Page 13 - GS131101

technology, which makes the
CSC chip functionality accessible
via a key chain or a wearable
device that is interoperable with
smartphones, tablet devices and PCs.
"Communication protocols may be
NFC [near field communication] or
Bluetooth, and commercial offerings
will have a menu of form factors for
institutions to choose from," Tyfone
said.
Inside the cross over
Dr. Siva Narendra, co-founder
and Chief Executive Officer at
Tyfone, likened the current security
infrastructure designed to protect
sensitive cardholder data stored in
the cloud to a medieval castle: the
data is protected by strong, high
walls – firewalls and virtual private
networks – that are fatally weak
nonetheless.
"This wall is very porous because
a legitimate user still needs to get
into the fortress, so there are doors
everywhere," Narendra said. "And
these doors are actually getting
weaker rapidly, by the day."
Narendra referred to Moore's law
that states computational power
is doubling every 18 months. That
means ever faster processing speeds
for smartphones and computers,
but equally faster data crunching
capabilities for fraudsters. To
counter this exponential growth
in password hacking speed, ever
longer passwords are required. Four- and independent of smartphones
digit passcodes that were sufficient
protection 30 years ago have given
way to the stringing together of
eight to 12 numbers and letters, with
special characters thrown in. But that
path is unsustainable.
Based on Moore's law, in 18 months,
passwords will need to be 24
characters long and, in three years,
they will need to expand to an
impractical 48 characters, Narendra
said. In fact, he stated that the
password security infrastructure is
nearing a "point of no return," where
hacking speeds will outstrip current
security forever. Narendra called it
the "cross over," and added that we
News
are currently in the middle of it.
The "software-based password is
dead," Narendra said. "It's just a
matter of us recognizing it." He
noted that regulatory and standards
bodies, such as the National Institute
of Standards and Technology, are
aware of it, but not others, including
payments businesses. "A lot of IT
folks are in denial," he said.
Hardware to combat hard-
ware
According to Narendra, the solution
to this security dilemma is to migrate
account security to physical devices
that only individual accountholders
can access. "The only way you can
compete with hardware speed is by
using hardware with you as opposed
to [data stored] in a central location,"
he said.
Tyfone's CSC technology is designed
to do just that. The password is stored
in the secure chip, which is the safest Get Value for
place to store information, according your Portfolio,
to Narendra. "[I]f you want to visit a
website and make a transaction, you No Strings Attached
go to a website and your password
would be validated by your key
chain and then the key chain will Sell or leverage your existing portfolio
expose the certificate for this request, to get access to the cash you need.
challenge, response paradigm," he
said.
The process is quick and simple.
Tyfone chose to roll out CSC in
a variety of form factors because
the device needs to be portable We buy portfolios from all processors.
and corresponding mobile wallets.
"Today, when you buy a pair of Easy to understand documents
pants, the wallet is not stitched to it," and terms, resulting in fast closings.
Narendra said. "You carry your wallet
from one pair of pants to another. So
we wanted the technology to be just Call us today to receive a quick
that – neutral." estimate for your portfolio and
get the cash you need today.
National implications
Beyond the threat of the cross over for
individual security looms the national
security issue, as it is generally
assumed foreign governments and Call 800-801-6242 x.1340
terrorist organizations are stockpiling
or email us at
hacked passwords for future use agentinfo@AmericanCapitalAdvance.com
in cyber warfare. "Control systems
www.americancapitaladvance.com/greensheet
for utilities, petro chemical, some
of these systems have already been
13