers better security at low cost, and time. Wave’s VSC 2.0 solution offers better convenience to users at a lower total cost of ownership, reducing risk of unauthorized access with all the features of a physical smart card.

The features of Wave Virtual Smart Card 2.0 empower IT to remotely create and delete virtual smart cards, provide help-desk assisted recovery and configure passphrase and card policies. It enables to view the status of virtual smart cards, and enrolled certificates, and generate reports for compliance. With TPM 1.2 and TPM 2.0 security chips, it supports virtual smart cards on laptops, tablets and desktops.

“Our five-year agreement with this customer is the first very large scale contract for VSC 2.0 and is an important milestone for Wave,” says Bill Solms, President and CEO, Wave Systems. “This customer is a major global financial services company and their standards for protecting their systems from unauthorized access and the integrity of their data are of the highest order. Wave had to pass a very rigorous technical and business review to win the competition. We believe that this client’s decision to choose Wave Virtual Smart Card 2.0 over their incumbent solution gives us tremendous credibility in the two-factor authentication market. We will remain engaged with this company in order to complete the additional sales and deployments in the months ahead.”