Mirae Technology
Redefining Security through OTP Authentication

In 2018, approximately 87 million cases of personal information leakage occurred in SNS companies across the globe out which 86,000 cases were from Korea. As organizations embark on the journey of digital transformation, managing personal information and identities across digital platforms is becoming more crucial. As organizations change the infrastructure often to adopt advanced technologies like IoT, blockchain and cloud computing, there have been an increasing number of security concerns in the form of data breaches, identity thefts and account takeovers. These rising vulnerabilities in security have led to the need for strengthened security solutions. Besides, the growing government laws and regulations such as the European Union’s GDPR, Personal Information Protection Act in Korea and the CCPA in California are also placing immense pressure on organizations to protect data and stay compliant with the changing regulations.

Set against this backdrop, Korean-based Mirae Technology is on a mission to redefine the current digital identity and authentication space by offering a range of two-factor authentication tools such as OTP and biometrics.

Established in 1997, Mirae Technology is dedicated to developing and launching products like the synchronized card type OTP, voice support OTP for the blind, BIOTP using FIDO biometric information. Proven to be secure and convenient in the two-factor authentication market for e-transactions, Mirae Technology’s one-time password (OTP) solutions are developed using a combination of different authenticators and algorithms developed in-house by the team. “Combined with the usual ID and password features that are used to access accounts, our leading-edge OTP solutions provides robust login security,” explains Jeung Gyun-tae, CEO of Mirae Technology. “Our OTP solution generates a new password every minute, which becomes invalid on passing a specified time and gets discarded,” he adds.

Based on a technical standard defined by the FIDO Alliance- an international online certification consortium for certification methods that utilize biometric technology in an online environment, Mirae Technology has developed another offering named BIOTP, which is an authentication solution that uses FIDO-based biometric authentication.

Combined with the usual ID and password features that are used to access accounts, our leading-edge OTP solutions provides robust login security

Similar to a fingerprint or Face ID, users can use FIDO effectively and safely in situations such as system logins and e-transactions, where they require authentication. Another highlight of Mirae Technology’s FIDO solution is its ability to integrate with servers, clients and various other business systems effortlessly to provide a secure and password-free authentication ecosystem.

What makes Mirae Technology a game-changer in the identity and access management industry is its unwavering focus on providing authentication solutions across different security areas, which can be customized according to a client’s unique specifications. Mirae Technology’s authenticators cover a variety of solutions ranging from token-based, card-based, voice-based, mobile, FIDO, SMS or even simple authentication. Additionally, Mirae Technology provides web-based management programs for administrators and users according to their convenience.

By developing its own Grippin Tower, an OTP solution for enterprises, Mirae Technology has earned a vast clientele comprising over 300 companies from across the globe. The company also possesses a share of more than 75 percent in the Korean market due to the usage of the OTP generator for e-transactions. Gyun-tae recalls the time when a global company had approached Mirae Technology to resolve their operational efficiency and security issues. The company used a single sign-on (SSO) to access different business systems and utilized OTP products from foreign vendors in conjunction with their SSO. However, approximately two hundred thousand users utilized the systems from various parts of the world, resulting in more than 30 authentication policies directly managed by operators. Mirae Technology compared the existing authentication policy patterns based on the operational policies of LDAP and SSO and managed to improve the operator’s efficiency by more than 100 percent and solved the confusion in policies while hiring new employees or expanding offices on a large scale.

Continuing on its innovation journey through research and development, Mirae Technology plans to enhance its existing solutions to support a variety of user authentication methods and for anomaly detection. The next step for the company is to expand its suite of solutions into the IoT field through offerings such as smart home and OTP for vehicles.