Shayype, a new cyber security technology which allows users to cost-effectively log in with different codes every time without the help of additional devices, could prevent hackers getting hold of fixed passwords during future ransomware attacks, keeping data files and other confidential information safer.
The new system, created in the UK, is the brain-child of two entrepreneurs who believe it will succeed where other systems have failed, thanks to its radical and low-cost new approach. Aiming to be the second line of defence for IT security officials as the new version of passwords can't be easily captured and don't require additional ‘factors' such as key-fobs or biometrics to boost its strength.
Jon Beal, Chief Technology Officer of Cambridgeshire-based Cloud-pin Limited, "two-factor or ‘multi-factor' systems can be expensive, whereas with Shayype we've succeeded in creating something which will protect everyone in an organisation, and those who work with it, far more cost effectively.
"Instead of ploughing the same furrow as everyone else, we've concentrated not on killing off passwords, but taking the basic idea of having a really secure mentally-held secret, and enhancing it. Attempting to bolster security with more and more layers or ‘factors' - which much of the world has done - clearly isn't effective, and has spectacularly failed to replace ordinary passwords as the login method of choice.
Jonathan Craymer, Chairman of the company added, "it's understandable that everyone's focusing at this point on preventing staff in organisations clicking on further attachments, making sure security patches are up to date and ensuring that anti-virus software is up to the job of alerting users that any emails they're looking at may be suspicious.
"Passwords are a huge problem which should have been fixed years ago. Now we're hoping we've succeeded where the tech giants have failed, in creating something with all the good attributes of passwords, combined with the strength of one-time codes - but without the inconvenience and cost of devices like key-fobs or the risks associated with exposing our biometric data."