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24 November 2020 News Release

Australian hi-tech company VeroGuard Systems has today released a 100 per cent Australian owned and developed cyber security platform – signalling the start of a new domestic cyber industry in Australia.

The digital identity platform was conceived by wireless EFTPOS pioneer and VeroGuard Chairman and Co-CEO H. Daniel Elbaum. After several years of rigorous testing, the platform is now commercially available.

VeroGuard’s technology is unique, using a 'personal high security card' (a Hardware Security Module known as VeroCard) with a PIN, which removes traditional password and online identity issues – guaranteeing a user’s identity online. The VeroCard recently received the highest security certification available (PCI PTS 5.1), validating its ultra-secure credentials.

The firm has also created a hi-tech manufacturing facility in the Edinburgh defence precinct North of Adelaide with support from the SA state government, where they will produce the VeroCard. VeroGuard aims to create up to 600 new jobs and has already hired and retrained 15 former automotive workers.

Secure cloud storage is a critical element of the VeroGuard platform. Known as VeroVault, it was developed in partnership with Australia's national science agency, CSIRO. It utilises TrustStore technology, developed by CSIRO’s data and digital specialist arm, Data61.

"It is now more important than ever for organisations to be thinking about whether they have the right cybersecurity systems and practices in place to future-proof their businesses," said Jon Whittle, Director CSIRO’s Data61.

"VeroGuard's launch would see a unique sovereign security platform enable the protection of Australian businesses and infrastructure like never before. VeroGuard's technology uses CSIRO's Data61 science, which is a fantastic example of how our national science agency partners with industry to deliver real-world solutions with the potential to create jobs."

VeroGuard Chairman and Co-CEO H. Daniel Elbaum said: "VeroGuard is proud to be an Australian company, providing cutting-edge Australian technology in a market which is dominated by global companies.

"Current cyber-security solutions have not been effective in addressing the problem and the economic threat, amplified by COVID, is growing exponentially.

"We aim to fix this problem and see ourselves as part of a new generation of Australian technology companies fuelling domestic innovation, by creating platforms - not just apps – that raise the technology bar, grow industries and create local jobs," Elbaum adds.

VeroGuard employs over 50 people across engineering, manufacturing, sales and support. The company's go-to market strategy is via a channel of select partners, including global companies Microsoft and AWS and leading Australian tender platform company Morton Blacketer.

Co-CEO and ex-IBM executive, Nic Nuske, says: "Our system is not only ultra-secure, but it also addresses the common challenge of verifying the user with a simple to use, but absolutely secure, outcome.  It provides a completely unified and ubiquitous access and data security structure for companies, supply chains, governments and their citizens, protecting and verifying people and machines."

Background information

About VeroGuard Systems

VeroGuard Systems is a cyber security company with a head office in Melbourne, Australia and a significant manufacturing facility in Edinburgh, South Australia. The VeroGuard platform was initially developed and patented by Elbaum in 2003. The Platform successfully brought the security protocols for interbank communications to the internet for the first time and by 2011 was certified in trials with banks across three Asia Pacific Countries. In 2016 recognising the significant opportunity to solve the worlds most pressing issue for online security Elbaum successfully adapted the platform as a full identity layer for the internet and in 2017 engaged ex IBM global executive Nic Nuske as Co-CEO to commence commercialisation of the digital identity platform.

Elbaum and the team have significant backgrounds developing and commercialising other global technologies including the world’s first wireless EFTPOS terminals that would transform global retail and make Elbaum’s EFTPOS company, Dynamic Data Systems, the largest EFTPOS company in the world at the time. Other significant involvement from the team includes the original ATM networks and the world’s first Microsoft .net banking switch.

Nuske a 25 year IBM veteran, ran a number of IBM global business units including Global Financing for Asia Pacific and IBM.com across the global growth markets from Shanghai. He has written reports for the Australian Government on electronic Health Records and has run and restructured sales and marketing functions for Australia Post and OfficeMax.

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