BOSTON--(BUSINESS WIRE)--TapLink, the company that’s restoring trust in passwords, today announced it has won the MassChallenge™ Platinum Award for its Blind Hashing technology, which makes password databases impossible to steal. The company was selected from 1,700 applicants and will receive a $75,000 cash prize. The announcement was made on Nov. 2nd at the annual MassChallenge Awards at the Boston Convention and Exhibition Center.
Password database breaches continue to be an achilles heel for many large organizations. In September, Yahoo announced that hackers had stolen information from a minimum of 500 million accounts in late 2014, including passwords. TapLink’s patented Blind Hashing technology protects companies from the cost, embarrassment and liability of a password breach. Blind Hashing completely protects passwords, even if the database is stolen, and eliminates the need for password resets after a breach. TapLink Blind Hashing is completely invisible to the end-user, easy to integrate, and provides better security with higher performance at a lower cost compared to current best practices.
“Winning MassChallenge Boston, which evaluated nearly 2000 companies and technologies, is a tremendous honor. It has also opened up an extremely valuable network of resources -- including investors, potential customers and mentors -- that will help us monetize our Blind Hashing technology,” said Jeremy Spilman, CTO and Founder of TapLink. “The market opportunity for protecting password data stores is massive, since stolen credentials are used to commit more than $15 billion in cyber fraud every year. Companies are increasingly looking for ways to protect their customers, operations and brands from being the next victim of a cyber breach.”
The TapLink platform is currently protecting more than one million logins in production environments. The technology is in pilots in the banking, finance, insurance and online industries.
TapLink was one of 128 early-stage companies accepted into the 2016 MassChallenge Boston program, from more than 1,700 applicants, and now joins a network of more than 1,200 alumni globally. Over the past four months, the startup has leveraged the organization’s global network of mentors, experts, and corporate and nonprofit partner organizations to launch and grow their business at zero-cost and for zero-equity.
“We’re excited to celebrate the winners from this year’s Boston cohort, which has been our most competitive class to date,” said Scott Bailey, Managing Director of MassChallenge Boston. “Each startup has spent the past four months working towards creating long-term value and positive impact in their respective industries. It’s been incredible to watch them launch, grow, and make meaningful connections across the Boston entrepreneurial community throughout the program.”
MassChallenge is the most startup-friendly accelerator on the planet. No equity and not-for-profit, we are obsessed with helping entrepreneurs across any industry. We also reward the highest-impact startups through a competition to win a portion of several million dollars in equity-free cash awards. Through our global network of accelerators in Boston, the UK, Israel, Switzerland, and Mexico, and unrivaled access to our corporate partners, we can have a massive impact - driving growth and creating value the world over. To date, 1,211 MassChallenge alumni have raised over $1.8 billion in funding, generated over $700 million in revenue, and created more than 60,000 direct and indirect jobs. For more information, please visit masschallenge.org.
Top MassChallenge Boston Partners
Fidelity Investments, The Ewing Marion Kauffman Foundation, Microsoft, Bose, CASIS, Commonwealth of Massachusetts, Deshpande Foundation, John Hancock, Jamestown, The Boston Foundation, Combined Jewish Philanthropies of Greater Boston, American Airlines, L'Oreal, Swiss Re, PepsiCo, Boehringer Ingelheim, EMC, Henkel, Sunovion Pharmaceuticals, The Blackstone Charitable Foundation, Vertex, Draper, PTC, MassMutual, Pfizer, John Hancock, CVS Health, Analog Devices, Autodesk, and Honda.
Password database breaches impose direct remediation costs and reputation damage on the victim organization, while exposing users to fraud. TapLink’s mission is to restore trust in passwords. The company’s patented cloud-based technology, called Blind Hashing, prevents offline attacks by making password databases impossible to steal. TapLink is completely invisible to end-users, easy to integrate, and provides better security at higher performance, with lower operational cost. To learn more, visit www.taplink.co or write to firstname.lastname@example.org.