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Tech investor Tern’s (LON:TERN) Cryptosoft arm has signed a strategic partnership with cyber security specialist Device Authority.
Cryptosoft will offer machine-to-machine (M2M) authentication to provide security and encryption for Device Authority's D-FACTOR authentication engine for the ‘Internet of Things’ (IOT), where machines talk to each other without the need for human intervention. It is growing rapidly, but concerns over its security have become paramount.
For example, when a person uses an ATM, the PIN represents the authentication, and the machine sends the details to the bank's system, meaning it is communicating M2M.
Device Authority has created a product that allows a company to set up a method of authentication, and Cryptosoft's technology will protect the information as it passes between the two machines.
Jon Penney, Cryptosoft’s chief technical officer and founder said: "Through this partnership we have a unique opportunity to offer a scalable, certificate-less, data centric approach to securing information assets at a data level within the IoT ecosystem.
“What truly sets us apart here is our ability to deliver this without the use of a traditional Public Key Infrastructure.”
Shares rose 13.8% to 18.5p.