BKYI - BIO-key’s Integrated Solution Could Help Provide A Cost-Effective Cyber Insurance Solution
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Organizations thatrely on computers and digital media to accomplish vital business taskswould likely have cybersecurity as one of their primary concernstoday.
Banks andfinancial institutions must be especially careful about cyberattacksas they store vast amounts of their customers’ personal andfinancial data and any breach could result in huge financial lossesfor them and their customers while also resulting in complicatedlawsuits.
Customers rely on banks to deploy first-class security measuresto safeguard their most valued possessions, financial assets, andinformation, making trust the most critical component when deciding onwho to bank with. When a financial institution falls victim to a databreach or cyber attack, it results in irreparable damage to thefoundational trust that underscores the customer-bank relationship.
The healthcareindustry also stores mountains of sensitive data, includingpatients’ personal information and medical history, and any datasecurity breach causes untold damage to the reputation of thehospitals and the trust with their patients.
The healthcare and financial services industries are requiredto adhere to strict compliance regulations like the Health InsurancePortability and Accountability Act of 1996 (HIPAA) and the PaymentCard Industry Data Security Standard (PCI DSS). To meet strictcompliance laws, organizations must implement more robust andharder-to-hack security systems.
What Is CyberInsurance?
Ifa company falls victim to cybercrime and a costly breach occurs, itmay not have adequate resources to recover from the damage inflictedby the crime or to recuperate losses. In such cases, cybersecurityinsurance may be required to minimize losses and ensure the attacks donot completely cripple the business.
Cyber insurance isdesigned to help businesses and individuals hedge againstinternet-related risks and liabilities, including the potentiallydevastating effects of cybercrimes such as malware, ransomware,distributed denial-of-service (DDoS) attacks, or other methods used tocompromise a network and sensitive data.
It’s typically cheaper to obtain insurancecoverage than to pay for recovery efforts and backup services from acompany’s own funds if it is attacked and is often required byindustry regulators.
According to IBM (NYSE: IBM), the average cost of a databreach was $4.24 million in2021 , a 10% increase from 2020.
In 2019, a major provider of credit cards and consumer lending Capital One Financial Corp. (NYSE: COF) experienced a largedata breach that impacted 100 million people in the United States.According to Reuters, this eventresulted in an $80 million penalty apart from customersleaving the Capital One platform. Fortunately for the company, CapitalOne had $400 million in cyber insurance and was able to avoid severefinancial repercussions.
Cyber Insurance By Itself Is NotThe Answer
While many organizations are looking to add cyber insurance totheir security arsenals, they may end up paying very high insurancepremiums if they do not already have a strong cybersecurity solutionin place.
BIO-key International Inc. (NASDAQ: BKYI), a provider ofsecure access-management solutions, believes it may have the righttools to help.
The company says that its Multi-factor Authentication (MFA)solutions offer the dual benefits of securing the workplace from cyberattacks, while also ensuring a lower cost on cyber insurance.Insurance premiums increasingly tend to be extremely high when thecompany does not already have adequate security solutions inplace.
Multi-factor Authentication is a process that enhances loginsecurity by requiring users to verify their identity with more thanjust a username and password.
BIO-key’s authentication solution involves theuse of Identity-BoundBiometrics (IBB), a type of authentication that verifies theidentity of the individual behind the keyboard through biometricfactors like fingerprint and palm scanning and face recognition.
Its signatureproduct — PortalGuard®IDaaS (identity-as-a-service) — supports variousauthentication options to meet the security goals of most modernorganizations, according to the company.
PortalGuard enables accessibility to a suiteof apps from multiple devices without requiring the user to managenumerous difficult-to-remember passwords.
Its MFA aspects, including biometricauthentication options like IBB, prevent unauthorized access tobusiness applications, which may be especially beneficial inpost-COVID times where working remotely has almost become the norm inmost organizations.
A cyber insurance policy is not a substitute for cybersecurity.Companies still need to have a complete security suite installed toremain protected. Cyber insurance can help soften the blow caused by asecurity breach, complementing the cybersecurity solution in place andserving as part of an overall cyber risk-management plan forcompanies.
To learn more aboutBIO-key’s MFA solutions, visit its website .
BIO-key isrevolutionizing 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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