A SMALL home-grown technology company is hoping to make it to the big stage with a product which promises to neutralise the dangers of transacting on the Internet.
Advanced Network Technology Laboratories (ANTlabs), traditionally a provider of network access control technology for enterprises and telcos, is now hoping to cash in on the sizeable market opportunity of providing solutions to strengthen the security of e-commerce applications.
With the looming danger from threats like computer viruses, spyware and phishing sites, market research firm IDC expects total spending on security software to hit nearly US$16 billion globally this year.
This opportunity far outweighs the business potential from ANTLabs' traditional revenue streams, such as the amount telcos typically spend on upgrading their wireless networks, according to Ang Kwang Tat, CEO of ANTLabs. This has prompted the firm to redirect its research and development efforts towards coming up with a comprehensive security software package to better its business prospects.
"It (security) can potentially outstrip what we've done in the past by many times," he told BizIT in an interview yesterday.
Years of R&D culminated in the launch of a new product called Securite, a solution designed to protect consumers when they engage in Internet transactions like e-banking and online shopping.
While existing products like anti-virus software may promise the same, most of them rely on known signatures to identify malicious programs, Mr Ang claimed. This signature-based approach may leave users open to so-called zero day attacks or new vulnerabilities and threats for which there are no immediate remedies.
And while companies like banks have invested in two-factor authentication through the use of password-generating tokens, some security experts believe the added protection still leaves users vulnerable to "man-in-the middle" attacks.
This means hackers can theoretically steal the information through a bogus site or a key logging program. They can then use the stolen details to log onto a genuine e-banking portal within the short validity period of the recently generated password.
ANTLab's Securite product promises to plug such loopholes and complement anti-virus software and cryptographic protocols that are currently used to safeguard data transmission.
"We give customers the ability to secure themselves when performing the most private (Internet) transactions," Mr Ang said.
The new product is made up of a desktop component which is installed in the end user's PC. Once in place, it checks the credentials of websites accessed to ensure that they are legitimate and puts out an alert in the form of a red shield icon if the portal turns out to be a bogus phishing site.
This desktop software works in conjunction with a secured directory service, essentially a predefined list of customer websites that are protected by the Securite product.
Working in tandem, "it (Securite) knows exactly when the most sensitive transaction is about to happen and locks down other processes when the session is in place," Mr Ang said.
Customers like banks and online merchants can work with ANTLabs to set the parameters required for completing a secure Internet transaction and disable all other risky and unnecessary system processes.
This safeguards the end user even if the computer is infected by malware such as key logging programs as Securite will cripple the software's ability to capture records during an online transaction, he explained.
For banks, governments and online merchants, this proactive approach towards security can allay user fears and further boost consumer confidence in e-commerce, Mr Ang added.
ANTLabs has already sealed its flagship deal for Securite with the Civil Aviation Authority of Singapore, which plans to use the product to secure over 300 public Internet access stations across Terminals 1 and 2 at the Changi Airport.
The company is also talking with banks, Internet gaming companies and other government departments on the possibility of adopting its new solution, Mr Ang revealed.
