BKYI - BIO-key’s Innovative IAM Solutions Address C-Suite Top Priority – Managing Cyber Risk
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By Gita Karunakaran, Benzinga
In recent times, thepotential threats of ransomware and data breaches have been gainingmore attention among corporations around the world. Companies areconstantly faced with the threat of loss of control over customer dataand the adverse impact of an attack on their brand reputation. Thishas resulted in cybersecurity risk being elevated to discussions atthe most senior levels of corporations.
Despite the C-suite attention the subject hasgarnered in corporate boardrooms, the implementation of suitablerisk-mitigating solutions in organizations has seemingly been lagging.Some of the reasons for this could be a lack of understanding of thelevel of cyber risk an organization is subject to and willing toaccept, and thereafter the inability to decide on which cyber securitysolutions they would need to implement to stay ahead of potentialattackers and protect critical data.
Companies like BIO-key International Inc. (NASDAQ: BKYI)offer Identity and Access Management (IAM) cybersecurity solutions forenterprises and often play a key role in bridging this gap inunderstanding by providing their expertise to design customizedsolutions to suit the individual needs of organizations.
Cybersecurity Risk Increasingly Ranks As A Top Corporate RiskWorldwide
Potential cyber incidents and business interruption remainedthe two leading worldwide corporate risk concerns for the second yearin a row, accordingto a report published by Allianz Global Corporate &Specialty. The report included IBM datashowing that ransomware attacks remained the top threat, andthe average cost of a data breach hit a record of $4.35 million in2022, with the cost expected to surpass $5 million this year.
While ransomware hasbecome a serious concern – with threat actors engaging in double andtriple extortion against companies resulting in reputational harm –another aspect that has equally become an area of consternation is thetightening of regulations surrounding the protection of customer data.Non-compliance with privacy laws and regulations, like Europe’sGeneral Data Protection Regulation (GDPR) or state laws, including theCalifornia Consumer Privacy Act (CCPA), could result in hefty privacyviolation fines adding to the cost of data breaches.
With all the attention that cybersecuritybreaches and risks have been garnering, it is no wonder that theglobal cybersecurity market is booming and reportedly expected toreach $403billion by 2027 .
What Can Organizations Do To ReduceCybersecurity Risk?
While cybersecurity and IAM are about ensuring that legitimateauthenticated users are the ones gaining access to data and resourcesin an organization, risk management has always had a more strategicfocus with the goal to understand the threat landscape and makeinformed decisions on the strategy that would work for theorganization.
Ithas been seen time and again that regardless of the sophisticatedtechnologies being used to keep hackers out, no system is perfect or100% risk-free. But organizations can indeed takesteps to reduce the likelihood and potential impact of suchthreats, including educating employees, ensuring adequate housekeepingof software and hardware, and restricting staff access in accordancewith job role-based needs.
According to BIO-key, the method used toauthenticate is a core area that organizations need to focus on whenassessing risk and informing their IAM strategy. While relying onpasswords to authenticate users may be an easy and inexpensivesolution, it comes with the risk of weak security and easily breachednetworks.
As aresult, companies have begun adding an extra layer of security withMulti-factor Authentication (MFA), which is believed to prevent asmuch as 90% of cyberattacks .
BIO-key says that it incorporates Multi-factorAuthentication (MFA), Single Sign-on (SSO), and its one-of-a-kindbiometric authentication option (Identity-Bound Biometrics) under asingle, unified IAM platform, PortalGuard, to create holisticcybersecurity solutions for its customers.
BIO-key has been atrusted provider of Identity and Access Management (IAM) andIdentity-Bound Biometric solutions for over 25 years. The company hasbeen playing an active part in changing mainstream Multi-factorAuthentication (MFA) within IAM by offering easier and more secureways to authenticate the identity of employees, customers, andsuppliers, while managing access across devices and applications, forenterprises, educational institutions, and consumers.
Its innovations arebacked by years of research and expertise and its products andsolutions are trusted by leading organizations across industries,including Fortune 500 companies in financial services, healthcare,education, manufacturing, communication, transportation, military andgovernment sectors.
With a burgeoning global cybersecurity market and increasedcyber-risk awareness in organizations, BIO-key seems poised to thriveand grow by offering the most flexible, secure, and easy-to-usesolutions to help organizations combat increasing threats.
Learn more aboutBIO-key’s cybersecurity solutions here .
This article wasoriginally published on Benzinga here .
BIO-keyis revolutionizing authentication and cybersecurity withbiometric-centric, multi-factor identity and access management (IAM)software managing millions of users. Its cloud-based PortalGuard IAMsolution provides cost-effective, easy to deploy, convenient andsecure access to devices, information, applications, and high-valuetransactions. 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 ascustomized on premises solutions.
This post containssponsored advertising content. This content is for informationalpurposes only and is not intended to be investing advice.
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