KnectIQ is pleased to announce the United States Patent and Trademark Office has issued a second patent (No. 11,165,568, SYSTEM AND METHOD FOR SECURE ELECTRONIC TRANSFER) for KnectIQ cybersecurity technology on November 2, 2021.
This patent protects the KnectIQ system and method for secure electronic data transfer utilizing an ephemeral key for encryption and decryption of data. Our novel technology generates a new and unique key for each and every encryption/decryption and never stores it. This provides a protective wrapper around today’s standard encryption/decryption process.
It’s a new approach, now patented, that protects data by preventing silent intrusions that would have otherwise succeeded because a bad actor used valid credentials/keys. Compromised credentials – the most common initial attack vector according to the latest IBM Cost of a Data Breach Report 2021.
Robinhood is a recent high-profile example where compromised credentials (acquired via Vishing) were used by bad actors to access accounts, devices and networks. Personal information of millions of Robinhood’s users were stolen before they could contain the breach. Companies who ground their security architecture with the KnectIQ Zero Trust based identity, access management and data protection solution can decrease these risks and avoid the unnecessary costs required to mitigate damage.
“We are excited that this second patent has been issued for KnectIQ technology. It’s important to protect our intellectual property as we prepare the company for the next phase of significant growth.” said KnectIQ CEO Ken Morris.
The first patent (No. 10,320,785) was issued to KnectIQ on June 11, 2019 for its “method of protecting the identifying information of persons and computing devices, specifically those devices which are capable of sensing, capturing, receiving, transmitting, processing and storing digital information.” The invention relates to the secure identification, authentication, protection and transfer of personal and computing device identifying information between computing devices. Specifically, the invention is a method that removes the need to expose personal or computing device identifying information, while such information is in transit between computing devices.