In this paper, a new 4D hyperchaotic nonlinear dynamical system with two positive Lyapunov exponents is presented. Exhaustive dynamic analyses of the novel hyperchaotic model using several dynamical studies are described. The dynamics of the system considered are first investigated analytically and numerically to explore phenomena and the selection of hyperchaotic behavior utilized for designing image cryptosystem. Since the proposed hyperchaotic model has rich dynamics, it displays hidden attractors. It emerges from this dynamic the existence of a single unstable equilibrium point giving rise to self-excited attractors, hysteresis phenomenon, and hyperchaotic behavior strongly recommended for securing information by its character. Furthermore, the feasibility and synchronization of the proposed system are also presented by developing, respectively, Raspberry surveys and an adaptive synchronization approach of two identical hyperchaotic systems. By employing the hyperchaotic behavior of the 4D map, an image encryption scheme is proposed as well. It is one round of a pixel-based permutation and a bit-wise diffusion phase. The secret key of the 4D map is derived from the SHA-256 value of the input image. It acts as the signature of the input image. Hence, the secret key exhibits high sensitivity to single-bit alteration in the image, which makes the cryptosystem robust against chosen/known-plaintext attacks. Performance analyses prove that the proposed cryptosystem provides the best in terms of the performance/complexity trade-off, as compared to some recently published algorithms.