MagicCube co-founder and chief executive Sam Shawki, a former global head of remote payments with Visa, pondered why IoT transactions couldn’t be as secure as your phone. Applications for everything fromdriverless carsto medical devices face the same fundamental problem: they’re for IoT devices that can’t be secured using legacy technology. He understood that the common methods of securing mobile transactions, such as secure elements, using a programmable SIM or trusted execution environments on the processor itself, offer high degrees of security, but neither are suitable for an IoT security implementation. “IoT devices are more diverse than mobile phones,” Mr Shawki explains. “Most IoT devices don’t have SIM cards or security chips, either for cost reasons, form factor or due to the complexity of hardware security.” This is where MagicCube steps in by virtualising the function of such hardware and creating a virtual vault that can practically reside in any IoT device regardless of its maker. “The disruption will be massive as is always the case when hardware is successfully replaced,” Mr Shawki insists. “Suddenly, securing IoT becomes downloadable, remotely upgradable and instantly deployable.” If MagicCube succeeds in this, it could shake the sector in the same way Netflix did with the video tape rental market. Indeed, IoT security could face the same Kodak moment that happened when a camera became just an app.
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