WALL, NJ, Oct. 17, 2022 (GLOBE NEWSWIRE) — BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) solutions with Identity-Bound Biometrics (IBB), today announced that A large automotive company in the Southwest United States, which supports multiple dealerships, chose its PortalGuard® IDaaS Platform to protect its critical business data. PortalGuard will enable the automotive group to meet its cybersecurity compliance requirements related to the Federal Trade Commission (FTC) safeguard rule which mandates the protection of consumer financial information, strengthens access security with authentication Multi-Factor (MFA) and improves user satisfaction and productivity by eliminating password fatigue.
The automotive group was looking for a new IAM solution to support FTC compliance requirements for data protection by enhancing access security with MFA. The FTC’s updated safeguard rule requires non-bank financial institutions, such as mortgage brokers, motor vehicle dealers, and payday lenders, to develop, implement, and maintain a comprehensive security system to protect information from their customers. BIO-key’s PortalGuard IDaaS platform enables enterprises to deliver 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 consumers’ sensitive data from cyberattacks and meet compliance requirements,” said Mark Cochran, president of BIO-key – PortalGuard. “Enterprises are looking for flexible vendor solutions to help them with their strategic security initiatives, including implementing highly scalable and redundant solutions. BIO-key’s PortalGuard IDaaS has flexible IAM options, such as MFA or Single Sign-on between applications, which also improves the user experience while strengthening connection security to access company software and data.”
About BIO-key International, Inc. (www.BIO-key.com)
BIO-key has over two decades of expertise in delivering authentication technologies for thousands of organizations and millions of users and is revolutionizing authentication with multi-factor Identity and Access Management (IAM) solutions focused on biometrics, including its PortalGuard IAM solution that provides security and secure access to high-value devices, information, applications and transactions. BIO-key’s patented software and hardware solutions with state-of-the-art biometric capabilities enable large-scale on-premises and cloud-based Identity-as-a-Service (IDaaS) solutions, as well as customized enterprise solutions .
BIO-key Safe Harbor Statement
All statements 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”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are made based on the beliefs of management, as well as assumptions made by management and information currently available to it 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 in or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, our limited loss and revenue history; our ability to raise additional capital; our ability to protect our intellectual property; changes in trading conditions; changes in our sales strategy and product development plans; market changes; the continued services of our senior management team; security failures; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, people and the geographic markets in which we operate; delays in product development and statements of assumptions underlying any of the above and other factors set forth under “Risk Factors” in our Annual Report on Form 10-K for fiscal year ended December 31, 2021 and others 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 made. Except as required by law, the Company assumes 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 not currently known to the Company that may affect the matters addressed 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 on economic conditions and the industry generally and the financial condition and operations The results of our Company, in particular, have been significant, are changing rapidly and do not can be predicted.
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