A common refrain around cyber-attacks and data breaches is that they are inevitable.
The conversation around cybersecurity is typically focused on mitigation and reducing threat vectors, with an acknowledgement that it is impossible to entirely remove the risk.
But thanks to a major breakthrough in cryptography, the Sydney-based Tide Foundation may make the inevitability of cyber breaches a thing of the past.
The company’s flagship product TideCloak offers the world’s first identity, immunity and access management system, protecting from even the most high-level of malicious cyber actors.
Current secrets-management companies all suffer from the same flaw, revolving around the fact that they are centralised, creating a singular point of vulnerability.
“The flaw in today’s approach to cybersecurity is that someone has to be trusted with the keys,” Tide Foundation co-founder Michael Loewy said.
“Bad actors are able to find their way to these keys or breach the authority of someone that has access to them.”
To combat this, the Tide Foundation developed what it has dubbed “ineffable cryptography”, which allows an organisation’s data and devices to be locked with keys that no-one will ever actually hold. TideCloak generates and operates these keys in secrecy across a decentralised network of servers, with each of these servers being operated by independent organisations.
Each of these organisations only ever holds part of a key, meaning that no-one is ever seeing the full keys or are even aware of what they can unlock.
This creates what Tide has dubbed “cyber-herd-immunity”.
“It means that even when a platform is breached, the sensitive data, identities, funds or access rights remain locked with the access keys out of everyone’s reach,” Mr Loewy said.
“It’s a fundamental breakthrough in cryptography, lab-tested by three of Australia’s top universities. Ineffable cryptography solves the fundamental trust problem in a way that wasn’t possible before and provides a new path to solving some of the world’s most pressing challenges, like cybersecurity and privacy – particularly with the explosion of AI.”
Tide Foundation’s TideCloak is a finalist in the InnovationAus 2024 Award for Excellence in Cybersecurity. You can secure your tickets to the black-tie gala event here.
“This nomination reflects the first recognition of the impact of our technology, now that it’s entered the market, which is an incredible milestone for us that’s been years in the making,” Mr Loewy said.
Tide Foundation has landed an Australian Research Council grant and is also working with research institutes including Wollongong University, RMIT University and Deakin University.
It has also partnered with NTT Global, which has implemented Tide with its enterprise clients and with prospective clients.
The key to the TideCloak innovation is that it removes the trust that current access management tools place in administrators and the software supply chain.
The end goal for the foundation is for TideCloak to become the new global standard for cybersecurity, digital ownership and authority.
It will also be key to combating the emerging threat of cyber attacks of critical infrastructure.
There were 143 reported cyber attacks on pieces of critical infrastructure over the past year, a vast increase from the 95 reported in the previous year.
The Australian federal government has acknowledged this threat and has imposed enhanced cybersecurity obligations across a range of assets deemed to be of national significance.
The implementation of TideCloak would mark a new approach to cybersecurity for critical infrastructure, and one that may properly protect these crucial assets.
The Tide Foundation received support from the NSW government to help it survive the Covid pandemic.
“Their programs enabled us to maintain our momentum and supported our efforts in forging relationships with companies overseas, like NTT Data in the US, who are now our most valuable strategic partner,” Mr Loewy said.
Looking for brand exposure in front of Australia’s tech ecosystem? Purchase a table of 10 for the InnovationAus 2024 Awards for Excellence and have your logo displayed on screens across the venue and in the event programme as a table sponsor.
The InnovationAus 2024 Awards for Excellence are supported by: Australian Computer Society, Investment NSW, Department of Industry, Science and Resources, Technology Council of Australia, TechnologyOne, National Artificial Intelligence Centre, CSIRO’s ON Innovation Program, Reason Group, Q-CTRL, University of New South Wales, and IP Australia.
Protecting your great ideas with intellectual property (IP) rights can lead to lasting benefits for your growing business. IP refers to creations of the mind, such as a brand, logo, invention, design or artistic work. Head to the IP Australia website to find out more about IP, and how it might help your business.
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