Cybersecurity company Unbound Tech launched a passwordless login system called Crypto-of-Things. The system uses cryptographic key management and protection to enable login without a password.
The new login platform uses Unbound’s NextGen Key Orchestration platform and stores cryptographic keys across multiple devices, allowing a crypto key to be secured anytime, anywhere, according to the company. Cryptographic data never exists in its full form in one specific place. The new cryptosystem can also be used to access blockchain wallets.
According to Unbound Tech, the Crypto-of-Things platform is designed to secure high-risk operations and authenticate transactions without the typical security, usability and cost trade-offs associated with traditional security methods.
“Unbound’s Crypto-of-Things leverages our advanced software that delivers seamless integration and leverages a company’s existing security policies while providing a unified interface with the highest level of security for all types of devices,” said Yehuda Lindell, CEO of Unbound Tech.
The IT world has been exploring and developing passwordless solutions and concepts for years. Lindell claims that the adoption of these passwordless solutions is slow because software solutions are often not secure enough, and hardware solutions often lead to bad user experiences and other problems.
Passwordless is the new future
Enterprises today are starting to pay more attention to passwordless login solutions such as multi-factor authentication to secure their systems. People who only secure their accounts with a simple password are often exposed to simple cyber attacks. Passwords are often reused even when it is well-known that this is unsafe.
Problems with the use of insecure passwords have re-emerged due to the shift to remote working over the past few months. A CyberArk survey of 3.000 remote workers from various European countries found that 93 percent of working parents use the same passwords for different applications and devices, and 37 percent of these passwords are also stored unprotected in the browser of a business device.