All apps are vulnerable one way or another and many say that it’s just a matter of time until hackers find their way in somehow. Mobile security startup Everspin aims to reduce the risk of this by using a new dynamic security module that prevents and delays hacking through new technology.
Everspin’s flagship app Eversafe is a security solution which produces new and unique source code each time it is run, and continues to change every 10 minutes. This makes it incredibly difficult for hackers to get a handle on cracking apps, and in the unlikely event that someone does indeed bypass the security, it will only be exposed for a maximum of 10 minutes. Dynamically created modules are only used once and are never recycled. The app has been through 3000 penetration tests with a 100% record so far.
Everspin’s technology is said to be the first to use such dynamic security methods and some have said that it’s changed the paradigm of the security industry in a new way.
Though founded in 2014, CEO Ha Youngbin has been focusing on developing new technology for the past seven years. At first, Ha worked on projects in the evenings, while earning money during the day. His company also struggled to gain traction at first, but gained attention after receiving an award at the 2015 Fintech Korea expo.
Confident in his product, Ha approached financial companies with the finished product directly, rather than focusing on gaining investors. Following this, Everspin was selected for the TIPS program after financial institutions took interest in its dynamic security solution. The startup has continued to pick up awards at both local and international Fintech conferences, and has received attention from international companies such as Oracle.
Eversafe is designed for any app that needs to protect user information and can be utilized by banks, investment firms, and insurance companies. KB Bank is already using Eversafe, and three more banks are expected to begin using the solution by the end of the year. The service was also selected by the Ministry of Interior and Safety to provide security for the ministry’s mobile app. With the backing of the government, Everspin should be able to expand more easily into the the financial sector.
To date, the startup has raised over 8 billion won in funding from DSC Investment, Stic Investment, Mirae Asset and Kosco. In 2016, Kakao Investment also became a majority shareholder in the company, and there is high possibility that we will see Everspin’s services being applied to Kakao’s mobile services in the future.
