The system was conceived by chairman and co-chief executive H. Daniel Elbaum, who is known for being behind mobile wireless eftpos which was developed in 1993 by Dynamic Data Systems, the company he ran at the time.

The platform uses a hardware security module, known as a VeroCard, with a PIN, eliminating the need for passwords and online identity checks.

A statement from the company said the VeroCard had received the highest security certification possible - PCI PTS 5.1.

The South Australian Government is supporting the venture which is expected to create 600 jobs, 15 of which have been given to former automotive workers who are being retrained.

The VeroCard can be seen on the left. Supplied

The platform also has its own secure cloud storage known as VeroVault, developed in collaboration with the CSIRO. It uses technology known as TrustStore that has been developed by Data61, the CSIRO's digital arm.

“It is now more important than ever for organisations to be thinking about whether they have the right cyber security systems and practices in place to future-proof their businesses,” said Data61 director Jon Whittle.

“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."

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."

VeroGuard has about 50 staff across engineering, manufacturing, sales and support and it uses a channel of select partners, including Microsoft and AWS and leading Australian tender platform company Morton Blacketer, to sell its wares.

Co-chief executive Nic Nuske said: “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.”