Cryptshare, a German-based maker of data security and privacy solutions for the exchange of business-critical information, is expanding its presence in the U.S. market. The company’s new QUICK technology simplifies the exchange of passwords used to protect encrypted files. Cryptshare demonstrated a beta version of the patent-pending technology at last week’s RSA Conference in San Francisco.
The recent Facebook fallout and looming GPDR deadline has U.S. companies clamoring for ways to securely exchange messages and large files with employees, customers, prospects and partners in a simple, fast, and auditable way. Cryptshare has quickly grown to become a trusted partner to more than 1,400 companies and three million people in 80 countries who use Cryptshare’s security software to easily encrypt email and large files while maintaining an audit trail. The launch into the U.S. market comes on the heels of the company’s most successful year to date marked by organic revenue growth of 70 percent; increased headcount to more than 50 employees; and accelerated global demand for its simple, yet highly effective, data security and privacy solutions leading to significant new customer wins in North America.
“The U.S. has traditionally lagged behind Europe when it comes to protecting online privacy, said Mark Forrest, CEO of Cryptshare. “However, recent events such as the GPDR’s Privacy by Design and Default requirements and Facebook’s misuse of 50 million user accounts, has shined a spotlight on these shortcomings – prompting U.S. companies (and Congress) to take notice and seek proven, market-leading solutions to guarantee privacy protection now and into the future. Cryptshare has the superior technology, affordability, and track-record to take advantage of these market conditions and become the secure exchange provider of choice for the Fortune 1,000.”
Password misuse and mismanagement is the primary cause of most data breaches. QUICK technology solves the age-old problem of exchanging passwords used to protect encrypted files. It eliminates the need to exchange one-time, single-use passwords between sender and receiver every time a transfer is made. QUICK also removes the need for shared infrastructure, federated key agreements, or key stores. By eliminating the need for individuals to create and retain passwords, a more secure environment is achieved.
How QUICK works
During the first transfer between two participants, a secret is automatically exchanged, which is used to generate an individual one-time password for all future transfers between the sender and receiver. The recipient side can automatically derive and apply this password without having to exchange it with the sender. Unlike widely used Public Key Infrastructure (PKI) solutions the sender does not need to set-up or impose any infrastructure to manage or maintain encryption keys. As a result, costs are dramatically reduced, implementation is quick and easy, user experience is seamless, and the enterprise more secure.