Silicon:SAFE Raises $1 Million to Solve Problem of Bulk Password TheftsJanuary 29, 2016
Company’s first solution, enabling hack-proof bulk storage of passwords, will be available from March 2016
SiliconSAFE an Innovation Martlesham company gets a further seal of approval with a $1M investment. The privately held company who has already had glowing feedback from early beta trials is set to launch its first solution, Password Protect in March 2016, which it claims would have prevented the recent high-profile breaches of millions of user passwords at companies such as Ashley Madison, eBay, Facebook, LinkedIn, Vtech and others.
Silicon:SAFE’s Password Protect solution uses a unique, patent pending computing architecture to store password data in hardware. This means that hackers cannot deploy any of the techniques used to attack software, and steal data and passwords from conventional databases or storage systems.
The Password Protect appliance stores the bulk passwords that an organisation holds, and links to customers’ existing authentication systems. Users’ login details are sent to Password Protect for authentication, and it simply replies indicating success or failure: the user’s password is never revealed. Each appliance can securely store up to 64 million passwords out of reach of hackers and employees alike. Other types of sensitive data can be stored and verified in the same way, such as credit card numbers and biometric information.
Nick Lowe, CEO of Silicon:SAFE said: “It’s clear from the recent spate of high-profile password breaches that conventional security techniques, based on commodity hardware and software, have failed. Companies are still suffering the reputational damage and remediation costs from these breaches. What we are doing is approaching this problem from a completely new perspective. With Password Protect, data is placed ‘beyond reach’ in a dedicated hardware appliance, in which information is stored and compared but never revealed. Once stored in the appliance, all the passwords an organisation holds cannot be accessed, extracted or stolen, only compared.”
The company was so confident in the security of its solution that it set a Hacker Challenge inviting anyone to attempt to steal 100 unencrypted passwords from the system. To date over 2.5 million unsuccessful attempts have been made. The solution is already being trialled by a major high street bank and a leading telecoms firm.
The investment will help to support Silicon:SAFE’s go-to-market strategy, future solution development and recruitment.
Silicon:SAFE was founded in 2013 with the aim of solving the problem of large-scale data breaches and bulk theft of sensitive information. Shortly after its founding, it received a £25,000 Proof of Market grant from the government’s innovation Technology Strategy Board. The company is part of the Innovation Martlesham cluster of over 75 high-tech ICT compaies, based at Adastral Park, Ipswich, home of BT global research and innovatoin headquarters