Global Railcar Leasing Leader GATX Corporation Expands Use of BIO-key's PortalGuard Solution to Enable Secure and Flexible Password Management for its Largely Remote-Work European Operations Team
BIO-key International, Inc. (NASDAQ: BKYI) announced the expansion of its PortalGuard identity and access management solution for GATX Corporation, specifically for its Rail Europe operations. With a shift to remote work due to COVID-19, GATX faced increasing Help Desk costs and security challenges. PortalGuard aims to enhance password management, improve user experience, and reduce IT costs. Mark Cochran, President of BIO-key, emphasized the solution's balance of security and usability, highlighting the ongoing need for effective cybersecurity measures in remote environments.
- Expansion of PortalGuard IAM solution to GATX Rail Europe enhances market presence.
- Addresses cybersecurity challenges presented by remote work, potentially leading to reduced operational costs for GATX.
- Strong endorsement of PortalGuard's effectiveness as a repeat vendor to GATX since 2004.
- Increased Help Desk costs for GATX during the transition to remote work highlight operational challenges.
- Dependence on the ongoing COVID-19 situation may pose risks to business stability and growth.
WALL, N.J., Dec. 14, 2020 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of identity and access management (IAM) solutions powered by biometrics, today announced that GATX Corporation, the leading global railcar leasing company, has chosen to expand their use of BIO-key's PortalGuard IAM solution to its GATX Rail Europe operations to deliver cost-effective and secure password management to improve their employees' end-user experience and reduce related costs.
Due to the COVID-19 pandemic, GATX Rail Europe's operations team has shifted most of their employees to remote work, creating the need to implement secure password management from remote locations. The IT team was faced with runaway Help Desk costs supporting employees in the work-from-home model while it strove to deliver a great user experience. The PortalGuard IAM solution met important project goals that included cybersecurity, reduced IT resource costs, and the enforcement and management of strong passwords on all devices, whether company-owned or not.
"Since 2004, our team has built a strong track record delivering multiple value-add security solutions to GATX," said Mark Cochran, President of BIO-key - PortalGuard. "Events this year have substantially accelerated enterprise adoption of the work-from-home model, resulting in widespread security and identity challenges, rising costs, and workflow disruption. PortalGuard is an ideal solution for these challenges, providing the perfect balance of security, usability, and rapid deployment, all at a very competitive cost. Expanding our footprint within an existing customer is both gratifying and the strongest possible endorsement of the value and flexibility of our PortalGuard solution."
About BIO-key International, Inc. (www.bio-key.com)
BIO-key is revolutionizing authentication with biometric centric, multi-factor identity and access management (IAM) solutions, including its PortalGuard IAM solution, that provide convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's proprietary software and hardware solutions, with industry-leading biometric capabilities, enable large-scale on-premise and Identity-as-a-Service (IDaaS) solutions, including customized enterprise and cloud 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; our ability to execute and deliver on contracts in Africa; our ability to expand into Asia, Africa and other foreign markets; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, 3 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, 2019 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.
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