BIO-key Launches Mobile Authenticator with Server-Secured and On-Device Multi-Biometric Methods to be Showcased at 2022 Gartner IAM Summit

Rhea-AI Summary

BIO-key International (NASDAQ: BKYI) will showcase its latest innovations in identity management at the Gartner IAM Summit from August 22-24 in Las Vegas.

Highlighted innovations include new authentication methods for the MobileAuth app, featuring FacePositive for facial recognition and enhanced device-based biometrics. Additionally, the PortalGuard IDaaS platform improves user experience with intuitive workflows for Zero Trust environments.

These advancements aim to strengthen security for organizations adapting to remote work and digital transformation.

Positive

• Launch of new authentication methods in MobileAuth including FacePositive and device-based biometrics.
• Enhanced user experience for the PortalGuard IDaaS Admin Panel, making IAM implementation easier.
• MobileAuth reduces deployment costs of strong authentication compared to traditional multi-factor solutions.
• Focus on Identity-Bound Biometrics addresses increasing cybersecurity needs amidst digital transformation.

Negative

• None.

New Innovations Expand Availability of Passwordless, Tokenless Identity-Bound Biometric Options and Enhances User Experience for PortalGuard Identity-as-a-Service Admin Panel

LAS VEGAS and WALL, N.J., Aug. 18, 2022 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of Identity and Access Management (IAM) and Identity-Bound Biometric (IBB) solutions, will showcase new innovations at the Gartner Identity and Access Management (IAM) Summit (Booth 232) at Caesars Palace in Las Vegas, Nevada, August 22-24^th. BIO-key will highlight new authentication methods, as additions to the current PalmPositive^TM palm scanning method, for its BIO-key MobileAuth^TM mobile app, including FacePositive^TM for server-secured facial recognition, device-based biometrics for Android and iOS, and new push token support. They will also highlight a new admin user experience for its award-winning PortalGuard® Identity-as-a-Service (IDaaS) platform.

The Gartner Summit gathers some of the most influential industry leaders and enterprise organizations in the IAM business. This year’s theme focuses on the adoption of new IAM approaches amidst a great digital transformation and reliance on remote business being experienced by organizations of all sizes. The shift in how businesses engage with employees, customers, and suppliers makes connecting identity management with the requirements of the business even more urgent for safeguarding critical information. For Enterprises who are dealing with remote workforces and consumers, MobileAuth with its Identity-Bound Biometric (IBB) methods allows them to use highly secure credentials that cannot be phished, SIM-swapped, handed over, or used for Account Takeover (ATO). MobileAuth dramatically reduces the cost of deploying strong authentication compared with cost of mainstream multi-factor authentication (MFA) solutions, for example the provisioning of multiple hardware tokens per user.

“Shifting paradigms in authentication have made one thing clear – the status quo is not enough for today’s challenges and certainly not for tomorrow’s,” said Michael DePasquale, Chairman and CEO of BIO-key. “We plan to disrupt the status quo with our cutting-edge security solutions, like Identity-Bound Biometrics and our one-of-a-kind multi-factor authentication (MFA) app, MobileAuth, which put people back at the center of IAM. We expect global enterprises and industry leaders to take note of how we’re re-establishing the role of trust in security by providing authentication that verifies the person.”

Attendees are invited to stop by booth 232 to discuss their cybersecurity priorities and see live demonstrations of BIO-key’s IAM solutions. Demonstrations will include support for Zero Trust environments, securing remote access, meeting cyber insurance requirements for MFA, implementing passwordless workflows, and providing Customer IAM (CIAM) capabilities for streamlined enrollment and secure customer access. Visitors to BIO-key’s booth during the summit can register to win $500, or a donation to a charity of their choice in that amount, by scanning their palm using MobileAuth.

