Mobile security firm Tyfone released on Wednesday its Connected Smart Card solution, which will allow healthcare, financial and government entities to enhance user ID information used to access sensitive or personal data.
The solution combines hardware, software solutions and hosted services to combine centralized data with local validation in order to simplify the process of storing passwords, credit card numbers and other digital information in a centralized database.
The new card works much like a traditional smart card, but it also has the ability to connect to any mobile device, tablet or PC. The hardware works with all smart card applets, existing software and password operations and digital certificates, allowing efficient integration with organizations’ existing security infrastructure.
Cybersecurity has been a growing concern for governments and financial institutions that increasingly rely on mobile and internet transaction access, which utilize password protection. The centralized storage of passwords, as well as their storage in the cloud, makes the databases susceptible to attacks by hackers.
Figures from Deloitte, a top auditing and consulting firm, reveal that 90 percent of centrally stored passwords are vulnerable to attack and that more than 280 million stored passwords have been compromised in the past 18 months.
“Criminals have always robbed banks because ‘that’s where the money is,’ but today’s cybercriminals prefer the centralized databases that store individuals’ passwords because with passwords they can loot literally millions of bank accounts and credit card numbers, steal sensitive government and corporate data, and hack critical infrastructure such as power grids,” Tyfone CEO Siva Narendra said. “Recognizing this threat, Tyfone worked closely with our financial and government customers to implement our CSC technology, a next-generation cyber security solution that enables the locally secured, hardware-enabled storage of passwords, card preset payment information, biometrics and other ID credentials to keep criminals and hackers at bay.”