Tide Encryption: Stopping the Cyber Breach Pandemic

The Escalating Threat of Data Breaches

The proliferation of digital technologies, coupled with the recent global pandemic, has dramatically increased the potential vulnerabilities for corporate security systems. Consequently, the first half of 2021 witnessed approximately 1,800 reported data breaches. These incidents resulted in the exposure of an astounding 18.8 billion individual records.

Significant breaches included the compromise of personal identifiers, contact information, and financial data. Notable examples are the ongoing Accellion breach, affecting over 100 organizations, and the T-Mobile data security incident impacting 47 million customers.

Introducing Tide Foundation’s Encryption Protocol

Tide Foundation, a Sydney-based startup with a team of five, is participating in the TechCrunch Disrupt Startup Battlefield. They assert that their novel encryption protocol has the potential to mitigate the growing issue of “cyber breach pandemics” – a term they utilized even before the recent global health crisis.

From Marketing Platform to Cybersecurity Innovators

The origins of Tide Foundation lie in the founders’ previous venture, Ziva, a marketing platform connecting businesses with consumers through Internet of Things (IoT) devices.

While Ziva experienced rapid growth and attracted prominent enterprise clients, it encountered privacy concerns while developing a campaign for Kellogg’s. Specifically, the “Special K Fitness Challenge” involved participants sharing wearable data, with rewards tied to kilometers completed.

Data Sensitivity and the Need for a Solution

“We amassed data from tens of thousands of individuals, gaining comprehensive insights into their lifestyles – far exceeding their own awareness,” explained Yuval Hertzog, the startup’s technology lead.

“This information was highly valuable to enterprises, but we recognized the inherent risks associated with possessing such sensitive data.”

The team quickly realized the necessity of robust data protection, but existing solutions proved inadequate.

The Development of Tide’s Blockchain-Based Encryption

This realization spurred the development of Tide, a blockchain-based encryption method.

The protocol is presented as the first “true” zero trust authentication system. It can be integrated into organizations to encrypt critical data, including customer records and financial information.

Each data record is assigned a unique encryption key, managed by a decentralized network of guardians.

A Truly Zero Trust Model

“Existing solutions haven’t truly achieved a zero trust model, as they still rely on some level of inherent trust,” stated Michael Loewy, co-founder of Tide.

“We are the only provider offering a completely zero trust architecture.”

Enhanced Security Through Key Fragmentation

The startup emphasizes the protocol’s resistance to hacking attempts. The encryption key is distributed across multiple nodes, with no single node possessing complete access or independent authority.

This fragmentation makes unauthorized access to the key exceptionally difficult.

“A successful attack would require compromising at least 20 computers, located in 20 different geographic locations, and even then, only a partial amount of the targeted data would be accessible,” Hertzog explained.

Usability and the “Grandpa Test”

Beyond security, Tide prioritizes user-friendliness. The team aimed to create a system accessible to individuals with varying technical expertise.

“Bridging the gap between the technical and human aspects is crucial,” Hertzog noted. “We designed the system to interact with users through the familiar mechanism of usernames and passwords.”

“While not entirely foolproof, this approach significantly increases the difficulty of password-based attacks. Furthermore, our technology is designed to support biometric authentication methods.”

Funding and Advisory Support

To date, Tide Foundation has secured $2 million in funding, primarily from angel investors.

The startup also benefits from the guidance of prominent figures in the cybersecurity field. These include Willy Susilo, a distinguished professor at the University of Wollongong, Peter Ostick, a former Microsoft director, and Tom Dery, the former global chairman of M&C Saatchi.

Growing Demand in a Changing Landscape

The startup is now focused on market deployment, and demand has surged in the wake of the pandemic and the associated increase in cyberattacks.

“Prior to the pandemic, companies often viewed data breaches as an inevitable risk. The attitude was ‘if we get hacked, we’re not alone’,” Hertzog stated.

“However, the COVID-19 crisis has fundamentally altered this perspective. We are now receiving inquiries from academic institutions, healthcare providers, legal firms, and critical infrastructure organizations – sectors particularly vulnerable to cyber threats.”