Plovdiv is beginning to affirm its position on the global map not only as an investment but also a technological destination. Nowadays, the leading competitive advantage is not price, but world-class talented people who chose to live and work here. We see another confirmation in the choice of a Swiss technology startup to position part of its team in our home where the laboratory of product development resides.
In 1971 the person who sent the first e-mail hardly ever imagined that almost half a century later we will use this protocol as the primary means to exchange information. Today each second, there are more than a million e-mails sent. Furthermore, the e-mail address is becoming the preferred, even compared to the phone number method of recovering our online identity.
Many of us are already thinking about the security of our e-mail, so we don’t use it to send sensitive information. As an example – think of the cybersecurity level in a law firm or a notary you lastly used. Still, the layer of security which depends on you can be sensibly improved. Business e-mail compromise is a problem which is at the focus of the technological solution developed currently in the predominantly Bulgarian team of the Swiss-born startup called Vereign.
Without doing too much buzz about it, Bulgaria has been the home for one of the most promising technology developments with the potential to impact the world. The vulnerability of e-mail communication is represented by 42% spam of all the e-mail traffic according to data cited in the white paper of Vereign. The business niche is clear – according to estimations, the SMEs spend USD 2.2 million a year to remedy e-mail attacks. The e-mail is the primary attack vector for identity fraud.
The average number of logins is 191 per corporate user. This means 191 passwords. There are other ways to deal with it than sticking notes on your desk. However, the current user-friendly technologies are driving a person depending on a particular ecosystem, such as Google, Amazon, and Apple. In the ideal scenario, the recovery of our data should be in a decentralized system that does not have a single point of failure, and technically cannot even leak sensitive information. Key innovation by Vereign is the easy management by users of cryptographic keys, de facto eliminating the need for passwords.
The idea potentially extends beyond the security of your e-mail – people and companies need to be able to sign contracts safely and easily. The goal is technological security for your next-generation identity, which will allow much bolder steps in the introduction of electronic public services (e-government) and significantly faster digitization of paper in companies. The next time you need to send an e-mail invoice with payment instructions, you should not worry that someone will replace your IBAN along the route.