ONESPAN

NORTH AMERICAN
CONTINUOUS PASSWORDLESS
AUTHENTICATION INDUSTRY
Best Practices Criteria for World-Class Performance
Frost & Sullivan applies a rigorous analytical process to evaluate multiple nominees for each award
category before determining the final award recipient. The process involves a detailed evaluation of best
practices criteria across two dimensions for each nominated company. OneSpan excels in many of the
criteria in the continuous passwordless authentication space.

Market Overview

Password vulnerability emerges due to the increasing account takeover (ATO) and data breaches
enterprises face from poor or reused credentials and passcodes. ATOs and data crimes have skyrocketed
since the beginning of the COVID-19 pandemic. To
“OneSpan works closely with customers overcome issues with standard usernames and
during the pre-and post-purchase journey, passwords, the introduction of biometric and identity
offering support and guidance to achieve authentication address these ongoing challenges from
customer satisfaction, address unmet hackers; however, in recent years, hackers have also
needs, and optimize customer retention. accessed credentials in cases where companies do not
The company continues to strengthen
secure data transfers sufficiently.
security across organizations that adopt
and maintain zero-trust with an approach
Given the increase in data breaches and threat
toward enhancing the user experience.”
complexity, continuous authentication will remain in
- Steven Lopez, place for ongoing security. Continuous and multi-
Best Practices Research Analyst factor authentication re-verifies a user’s identity
during each login session without stopping workflow.

© Frost & Sullivan 2022 The Growth Pipeline Company™

Founded in 1991 and headquartered in Chicago, Illinois, United States (US), OneSpan helps organizations
accelerate digital transformations by enabling secure, compliant, and easy customer agreements and
transaction experiences. Organizations requiring high assurance security, including the integrity of end-
users and the fidelity of transaction records behind every agreement, choose OneSpan to simplify and
secure business processes with their partners and customers. OneSpan is trusted by global blue-chip
enterprises, including more than 60% of the world’s largest 100 banks, and processes millions of digital
agreements and billions of transactions in over 100 countries annually. In 2020, Frost & Sullivan
recognized OneSpan for its visionary innovation, performance, and customer impact and remains
impressed with the company’s continuing innovation and sustained leadership.

Continuous Enhancement: Going Passwordless

Traditional authentication solutions require users to create various multi-letter, special character, and
number combinations, which often become difficult to remember and easily accessible to hackers. In
recent years, companies have deployed multi-factor authentication (MFA) capabilities (security questions
or one-time passwords sent via email, text message, or phone call) as an additional security measure.
However, sophisticated cybercriminals utilize passive malware, such as screen-scraping or key-logging, to
obtain this information; as a result, legacy digital identity and anti-fraud solutions typically fall short. Thus,
digital identity and authentication developers must offer a holistic approach toward continuous
passwordless authentication solutions with MFA to meet security needs. Moreover, this approach will
enable organizations to prevent ATOs, reduce social engineering fraud, optimize the user experience, and
reduce costs. OneSpan offers best-in-class solutions that enable clients to reap the benefits of non-
password authentication. OneSpan’s Fast Identity Online (FIDO) solutions allow clients to eliminate
server-side vulnerabilities and mitigate the weakest link in the authentication chain: traditional
passwords.1

To ensure a frictionless customer experience, OneSpan’s FIDO solutions integrate into its Mobile Security
Suite, enabling another layer of security and application shielding capabilities. The Mobile Security Suite
helps organizations maintain the trust that customers expect from passwordless authentication through
biometrics and push notifications. Furthermore, OneSpan’s Cronto solutions enable transaction signing
and passwordless authentication without manual input from the end user. For example, with banking
transactions, customers view encrypted details or their transactions where the end user can scan the
quick response-like code and provide authorizations. OneSpan’s new cloud-connected DIGIPASS CX
devices bring the highest level of assurance to the ever-growing problem of identity and credential theft
and the increasing focus of relentless cyber adversaries. With DIGIPASS CX2, organizations can offer their
customers digital services while protecting them from advanced fraud attacks. DIGIPASS CX2 is the ideal
multi-factor authentication solution to protect against social engineering, Adversary-in-the-Middle
(MitM), Adversary-in-the-Browser (MitB), and replay attacks, and prevent account takeovers.2

1
https://www.onespan.com/solutions/passwordless-authentication (Accessed June 2022)
2
Ibid.

© Frost & Sullivan 2022 The Growth Pipeline Company™

OneSpan’s robust product features position the company as a pioneer in the continuous passwordless
authentication industry. OneSpan integrates high reliability and quality in its products, from developing
robust, user-friendly solutions to working closely with clients and partners to guide its product roadmap
and add enhanced features. The company’s extensive in-house testing ensures consistent performance,
earning its clients’ trust and loyalty. Frost & Sullivan recognizes the continued efforts OneSpan brings with
its innovative platform and product portfolio that allow trusted and continuous authentication without
inputting passwords, making it possible to prevent ATOs and fraud.

