Securenets $2.6M AusIndustry Grant

Local information security provider, SecureNet has won a $2.6 million grant from the government research and development fund, AusIndustry, to complete production of its smart token-based suite for on-line transaction security.

The project will provide a standards-based solution for the provision of pervasive, user-friendly security, the lack of which has been a major barrier to the uptake of e-commerce according to SecureNet.

The system will allow secure electronic transactions from a range of services, including telephone Interactive Voice Response (IVR), mobile Short Message Service (SMS) and on end-user devices such as WAP-enabled mobile phones, internet-connected PCs and ATMs.

SecureNet managing director, Geoffrey Ross believes it will highlight the compelling business case for on-line commerce by providing easy-to-use security at anytime, anywhere in the world.

"The project will provide all the required transaction based security functions in a single package," he said. "This will enable deployment and integration of superior security solutions for enterprises easier and more cost effective."

"This will be achieved through the use of a single, underpinning infrastructure and smart card technology adapted from various delivery and cryptographic technologies and designed to integrate with changing industry and regulatory requirements."

The current cash injection by AusIndustry is the third Federal government R&D grant awarded to SecureNet. The two former grants both led to successful technical development and strong commercial success. The current project is due for completion by December 2002 with aspects of the technology trickling onto the market in May.