Keyfactor Lands Big Payday to Pursue Mobile Payments Security

January 23, 2019         By: Steven Anderson

It’s no secret that security is still the biggest issue mobile payments faces, and with good reason. This is what’s keeping a lot of potential users out of the field, and it’s a point we all have to overcome to truly get mobile payments mainstream. Enter Keyfactor, who recently dropped word our way about its successful funding round, wherein it raised fully $77 million to pursue better security that may help keep mobile payments strong.

The round was led by Insight Venture Partners, reports note, who put its backing into Keyfactor thanks to a combination of factors, including best-in-class technology and a complete suite of solutions designed to address a range of potential issues in cyber security. That combination of factors makes it a more attractive prospect, better able to address threats in the field.

Keyfactor’s solution suite comes in two primary parts. There’s Keyfactor Control, which offers security for Internet of Things (IoT) systems that works on an end-to-end basis and better protects the network on which IoT systems work, and Keyfactor Command, a complete certificate management platform which better protects against certificate fraud and similar issues.

This works to protect mobile payments users as well by removing potential threat vectors that could be used to breach files and land access to sensitive and personally identifiable data. Keyfactor has come a long way so far, now protecting over 500 million certificates for Global 2000 clients around the world.

Keyfactor co-founder and CEO Kevin von Keyserling noted “InfoSec professionals are challenged to fully anticipate and understand their cyber risk to continuously improve and scale their cyber defenses – and Keyfactor is committed to giving our customers the freedom to fully protect the next generation of applications and devices.”

The nature of cybersecurity threats is constantly changing. Being ready to address general threats to a network helps ensure that users on that network are also protected. With security still often the biggest impediment to mobile payments’ access to the mainstream, improving security where possible can only help. Reducing the number of potential access points to a network, as IoT security will do, can only help here.

Only time will tell if this is sufficient to get more users into the fold, but mobile payments will likely benefit from Keyfactor’s enhanced security.