In this work, we devise a new 5-D hyperchaotic dynamo system by adding two feedback controllers to the Rikitake 2-disk dynamo system (1958). We show that the new 5-D hyperchaotic system does not possess any equilibrium point and deduce that the new 5-D system has a hidden hyperchaotic attractor. Using Multisim, we develop an electronic circuit design of the new 5-D hyperchaotic dynamo system for practical applications. We also exhibit the implementation of the new 5-D hyperchaotic dynamo system by using a field-programmable gate array (FPGA), which requires adders, subtractors and multipliers. The hardware resources are given for the application of three numerical methods, all of them providing results in good agreement with MATLAB simulations. As an application, we devise a dual core high speed hybrid true random number generator (TRNG) using Ring and Heun algorithm based on the new 5-D hyperchaotic oscillator on FPGA. Based on the hyperchaotic features of the proposed 5-D hyperchaotic dynamo system, we suggest a new encryption approach for colour images. Simulation outcomes of the presented encryption approach confirm that our chaotic system has good cryptographic properties and its usability in different cryptographic purposes.