MagicCube’s sTEE Platform is Creating a New Payment Security Category: Execution Environments Offer Better Security for Customer Data
SANTA CLARA, Calif., Oct. 23, 2018 (GLOBE NEWSWIRE) --MagicCube, the creator of the world’s only Software Trusted Execution Environment platform (sTEE™), today introduced a new Impact Note fromJavelin Strategy and Researchthat outlines the need for virtual trusted execution environments (vTEE) and software-based solutions to provide payment and financial service companies a secure environment for handling customer data.
“It is a big deal that the industry is looking to create a category for MagicCube - the only precedence I am aware of is when Arcot Systems created 3-D Secure, which was also a big deal,” said MagicCube CEO and Co-Founder Sam Shawki.
He added, “The logistical flexibility and the remote management and feedback loop capabilities that a virtual Trusted Execution Environment provides is superior to secure hardware devices as it does not require negotiating access with device providers, OEMs, or carriers.”
Findings from the ongoing EMVCo Virtual TEE Certification Impact Note from Javelin and MagicCube include the following specific benefits:
-- Improved security for customers. vTEEs are monitored remotely for suspicious activity and in the event of an attack, the provider can push an update or remotely disable the platform. -- Improved flexibility. vTEE solutions provide significant flexibility and ubiquity across devices and provides much less friction in deployment and manageability -- Provides device isolation. vTEEs create an emulated device within the application to serve the same “isolation” requirements that hardware performs today, yet unlike hardware it can be remotely managed, monitored and updated without delays or approvals or the control of the hardware and OS makers