Breakthrough in Cybersecurity: Lydsec Debuts on Emerging Stock Market

Summary

• Lydsec Digital Technology, a Taiwanese cybersecurity company that does business as Keypasco, registered on Taiwan’s Emerging Stock Board on May 13, 2025.
• The company makes identity authentication products, including two-factor and multi-factor authentication (2FA and MFA), Zero Trust Network Access and FIDO.
• Its 2024 revenue was NT$110 million, up 69% from the year before, and the company turned a profit.
• Clients in Taiwan include more than ten financial institutions, such as Hua Nan Bank and Taiwan Cooperative Bank.
• About 70% of its business now comes from outside Taiwan.
• Founder, CEO and chairman Cheng-I Lin leads the company as it expands into Japan, Europe, the Middle East and India.

Lydsec goes public

Lydsec Digital Technology, a Taiwanese maker of identity authentication software, began trading on Taiwan’s Emerging Stock Board on May 13, 2025, under stock code 7834. The reference price was NT$58 per share. It’s a small listing. Still, it gives the company a public profile at a time when banks, governments and online businesses around the world are spending more to make sure the person logging in is really who they claim to be.

What Lydsec sells

Keypasco authentication

Lydsec sells its products under the Keypasco brand. They include multi-factor authentication, Zero Trust Network Access and FIDO-based login, plus its own two-channel authentication. The system checks things like device fingerprints and location, and feeds them into a risk engine. The company says it holds patents in 16 countries.

Banks are the core customers

Since its start, Lydsec has focused on heavily regulated financial firms. In Taiwan it serves more than ten banks and other financial institutions, including Hua Nan Bank and Taiwan Cooperative Bank. Users top 10 million.

Growth abroad

Revenue outside Taiwan

In 2024, about 70% of Lydsec’s revenue came from overseas. That’s unusual for a Taiwanese firm this size. It has subsidiaries in Sweden, the Netherlands, Japan, the U.S. and India, and partners in 24 countries.

Leadership

Lydsec is led by founder, CEO and chairman Cheng-I Lin. The company says government zero-trust requirements in Taiwan, where top-tier agencies have been told since 2022 to adopt identity and device verification, help drive demand for its products.

What the listing means

The listing is a modest but useful step for a small company. Lydsec has grown revenue and turned profitable on the back of bank clients and overseas sales. Whether that growth holds will depend on how well its Keypasco products compete with much larger MFA vendors as identity security becomes a standard requirement.

Frank Jones, CISSP

Frank Jones has loved computers from the age of 13. Frank got his hacking career started when he downloaded a war dialing program that he used to detect dial up modems in his hometown of Chicago. Frank Jones now works as a JAVA coder and cyber security researcher.