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BIO-key International(R) Update on Security Breach Epidemic(June 22, 2011)
Who is Going to Be Next?
WALL, NJ, June 22, 2011 (GLOBE NEWSWIRE) --
Citigroup Inc. revealed on June 9th that computer hackers breached the bank's network and accessed the data of over 200,000 bank card holders in North America, including their names, account numbers and contact information. On Friday June 17th it was reported that the actual breach affected more than 360,000 customers. This is just one of many breaches that have taken place in 2011.
Verizon and the U.S. Secret Service recently collaborated to determine the number of data breaches in the U.S. and they found that the number of breaches in 2010 was 141 and there have already been 761 in 2011. The increase in activity is staggering.
ADP joins a growing list of high-profile organizations including the IMF and the US Senate who have suffered cyber attacks. Recently, Sony experienced several attacks, including one in which hackers accessed the personal information of 77 million PlayStation Network and Qriocity accounts. Sega announced that 1.3 million records of customer data have been exposed by hackers.
Data storage firm EMC Ltd offered to replace millions of electronic keys after hackers used data from its RSA security division to break into the network of arms supplier and information technology provider Lockheed Martin (the largest provider of IT services, systems integration, and training to the U.S. Government). Google Inc. revealed a major attack on its Gmail accounts, targeting senior U.S. government officials.
The time has come for biometrics to come out of the closet and take center stage. BIO-key has been touting biometrics as a security solution and finally it seems that the world is listening. BIO-key developed award winning software which provides more secure access to internet applications in a convenient manner.
BIO-key has been developing and perfecting their technology for over 18 years; and the company is beginning to see the adoption rates climb. BIO-key has been especially active in healthcare where there is a high volume access, high levels of security and compliance along with a demand to deliver convenience for the healthcare provider. Now they're seeing others adopt healthcare's more stringent security guidelines.
Why is it so important to embrace this new technology? Most infrastructures that process our transactions in the enterprise world (e.g. online banking, etc.) are secured by technologies that breach us. Hackers are becoming smarter each day; they can be around the world and cyber-accessing your personal information.
A majority of people worldwide use online or Internet banking to pay bills and monitor their accounts. As technology and new devices advance, our cyber security needs to advance as well. Worldwide shipments of app-enabled devices such as Smartphone's and iPads will reach 284 million by the end of this year. By 2012, the number is expected to reach 462 million devices shipped. The iPhone is being deployed or tested by 80 percent of Fortune 500 companies and the iPad is being deployed or tested by 60% of the Fortune 100.
Mobile banking is a fast growing trend. It is predicted that by 2015, 50% or more of U.S. mobile users will be conducting transactions from their mobile devices. While this new technology allows greater access and opportunity for consumers, it also leaves them vulnerable to cyber security attacks. Instead of using passwords, pins and tokens, which have proven to be unsecure and ineffective, BIO-key offers finger biometric technology to replace outdated methods like passwords and tokens.
Biometric technology is already part of everyday life. In most cases it's introduced at the enterprise level and then trickles down to the consumer. BIO-key currently works with many large companies, such as AT&T in their retail stores, Radiant Systems within their POS terminals, LexisNexis with access security for high profile exams such as the CPA / MCAT and with McKesson securing drug dispensing cabinets in healthcare facilities.
Some Smartphones already have fingerprint technology built in. For example, the Motorola Atrix includes a finger scanner application. Eventually, finger biometric technology will be the gateway to your mobile banking, online purchases and business applications and we expect the majority of activity to take place on mobile devices such as Smartphone's, iPads and Tablets. According to Mike DePasquale, CEO at BIO-key International, "Soon we'll all be accustomed to swiping our fingerprint to gain access to apps on our smartphone or computer. Moving forward when future generations hear the term "password" they'll be more likely to think of the old game show rather than the password as we have come to know it today. In the future – the very near future the password is BIO-key."
For more information, go to http://www.bio-key.com or call 1-732-359-1113
BIO-key International, Inc., headquartered in Wall, New Jersey, develops and delivers advanced identification solutions to commercial and government enterprises, integrators, and custom application developers. BIO-key's award winning, high performance, scalable, cost-effective and easy-to-deploy biometric finger identification technology accurately identifies and authenticates users of wireless and enterprise applications. Our solutions are used in local embedded OEM products as well as some of the world's largest identification deployments to improve security, guarantee identity, and help reduce identity theft. BIO-key's technology is offered directly or by market leading partners around the world. (http://www.bio-key.com)
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, 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, 2010 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 also undertakes no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.
CONTACT: BIO-key International, Inc.
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