In a world where one’s entire life can be digitally defined, Oleg Naumenko knows all too well the potential vulnerability. The CEO and founder of Hideez has an unexpected catalyst behind his journey into the world of internet security — he himself was a victim of a hacking incident that prompted him to funnel this unfortunate experience into devising an inventive solution, thereby sparking the genesis of Hideez in 2017.
Naumenko initially thought of crafting the Hideez Key, a compact hardware security key that would neatly manage passwords and auto-fill credentials. However, as the information technology sector kept evolving, particularly with the emergence of passwordless technologies, Hideez adapted and refocused. The company recognized the dire need for robust and user-friendly security solutions – especially within organizations, which Oleg points out are often the most susceptible and inadequately protected.
Passwords, Naumenko explains, are frequently reused, easily compromised, and regularly ignored when it comes to strict adherence to password policies. Even with the employment of Multi-Factor Authentication (MFA), cyberattack risks remain a looming menace. He adds that around 80% of data breaches result from hacked accounts, often amounting to sizeable financial devastation annually.
Several acknowledge the need for passwordless technology based on FIDO2 and FIDO U2F standards as a solution, and hence, industry titans like Apple, Google, and Microsoft favor it. However, the switch to this technology does not come without its hurdles. It can be costly to implement, and it may not be compatible with older applications, making its incorporation, especially into a complex business ecosystem, quite challenging.
It’s here that Hideez has carved its niche. The Hideez Authentication Service, a brainchild of Mr. Naumenko and his team, is a versatile platform. It caters to various needs and budgets and can smoothly handle different authentication scenarios that organizations face. Moreover, the platform’s compatibility with multiple operating systems, browsers, and endpoint devices further heightens its appeal. What’s more, at a feasible price of just $4.5 per user per month, businesses are empowered not only to shed traditional password systems but also to adopt more secure and convenient authentication methods. It effectively creates a bridge, eliminating the chasm between security and accessibility.
When asked about what the future holds, Oleg predicts that significant advancements and innovations are, without a doubt, on the horizon for the next decade. The realms of artificial intelligence and virtual reality show particular promise. He foresees a considerable shift as social networks, games, and entertainment platforms will increasingly embrace VR. Concurrently, AI promises to redefine our methodology for problem-solving and stoke innovation in a multitude of sectors.
According to Naumenko, the fusion of AI will indisputably facilitate the faster development of new software and hardware products, ushering in a new era of technological advancement. Held by his conviction that people’s personal and professional lives should be shielded from the relentless threats of the digital age, Oleg Naumenko is steering Hideez into fresh waters, anchoring an affordable, adaptive, and secure future for us all in the vast cyber universe.
To learn more about Hideez, click here to watch a short video.