WALL, NJ, Oct. 17, 2022 (GLOBE NEWSWIRE) — BIO-KEY INTERNATIONAL, INC. (NASDAQ: BKYI), an innovative provider of workforce and consumer identity and access management (IAM) solutions including Identity-linked biometrics (IBB), announced today that a large automotive group in the southwestern US, supporting multiple dealerships, has selected its PortalGuard® IDaaS platform to protect your critical corporate data. PortalGuard will allow the automotive group to meet its cyber security compliance requirements related to the Federal Trade Commission (FTC) Safeguards Rule that requires the protection of consumer financial information, strengthen access security with multi-factor authentication ( MFA) and improve user satisfaction and productivity. eliminating password fatigue.
The automotive group sought a new IAM solution to support FTC compliance requirements for data protection by strengthening access security with MFA. The FTC’s updated Safeguards Rule requires nonbank financial institutions, such as mortgage brokers, motor vehicle dealers, and payday lenders, to develop, implement, and maintain a comprehensive security system to keep their customer information safe. BIO-key’s PortalGuard IDaaS platform enables enterprises to provide comprehensive IAM capabilities and robust MFA methods to strengthen their overall security posture and ensure compliance with government regulations.
“We help financial institutions and other entities protect their sensitive consumer data from cyberattacks and meet compliance rules,” said Mark Cochran, president of BIO-key – PortalGuard. “Enterprises are looking for flexible vendor solutions to help them with their strategic security initiatives, including the implementation of highly scalable and redundant solutions. BIO-key’s PortalGuard IDaaS has flexible IAM options, such as MFA or single sign-on across applications, which also significantly improve the user experience while strengthening login security for accessing enterprise software and data.”
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key has over two decades of experience in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric multi-factor identity and access management (IAM) solutions, including its PortalGuard solution. IAM that provides secure access to high-value devices, information, applications, and transactions. BIO-key’s proprietary software and hardware solutions, with industry-leading biometric capabilities, enable large-scale cloud-based and on-premises Identity-as-a-Service (IDaaS) solutions, as well as custom enterprise solutions.
BIO-key Safe Harbor Statement
All statements contained in this press release other than statements of historical fact are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “Act”). The words “estimate”, “project”, “intend”, “expect”, “anticipate”, “believes” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on the beliefs of management, as well as assumptions made by management and information currently available to management pursuant to the “safe harbor” provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included or implied by such forward-looking statements. These risks and uncertainties include, among others, our history of limited revenues and losses; our ability to raise additional capital; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; market changes; ongoing services from our executive management team; security breaches; competition in the biometric technology industry; market acceptance of biometric products in general and our products in development; the duration and severity of the current COVID-19 coronavirus pandemic and its effect on our business operations, sales cycles, staff, and the geographic markets in which we operate; product development delays and statements of assumptions underlying any of the foregoing, as well as other factors set forth under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021 and other documents filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except as required by law, the Company undertakes no obligation to disclose any revisions to these forward-looking statements. forward-looking statements, whether as a result of new information, future events or otherwise. In addition, there may be other factors of which the Company is not currently aware that may affect the matters discussed in the forward-looking statements and may also cause actual results to differ. materially from those discussed In particular, the consequences of the coronavirus outbreak for economic conditions and the industry in general and the financial and operating position Our Company’s results, in particular, have been significant, are changing rapidly and cannot be predicted.
BIO-key media contact:
William Jones, David Collins