SOURCE: Tyfone, Inc.

Tyfone: Securing The Connected World

April 27, 2016 18:49 ET

Tyfone Launches Internet of Things Security Challenge at MIT

The IoT Security Challenge Features Tyfone's Industry-Leading Cyber Security Technology for Internet-Connected Devices and Machines

PORTLAND, OR--(Marketwired - April 27, 2016) - Tyfone, a leading provider of digital and cyber security solutions for identity and transactions, announced the launch of its IoT Security Challenge at the Massachusetts Institute of Technology. The contest is being conducted with the support of the MIT Sandbox Innovation Fund Program, and will provide MIT students with Tyfone's cyber security technology which can be leveraged to address the vulnerabilities of Internet-connected devices for the commercial and the industrial internet. The kickoff event will be held on at MIT on April 28, 2016. For more details visit https://tyfone.com/iot-challenge/.

The goal of the challenge is to provide MIT students with the opportunity to produce innovative solutions using Tyfone's digital and cyber security technology for devices connected to the Internet. 

"Mobile devices and the IoT are simultaneously expanding the threat-surface and exposing security vulnerabilities in connected technologies we have come to rely on. The problem is worsening with hundreds of billions of IoT devices that are getting connected to the Internet," according to Tyfone CEO Dr. Siva G. Narendra, "Software-only approaches, with passwords, cryptography keys and data all centralized in the cloud, have proven to be an ineffective security method. Tyfone's patented solutions allow the highest levels of security by taking a decentralized approach, with a unique blend of software and hardware. We're excited to see how MIT students make innovative use of our technology to secure their IoT devices."

The Tyfone IoT Security Challenge at MIT allows student contestants to apply Tyfone's security technology to IoT devices for commercial applications as well as the industrial internet. Students will prepare proposals over the next several weeks, with up to five teams will be selected to participate as finalists in the challenge. Finalist teams will compete for up to $10,000 in cash awards, attend a technology workshop at MIT in June, and refine their projects over the summer months. Following a rigorous evaluation, the winners will be announced at a presentation and awards event on September 8, 2016 at MIT. 

The contest is being conducted with the support of the MIT Sandbox Innovation Fund Program (MIT Sandbox). According to MIT Sandbox executive director Jinane Abounadi, "We're pleased to team up with Tyfone on the IoT Security Challenge contest. It's a great fit with the MIT Sandbox Innovation Fund Program's goal of helping students innovate, particularly in the IoT space. All teams that participate in the challenge that are interested in the development of those applications into enterprises will be invited to participate in the MIT Sandbox program in the Fall." MIT Sandbox was launched in 2016 to provide meaningful seed funding for student-initiated ideas, mentoring from within MIT and from a broad network of committed partners, as well as tailored educational experiences.

About Tyfone

Tyfone is a leading provider of digital security solutions for identity and transactions. The company serves key industries including financial services, government, critical infrastructure, e-commerce, healthcare, transportation and IoT. Customers include the US Government and leading financial institutions including two of the Top 10 credit unions. Tyfone's technology solutions are protected by over 100 issued and pending patents and have processed more than 100 million transactions. Headquartered in Portland, Oregon, Tyfone also has operations in Bangalore, India. For more information, visit https://tyfone.com.

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