Positioning to the Leadership Spot by Going Passwordless

OneSpan works closely with customers during the pre-and post-purchase journey, offering support and
guidance to achieve customer satisfaction, address unmet needs, and optimize customer retention. The
company continues to strengthen security across organizations that adopt and maintain zero-trust with
an approach toward enhancing the user experience. Companies partnering with OneSpan and integrating
its product portfolio can provide end users with remarkable experiences. By combining passwordless
capabilities and adaptive authentication, OneSpan’s
“Frost & Sullivan recognizes the continued
Intelligent Adaptive Authentication delivers the right
efforts OneSpan brings with its innovative
platform and product portfolio that allow level of security for each customer without
trusted and continuous authentication jeopardizing the user experience. Using intelligence,
without inputting passwords, making it OneSpan achieves satisfaction by incorporating real-
possible to prevent ATOs and fraud.” time fraud analysis of extensive user, device, and
transaction data, resulting in a risk score that
- Steven Lopez, generates automated security workflows for every
Best Practices Research Analyst transaction.3

Moreover, the company attracts and interacts with many of its customers through global partner alliances
fueled by its exceptional collaborations with leading service companies to integrate and deploy its
platform and solutions. Key clients include, Bank of Montreal, US Bank, United States Department of
Agriculture, and Standard Chartered. Its strong integration and technology partner network consist of
leading companies, including IBM, Avaloq, Fiserv, , Forgerock, Cisco, Mitek, Jumio, Validate, Swisscom,
and many other leading technology partners.

Additional offerings such as blog posts, webinars, customer success stories, e-books, and white papers
help customers stay informed on the ongoing market trends and support them. OneSpan’s Community
Portal is an online forum that members can access for additional support through their digital security
journey. The community portal enables a collaborative space for administrators, developers, and end
users to discuss current/new challenges, market trends, and technologies.

3
https://www.onespan.com/solutions/passwordless-authentication (Accessed June 2022)

© Frost & Sullivan 2022 The Growth Pipeline Company™

A Customer-centric Strategy Backed by Operational Efficiency

In the first Quarter of 2022, the company generated $52.4 million in revenue, a 3% increase from 2021. 4
From OneSpan’s financial success and the strong grasp that passwordless authentication has on the future
for digital identity, Frost & Sullivan expects more growth for the company. Heavy investment in customer
success results in a 98% customer satisfaction rate, 96% customer retention rate, and more than 22%
year-over-year customer usage growth for OneSpan.5 In May 2022, during its Investor Day presentation,
OneSpan’s executive team announced plans for its growth and financial targets for the next three years. 6
Its impressive growth momentum and trajectory are a testament to its product leadership, earning its
clients’ trust and loyalty and enabling it to capture market share.

Conclusion
To be a product leader, a company needs to comprehend the market’s needs and deliver a robust solution
designed and embedded with high-quality and reliable performance. Frost & Sullivan finds that OneSpan
embodies this concept and exemplifies it with best practice implementation. Through its revolutionary
approach OneSpan provides best-in-class solutions that help organizations to verify their customers
digitally without requiring them to keystroke their identity credentials physically during each access
attempt. Furthermore, OneSpan’s Fast Identity Online (FIDO) solutions integrate into its Mobile Security
Suite that provides another layer of security and application shielding capabilities. The company delivers
quality and reliable products that position it to increase customer satisfaction and experience continued
growth.

For its strong overall performance, OneSpan is recognized with Frost & Sullivan’s 2022 North American
Product Leadership Award in the continuous passwordless authentication industry.

4
https://investors.onespan.com/financial-info/quarterly-and-annual-results/default.aspx (Accessed June 2022)
5
https://www.onespan.com/resources/infographic-onespan-difference (Accessed June 2022)
6
https://www.onespan.com/about/news/onespan-provide-strategic-transformation-update-plans-accelerate-growth-investor-day (Accessed
June 2022)

© Frost & Sullivan 2022 The Growth Pipeline Company™

What You Need to Know about the Product Leadership Recognition
Frost & Sullivan’s Product Leadership Award recognizes the company that offers a product or solution
with attributes that deliver the best quality, reliability, and performance in the industry.

Best Practices Award Analysis

For the Product Leadership Award, Frost & Sullivan analysts independently evaluated the criteria listed
below.

Product Portfolio Attributes Business Impact

Match to Needs: Customer needs directly Financial Performance: Strong overall financial
influence and inspire the product portfolio’s performance is achieved in terms of revenues,
design and positioning revenue growth, operating margin, and other
key financial metrics
Reliability and Quality: Products consistently
meet or exceed customer expectations for Customer Acquisition: Customer-facing
performance and length of service processes support efficient and consistent new
customer acquisition while enhancing customer
Product/Service Value: Products or services retention
offer the best value for the price compared to
similar market offerings Operational Efficiency: Company staff performs
assigned tasks productively, quickly, and to a
Positioning: Products serve a unique, unmet high-quality standard
need that competitors cannot easily replicate
Growth Potential: Growth is fostered by a strong
Design: Products feature innovative designs, customer focus that strengthens the brand and
enhancing both visual appeal and ease of use reinforces customer loyalty

Human Capital: Commitment to quality and to

customers characterize the company culture,
which in turn enhances employee morale and
retention

© Frost & Sullivan 2022 The Growth Pipeline Company™

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