Dutch-Based Multinational Conglomerate Selects BIO-Key IAM Security product to Secure Data Access for Supply Chain Partners

Rhea-AI Summary

BIO-key International (BKYI) recently announced the deployment of its AuthControl Sentry to a leading Dutch multinational in the furniture sector. This solution enhances secure single sign-on (SSO) access for suppliers to vital enterprise applications. Incorporating multifactor authentication, it allows users to choose from various authentication methods based on risk. Currently in Phase 1, the rollout aims to extend across the Company's global operations, improving supply chain logistics and efficiency. The deployment underscores BIO-key's commitment to enhancing access security for its clients.

Positive

• Deployment of AuthControl Sentry improves secure access for suppliers.
• Incorporates multifactor authentication, enhancing security.
• Phase 1 rollout indicates positive initial reception and potential for wider implementation.

Negative

• Dependence on a single client for significant revenue may pose risks if the client faces operational challenges.

MADRID, Spain and WALL, N.J., Sept. 14, 2022 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) solutions featuring Identity-Bound Biometrics (IBB), today announced that Swivel Secure Europe today deployed AuthControl Sentry to a Dutch-based multinational conglomerate ("Company") in the furniture and home accessories market that will allow their suppliers to have secure SSO access to legacy enterprise applications. For the Company, its suppliers and service providers are its most important partners for maintaining vital business operations and supply chain logistics, so ensuring seamless, secure access to key applications and data is mission critical for their business.

The BIO-key solution assisted the Company with implementing robust SSO capability combined with multifactor authentication (MFA) security that allows the users to select from up to 10 different authentication methods depending on the risk-based authentication rules, ensuring that the proper authentication is applied to each access request. Another important project requirement was securing access to the Company's enterprise SAP ERP environment, where access requests can be validated with MFA using a unique combination of authenticator factors that we call MFA+. The BIO-key security solution is currently in Phase 1 of deployment, and the Company plans to roll it out to its other locations worldwide and leverage it with other enterprise applications.

"We are glad to be selected by the Company to provide this innovative solution that will securely connect more of its supply chain logistic partners, strengthen their business processes, and improve overall partner efficiency. The Company has millions of customer transactions daily, and we are providing the access security to support that success." Alex Rocha, Managing Director, BIO-key EMEA. “BIO-key excels at providing its customers with fluid access to corporate systems and data without sacrificing the company’s security.”

About BIO-key International, Inc. (www.bio-key.com)
BIO-key has over two decades of expertise in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric-centric, multifactor identity and access management (IAM) solutions, including its PortalGuard IAM solution that provides convenient and secure access to devices, information, applications, and high-value transactions. With industry-leading biometric capabilities, BIO-key's patented software and hardware solutions enable large-scale on-premises and cloud-based Identity-as-a-Service (IDaaS) solutions and customized enterprise solutions. Swivel Secure Europe, S.A, is a 100% owned BIO-key IAM solutions provider based in Madrid, Spain, that serves the European, Middle East, and African markets.

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, 2020 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

BIO-key Media Contact:
Erin Knapp
Matter Communications
BIO-key@matternow.com
914-260-3158

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

FAQ

What is the significance of BIO-key's deployment of AuthControl Sentry for BKYI?

The deployment enhances secure access for suppliers to enterprise applications, which is crucial for supply chain operations.

How does Bio-key's security solution improve authentication procedures?

The solution allows users to choose from multiple authentication methods based on risk, integrating multifactor authentication for better security.

What phase is the deployment of AuthControl Sentry currently in?

The deployment is currently in Phase 1, with plans for a broader rollout across the Company's global operations.

Who is the client of BIO-key's AuthControl Sentry deployment?

The client is a multinational conglomerate in the furniture and home accessories market, based in the Netherlands.

What potential risks does BIO-key face with this deployment?

The primary risk is the reliance on a single client's business for revenue, which could impact financial performance if the client encounters challenges.