Leading Insurance Provider Strengthens User Sign-In with BIO-key Fingerprint Biometric Authentication Solution
WALL, NJ--(Marketwired - Sep 19, 2017) - BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of biometric software and hardware solutions for strong and convenient user authentication, today announced that a U.S. insurance provider focused on retirement products including annuities and fixed income, with total assets of nearly $250 billion, has selected BIO-key's EcoID fingerprint readers as an added layer of hardware-based user authentication to complement its existing password-based sign-in credentials for thousands of employees.
Recognizing the need to enhance its existing password-based authentication with a second factor, the insurance provider reviewed several options and elected to move forward with BIO-key's EcoID solution which has been tested and qualified by Microsoft for use with Windows Hello. EcoID is a durable, compact, standalone USB-compatible fingerprint scanner designed for commercial use. Installation is seamless as EcoID is native to the Windows Hello biometric sign-in platform and includes a 3-foot USB cord for plug and play functionality.
"Given the scope and potential business consequences of the recent Equifax data breach, organizations that house personal customer data face even greater pressures to take action in better securing their enterprise data," stated Mike DePasquale, Chairman & CEO, BIO-key. "As this insurance provider discovered in their review, biometric authentication is an excellent and tangible step in protecting the enterprise. Fortunately, the cost of integrating biometric technology is no longer prohibitive, as hardware and software costs have been reduced dramatically over the past year."
"For these reasons, a growing base of organizations are recognizing that they can no longer just hope their legacy security platforms will stand the test of time. The growing scope of security breaches is making the need for action increasingly clear, and we are seeing this in our customer dialogues, in the pace of inbound inquiries, and importantly in the shortening of the sales cycle in more and more customer dialogues," added DePasquale.
About BIO-key International, Inc. (www.bio-key.com)
BIO-key is revolutionizing authentication with biometric solutions that enable convenient and secure access to information and secure high-stakes transactions. We offer alternatives to passwords, PINs, tokens and cards to make it easy for enterprises and consumers to secure their devices as well as information in the cloud. Our premium finger scanning devices, including SideSwipe, SideTouch, EcoID as well as SidePass, offer market-leading quality, performance and price. BIO-key is also bringing the power and ease-of-use of biometric technology to its recently launched TouchLock line of biometric and Bluetooth enabled padlocks -- providing even more ways to BIO-key your world!
BIO-key Safe Harbor Statement
Certain statements contained in this press release may be construed as "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 subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of these statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue, our ability to develop new products and evolve existing ones, market acceptance of biometric solutions generally and our specific offerings, our ability to expand into the Asian market, the impact on our business of the recent financial crisis in the global capital markets, and negative global economic trends, and our ability to attract and retain key personnel. For a more complete description of these and other risk factors that may affect the future performance of BIO-key International, Inc., see "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2016 and its 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. The Company undertakes no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances after the date made.
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