BIO-key will showcase its latest innovations that reimagine authentication for companies, their employees, and their customers:

• Expanded authentication methods for BIO-key MobileAuth: To bring the power of IBB to any mobile device, BIO-key has added new authentication methods to MobileAuth, their MFA mobile app. The app’s newest IBB-powered modality is FacePositive, which uses facial recognition to verify the person requesting access, and builds on PalmPositive^TM, which uses a palm scan to authenticate the user. MobileAuth now supports device-based biometric authentication methods including Apple Face ID, Touch ID, and Android Biometrics, as well as support for push token authentication. These enhancements make biometrics even easier for customers to deploy across a broader set of use cases and further consolidate their authentication and security needs in one solution. Requiring no additional hardware and an easy self-registration process, MobileAuth is ideal for large enterprise organizations that need to scale quickly and efficiently. MobileAuth’s enhanced Identity-Bound Biometric capabilities make it suitable for common use cases including remote workforces, third-party access, passwordless workflows, and CIAM.
  
  
• A new user experience for the PortalGuard IDaaS Admin Panel: Resource limitations are a common challenge as most IT teams face limited budgets and staff, with 58% of tech employees in the US saying they are suffering from burnout. A frequent major pain point for IT teams is supporting IAM strategies with multiple security solutions that are difficult to integrate, configure, and manage. The new PortalGuard IDaaS Admin Panel user experience makes it even easier to implement more granular controls for Zero Trust, remote access, and other access scenarios with intuitive workflows that save the IT team time.
  
  PortalGuard stands out for its ability to help customers implement a complete IAM strategy. PortalGuard is the only IAM platform to offer Identity-Bound Biometric authentication as part of its MFA capabilities, using a unique, centralized biometric identity to verify the person – not just a password, token, or device. The platform offers unmatched flexibility to support solution consolidation and aggregation under one set of centrally managed security policies and drive better user adoption. PortalGuard is affordable for organizations of all sizes, offering all platform capabilities often at pricing 50-60% below the competition, and it is backed by a team of IAM experts, who are easy to reach and act as an extension of the customer's IT team, thereby improving their cybersecurity posture quickly.

To learn more about BIO-key MobileAuth, Identity-Bound Biometrics, and PortalGuard please visit the BIO-key website.

About BIO-key International, Inc. (www.BIO-key.com)
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software managing millions of users. Its cloud-based PortalGuard IAM solution provides cost-effective, easy to deploy, convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading Identity-Bound Biometric (IBB) capabilities, enable large-scale Identity-as-a-Service (IDaaS) solutions, as well as customized on premises solutions.

BIO-key Safe Harbor Statement
All statements contained in this press release other than statements of historical facts are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes," and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, 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 within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; 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; changes in the marketplace; continued services of our executive management team; security breaches; 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, personnel, and the geographic markets in which we operate; delays in the development of products and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption see "Risk Factors'' in our Annual Report on Form 10-K for the year ended December 31, 2022 and other filings 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 undertakes no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and operating results of our Company, in particular, have been material, are changing rapidly, and cannot be predicted.

Engage with BIO-key
Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/  
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international  
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR

Media Contact
Erin Knapp
Matter on behalf of BIO-key
BIO-Key@matternow.com  

Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com  
212-924-9800

 

FAQ

What new features are being introduced by BIO-key in the MobileAuth app?

BIO-key is introducing features such as FacePositive for facial recognition and enhanced device-based biometrics in the MobileAuth app.

Where will BIO-key showcase its innovations?

BIO-key will showcase its innovations at the Gartner IAM Summit in Las Vegas from August 22-24.

How does the new PortalGuard IDaaS Admin Panel benefit IT teams?

The new PortalGuard IDaaS Admin Panel simplifies IAM implementation with intuitive workflows, helping IT teams manage access effectively.

What is the significance of Identity-Bound Biometric methods in MobileAuth?

Identity-Bound Biometric methods in MobileAuth provide highly secure credentials that mitigate risks such as phishing and account takeover.

How does BIO-key's MobileAuth compare to traditional multi-factor authentication solutions?

MobileAuth offers lower deployment costs and eliminates the need for additional hardware compared to traditional multi-factor authentication solutions.