Bridgetown, Barbados Credit Union Selects BIO-key’s PortalGuard to Enhance Access to Shared Workstations Including Biometrics
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Insights
The adoption of BIO-key's PortalGuard platform by the City of Bridgetown Co-operative Credit Union Ltd. (COB) is a significant development in the cybersecurity landscape for financial institutions. The move towards Identity-Bound Biometrics (IBB) signifies an increased emphasis on robust security protocols to safeguard against data breaches and unauthorized access. As cyber threats evolve, financial institutions must continuously upgrade their security measures to protect sensitive information and maintain customer trust. The integration of IBB into COB's security framework enhances their defensive capabilities, particularly in shared workstation environments where traditional authentication methods may fall short.
From a cybersecurity perspective, the utilization of a unified IAM platform like PortalGuard, which offers a variety of authentication factors, including biometrics, one-time passwords and tokens, reflects an industry trend towards layered security approaches. This multi-factor authentication (MFA) strategy is critical for meeting cybersecurity insurance mandates, which often dictate minimum security requirements for coverage. Furthermore, the emphasis on improved access workflows signals a commitment to not only security but also to operational efficiency, which can have a positive impact on staff productivity and customer service levels.
For BIO-key International, Inc., securing a contract with a credit union that supports over 60,000 members represents both a strategic win and a potential financial catalyst. This partnership could lead to increased revenue streams through the sale of the PortalGuard platform and ongoing support services. Moreover, the financial sector's stringent regulatory requirements for cybersecurity can create a ripple effect, prompting other institutions to follow suit and adopt similar technologies to remain compliant and competitive. This can open up new market opportunities for BIO-key.
Investors should note that the financial implications of such a deal may not be immediately reflected in the company's financials but could materialize over the medium to long term as the implementation progresses and as other institutions observe the benefits and consider similar integrations. It's also important to consider the potential for recurring revenue from license renewals, updates and customer support, which can contribute to a more predictable and stable financial outlook for BIO-key.
The selection of BIO-key's PortalGuard by COB underscores a broader market trend where financial institutions are increasingly investing in advanced cybersecurity solutions. As the demand for secure, user-friendly authentication methods grows, providers like BIO-key that offer innovative and cost-effective solutions are well-positioned to capture market share. The financial sector's reliance on technology and the ever-present threat of cyberattacks make it a prime market for IAM solutions.
Understanding the competitive landscape is crucial. BIO-key's success in deploying their solution in a credit union environment demonstrates their product's adaptability and scalability, key factors that can influence their market position. As financial institutions continue to prioritize cybersecurity in their digital transformation strategies, companies offering tailored, flexible IAM solutions that can integrate seamlessly with existing systems are likely to see increased adoption.
BRIDGETOWN, Barbados and HOLMDEL, N.J., Feb. 06, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of passwordless, phoneless, and token-less Identity and Access Management (IAM) Multifactor Authentication (MFA) solutions, announced that the City of Bridgetown Co-operative Credit Union Ltd. (COB) has selected BIO-key’s PortalGuard platform with Identity-Bound Biometrics (IBB), to transform its secure login methodologies for staff access to critical systems and data. COB has multiple locations supporting more than 60,000 members in Barbados.
By implementing BIO-key’s PortalGuard platform with Identity-Bound Biometric authentication, COB ensures a more robust and reliable defense against unauthorized access to the credit union’s systems. Project requirements included meeting or exceeding cybersecurity insurance mandates and providing improved access workflows to support staff productivity. COB also desired a complete solution that could support multiple authentication factors including one-time passwords, biometrics or tokens.
These security and productivity requirements were especially important for shared workstation environments utilized by credit union tellers. PortalGuard’s centralized biometrics excel at providing instant support across a multitude of devices without requiring a hardware authentication device such as a phone or token. PortalGuard sets itself apart as a unified IAM platform, providing cutting-edge solutions to a range of use cases and business initiatives with flexibility to support a wide variety of authentication options and factors within an organization.
"BIO-key’s PortalGuard and IBB security solutions provide robust security and best-in-class support for shared workstations where other vendor solutions are limited and costly," said Mark Cochran, President of BIO-key’s PortalGuard division. "Credit Unions and other financial institutions are embracing BIO-key’s advanced biometric security measures because we can accommodate their unique authentication use cases with secure and cost-effective approaches that protect their systems and data. BIO-key is helping accelerate our customers’ ability to execute strategic security initiatives and meet their digital transformation and compliance goals."
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 securing access for over thirty-five million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.
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 to satisfy working capital needs; our ability to continue as a going concern; 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; our ability to convert sales opportunities to customer contracts; our ability to expand into Asia, Africa and other foreign markets; our ability to integrate the operations and personnel of Swivel Secure into our business; fluctuations in foreign currency exchange rates; 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 "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, we undertake no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise.
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Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com or 212-924-9800
FAQ
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