HOLMDEL, N.J., Dec. 09, 2024 (GLOBE NEWSWIRE) — BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) solutions for phoneless, tokenless, passwordless, and phishing-resistant authentication experiences, today announced that it was proud to be recognized in two Gartner reports in the past twelve months. Both reports emphasize the importance of adopting passwordless authentication to mitigate security risks. To support organizations in their journey to passwordless, BIO-key has introduced additional options with its MobileAuth™ offering, demonstrating its commitment to secure and user-friendly authentication solutions.
BIO-key’s MobileAuth biometric options include PalmPositive™ and FacePositive™, which protect users from identity fraud and unauthorized access. Once biometrics are registered, only the authorized user can authenticate, significantly reducing the risk of fraud. Unlike Apple Touch ID or Face ID, which allow multiple users to register on a device, MobileAuth restricts access to a single authorized user for apps managed by the PortalGuard IDaaS solution. This ensures that no other users, “SIM-swappers,” or hackers with phished credentials can gain access—only the intended user can authenticate. BIO-key also supports push-token and on-device biometrics for those users where convenience is more important than security.
“This flexibility yet availability of more secure options facilitates the adoption of more secure access procedures by BIO-key’s customers,” says Galen Rodgers, VP of Sales and Channel at BIO-key. “Every day, I talk to organizations conflicted about making the right security decisions due to pressure to drive productivity. But it is possible to deliver both productivity and security with a flexible platform like BIO-key’s PortalGuard with MobileAuth.”
As stated by Gartner, “IAM-focused security and risk management leaders should choose biometric methods where the benefits outweigh the risks and mitigation effort.” BIO-key is recognized as a Representative Vendor for fingerprint biometrics category in the 2023 Gartner Innovation Insight for Biometric Authentication report.1
Gartner recommends that, “As an IAM architect responsible for implementing user authentication, you should: Seek meaningful change in users’ authentication experience by prioritizing passwordless implementations for the broadest-impact use cases first.” BIO-key is proud to be mentioned as an Example vendor under the Biometric Authentication Vendors category in the 2024 Gartner How to Jump-Start Your Journey Toward Passwordless Authentication report.2
BIO-key’s PortalGuard® Identity-as-a-Service (IDaaS) platform aims to provide an easy journey for many who have found it challenging to start transitioning their users to more secure access best practices. BIO-key supports 17 different authentication methods to help customers standardize on one flexible, yet affordable IAM platform that provides centralized authentication management while integrating with key identity platforms like Cisco DUO, ForgeRock, PING, and recently, Microsoft Entra ID.
“Whether customers need cloud or a path to cloud, PortalGuard is available for on premise or hybrid configurations to help companies start to manage identity in a way that drives productivity without leaving businesses exposed to phishing, fraud, MFA-bypass, and credential abuse,” says Michael DePasquale, CEO of BIO-key. “We pride ourselves on being easy to implement, user friendly, and delivering ROI back to the organization in a shorter timeframe, on average in just 18 months, two to three months less than the many leading MFA solutions.”
“We are excited to exhibit again in the 2024 Gartner IAM summit in Grapevine, Texas on December 9th-11th, and we welcome the opportunity to speak with as many people as we can about how easy the transition to passwordless security can be by using our Passkey:YOU or biometric solutions for a passwordless future.”
1 Gartner, Innovation Insight for Biometric Authentication, Ant Allan, Robertson Pimentel, et al., 20 December 2023 (Report accessible to Gartner subscribers only)
2 Gartner, How to Jump-Start Your Journey Toward Passwordless Authentication, Paul Rabinovich, 1 November 2024 (Report accessible to Gartner subscribers only)
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Gartner Identity & Access Management Summit
Gartner analysts will provide additional analysis on identity and access technologies and strategies at the Gartner Identity & Access Management Summit taking place December 9-11 in Grapevine. Follow news and updates from the conferences on X using #GartnerIAM.
About BIO-key International, Inc.
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.
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 to satisfy working capital needs; our ability to continue as a going concern; 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 convert sales opportunities to customer contracts; our ability to expand into Asia, Africa and other foreign markets; our ability to integrate the operations and personnel of Swivel Secure into our business; fluctuations in foreign currency exchange rates; delays in the development of products, the commercial, reputational and regulatory risks to our business that may arise as a consequence the restatement of our financial statements, including any consequences of non-compliance with Securities and Exchange Commission (“SEC”) and Nasdaq periodic reporting requirements; our temporary loss of the use of a Registration Statement on Form S-3 to register securities in the future; any disruption to our business that may occur on a longer-term basis should we be unable to remediate during fiscal year 2024 certain material weaknesses in our internal controls over financial reporting, and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the SEC. 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, we undertake no obligation to disclose any revision to these forward-looking statements, whether as a result of new information, future events, or otherwise.
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BIO-key Resources:
https://www.bio-key.com/portalguard-2/
https://www.bio-key.com/mobileauth/
https://www.bio-key.com/microsoft-entra-id-support/
Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com or 212-924-9800