With the advancement in information and communication technologies (ICTs), the widespread dissemination and sharing of digital images has raised concerns regarding privacy and security. Traditional methods of encrypting images often suffer from limitations such as a small key space and vulnerability to brute-force attacks. To address these issues, this paper proposes a novel eighth-order hyperchaotic system. This hyperchaotic system exhibits various dynamic behaviors, including hyperchaos, sub-hyperchaos, and chaos. The encryption scheme based on this system offers a key space larger than 22338. Through a comprehensive analysis involving histogram analysis, key space analysis, correlation analysis, entropy analysis, key sensitivity analysis, differential attack analysis, and cropping attack analysis, it is demonstrated that the proposed system is capable of resisting statistical attacks, brute force attacks, differential attacks, and cropping attacks, thereby providing excellent security performance.