TokenOne Selected by US National Cybersecurity Centre of Excellence for Multi-Factor Authentication

Australian cyber security company TokenOne has become the first local business selected by the United States National Cybersecurity Centre of Excellence and will work with association to tackle identity theft and fraud in e-commerce through multi-factor authentication.

KEY TAKEAWAYS: 

• The company has developed authentication technology that has eliminated traditional passwords by utilising one-time pad principals, to create unique, unbreakable codes.
• A crypto algorithm in which plaintext is combined with a random key.
• TokenOne chief executive Phil Cuff said the roots of its authentication technology had existed since World War II.

“The spies and spooks have used these ciphers for decades to communicate,” he said. “It’s the only universally accepted form of uncrackable encryption and so we applied this concept to authentication and instead of messages applied it to an app on a user’s smartphone.”

“The problem with passwords is we all have too many of them, so we write them down, or tell someone else,” Mr Cuff said.

“From a market perspective, we operate through a distributor in Australia and their resellers and we want to continue to do that here and overseas. We want to go from thousands and tens of thousands of users to millions and what we really want to do is get rid of 100 billion passwords.”

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