Interview with Daryn Nakhuda – CEO and Cofounder of MyPW

October 13, 2006 at 4:10 pm Leave a comment

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Below is an interview with Daryn Nakhuda – CEO and Cofounder of MyPW. We hope you find the interview informative and useful. Please visit their website and check it out! http://mypw.com/. Also, you can find a blog about the company written by Mr. Nakhuda at http://mypw.typepad.com and a previous press releases at http://mypw.tradeshowpresskit.com.

TechAddress: Tell me a bit about your company, what it does and what’s your value proposition?

MyPW: MyPW is a online service that enabled websites to add two-factored authentication to their existing applications in an easy and cost-effective manor. We provide a key-fob device that generates one-time password codes. Using a simple API, websites can validate that the code specified by the user matches the currently valid code, thus requiring the user to not only know their existing site password, but also physically have the device. This eliminates the risk of someone finding out your password, and logging into your accounts.

TechAddress: What makes your company stand apart from your competitors?

MyPW: One time password technology has been in use in enterprises for years. What we’ve done is opened it up via a web service interface, making it easy for any online application or website to provide this security without the typical large costs and difficult implementations associated with legacy vendors. The other, most exciting, benefit of using the MyPW service is for the end user. Unlike existing systems, which each require their own application-specific device, users can use a single MyPW device across all of their accounts on MyPW-enabled systems.

TechAddress: What are some of the main features?

MyPW: For users, a single device that can be used to secure all of their online accounts. For site operators, an easy and cost-effective way to provide strong authentication to their users without having to build their own custom solution, and attempt to coerce adoption of it.

What we are not, is an identity system. MyPW can be implemented without sharing any private or personal information. Unlike Passport-type systems, or even the excellent offerings from Sxip and OpenID, we are not trying to be your single sign-on solution. We simply add an extra layer of security to your existing identity.

Centralized/Decentralized identity is a great thing, but as Spiderman once said “With great power comes great responsibility.” We’d love to see MyPW integrated into those systems.

TechAddress: Who’s your target customer or audience?

MyPW: Any website or online application that wants to increase the security of its authentication system. From single users systems, to the largest e-commerce operations, it has never made more sense to get started with two-factor authentication than now, and with MyPW!

TechAddress: Any new things in particular that you’re working on right now?

MyPW: We’re just launching our offering, so it’s all new! In the near future, we’ll be adding additional interfaces into our system, as well as pre-built integrations into popular open-source applications.

TechAddress: Where do you see your company heading in the future?

MyPW: “To infinity and beyond!” Our initial target audiences are sites handling extremely private data, such as those in the medical and financial realms. However, we’re opening up the system to everyone, and have already seen some novel uses that we hadn’t even considered. The system is so simple, yet powerful, that we are very excited to see where it goes from here.

What we’re providing is an authentication platform. The specific devices and interfaces being used aren’t what are important. What’s important is that applications are being secured beyond their existing simple login and password-based systems, using a common service that makes it easy for users to get that level of security without having to jump through a dozen different hoops depending on the system.

TechAddress: Any negative feedback or criticism regarding technology and services?

MyPW: There are so many closed and proprietary systems out there! A huge thanks to Amazon web services, Google, Yahoo! and Flickr, for showing the world that open interfaces and free flow of data services aren’t something to be afraid of, and can lead to bigger and better things than could have ever been accomplished otherwise.

TechAddress: So what would you say is the guiding principle behind your company?

MyPW: Make it easy and affordable for every site to provide strong and secure authentication to their users in a user-friendly way, using familiar technologies, and without requiring undue burden, such as carrying a separate device for each site they access.

TechAddress: What is the mission of your company and what are you bringing to the market that is innovative?

MyPW: The core of our innovation is simply in opening up a complex and costly, yet extremely effective, solution to the world. With MyPW’s ease of implementation and low cost, there is no reason why any website concerned about securing their authentication systems can’t use the same strong authentication method used by large enterprises and deep-pocketed corporations around the world.

TechAddress: Where are you in terms of funding and your lifecycle?

MyPW: We just launched our platform, and are bootstrapped. We will likely be seeking additional funding in the future to enable us to more quickly gain critical mass, but are currently working within our existing resources to establish our first round of partnerships and get out system out into the wild.

TechAddress: If your technology or service is not formally launched yet, when’s the launch date?

MyPW: We are soft-launched right now. The service is fully-functional, and our website will be fully up and running in the next week or so. We are providing service free through the end of the year, and have a limited number of devices that we are also distributing for free to sites interested in integrated our service into their applications.

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Entry filed under: blog, blogs, business, data security, gadget, internet, online, online business, passwords, peronsal desktop, privacy, security, startup, startups, tech, Technology, Technology and Gadgets, technology news, web, web 2.0, Web 2.0 technologies, weblog.

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