SAN FRANCISCO and CAMBRIDGE, U.K. -- Cryptomathic has become the first security vendor to announce the development of a GlobalPlatform compliant Key Management System for the financial sector. The international security solutions specialist is currently working to extend its Key Management System (KMS), launched in May 2007, in line with the GlobalPlatform Systems Specifications and is expected to bring a GlobalPlatform compliant product to market in Q1 08.

According to Professor Peter Landrock, Executive Chairman of Cryptomathic: “This development reflects an increasing demand from the global marketplace for open and interoperable solutions based on GlobalPlatform technology and is a natural expansion route for Cryptomathic. We are a committed GlobalPlatform member and our aim is to offer our customers the widest choice of solutions possible across our product portfolio. Being the first vendor to announce plans to bring a GlobalPlatform compliant KMS to market validates our strategy of keeping one step ahead when responding to the changing security requirements of the industry.”

Cryptomathic’s GlobalPlatform compliant KMS will enable organizations to comprehensively manage the entire lifecycle of a very large number of cryptographic keys using a standard, centralized approach which meets core functional requirements set out by the global smart card specifications body. It offers an immediate return on investment by significantly reducing the need to have key custodians present to manually install and regularly manage the lifecycle of keys on devices such as ATMs, payment switches and transaction, authorization and issuing systems. Key custodians and security managers can perform key management functions online, enabling them to work from their own desks. In this way, security is increased as keys can be updated more frequently and human error is avoided.

Bob Beer, Chairman of GlobalPlatform and Vice President of Business Development at Datacard Group, adds: “There is abundant evidence within the marketplace that adopters of smart card technology are veering away from proprietary, tightly-vertical integrated solutions in favour of more flexible, open, interoperable and scalable offerings. As such, Cryptomathic’s commitment to developing GlobalPlatform compliant products, as demonstrated by this most recent announcement, is very much aligned with market expectations.”

Cryptomathic