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This paper proposes novel secret key generation techniques using memristor devices. The approach depends on using the initial profile of a memristor as a master key. In addition, session keys are generated using the master key and other specified parameters. In contrast to existing memristor-based security approaches, the proposed development is cost effective and power efficient since the operation can be achieved with a single device rather than a crossbar structure. An algorithm is suggested and demonstrated using physics based Matlab model. It is shown that the generated keys can have dynamic size which provides perfect security. Moreover, the proposed encryption and decryption technique using the memristor based generated keys outperforms Triple Data Encryption Standard (3DES) and Advanced Encryption Standard (AES) in terms of processing time. This paper is enriched by providing …