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StrikeForce Technologies' CEO Invited to Present at Financial Services Industry ConferenceSIFMA Presentation Highlights Relevance of Company's Technologies as Financial Institutions Seek to Meet FFIEC Guidance Requirements (October 20, 2011)
EDISON, NJ -- (Marketwire) -- 10/20/11 -- StrikeForce Technologies (OTCBB: SFOR) CEO, Mark L. Kay, is delivering two different presentations as an industry expert at the financial industry's annual SIFMA Internal Auditors Society Conference next week. Mr. Kay will be discussing the newly upgraded online authentication security guidelines and protocols required to be implemented by all banking and financial institutions by January 2012, as part of a talk on "Remote Security Access."
Mr. Kay with a co-presenter will also be addressing the General Assembly following the keynote speech by Christopher J. Dodd, U.S. Senator (1981-2011), co-author of the Dodd-Frank Act, providing commentary on the overarching theme of "Compliance vs. Efficiency" in the financial industry. As Managing Director with 26 years of operational, audit and technology global experience at J.P. Morgan, and 8 years as CEO of an Internet security company, StrikeForce Technologies, Inc., Mr. Kay is uniquely qualified to provide a nuanced insight into how organizations must balance commercial network openness with the need for network security in today's environment of sophisticated and organized transnational cybercriminals.
Mr. Kay has been invited to return as a speaker at the Securities Industry Financial Markets Association and specifically to the SIFMA Internal Auditors Society Conference, October 23 - 26, 2012, a three-day conference encompassing a variety of educational panels from industry experts and regulators affecting and quantifying change. This conference is closed to the media. Mr. Kay will discuss the upgraded online security regulations designed to significantly increase security in online banking and financial transactions in addition to many security issues around remote access, and how StrikeForce's patented ProtectID® Out-of-Band Authentication product and its GuardedID® anti-keylogging keystroke encryption product allows institutions to meet these new regulations and secure their assets.
In response to the heightened capabilities of organized cybercriminals, the Federal Financial Institutions Examination Council (FFEIC), a formal interagency body of the United States government empowered to prescribe uniform principles, standards, and report forms for financial institutions, has issued updated regulations directing financial and other institutions that process funds for their clients online to implement additional authentication protocols. These new regulations, which call for compliance by January 2012, recommend the implementation of a type of identity verification known as two-factor, or Out-of-Band authentication. This strengthened protocol separates the user name and password and sends them over two channels, rather than sending them both over the Internet at the same time. Sent over a single channel (or band) allows the username and password to be easily stolen by hackers who have surreptitiously installed keylogging spyware on an individual's computer and have siphoned data passing through the Internet. Financial services industries such as FFIEC and leading consulting organizations are embracing Out-of-Band Authentication as the methodology to stop thieves from being successful.
"It is now estimated that one in 13 downloads contains malware such as a keylogger. The financial services industry is moving rapidly to counter this explosive growth in cyber-crime. Implementing a game-changing protocol requires individual users to send their password and username over separate channels, such as Internet & phone, rather than sending one's username and password from a computer over the same channel. Regulators and industry are seeking to prevent a very sophisticated type of spyware called a "keylogger" from recording your keystrokes and seeing your password and user name as you type them," said Mark L. Kay, StrikeForce Technologies' CEO. "Our patented ProtectID® Out-of-Band Authentication product is the preferred methodology on the market, as recommended by senior policy and technology analysts."
SIFMA's Internal Auditors Society Conference is closed to all media. If media have questions regarding the conference, they can contact SIFMA Communications at (212) 313-1200 or (202) 962-7300. Copies of Mr. Kay's presentation will be available on StrikeForce Technologies' website following the presentation.
About StrikeForce Technologies, Inc.:
StrikeForce Technologies, Inc. (www.strikeforcetech.com) helps to prevent online identity theft and data security breaches for consumers, corporations, and government agencies. It provides powerful two-factor, 'Out-of-Band' authentication and keystroke encryption solutions. StrikeForce Technologies, Inc. (OTC.BB) is headquartered in Edison, N.J., and can be reached at www.strikeforcetech.com or by phone at (732) 661-9641 or toll-free at (866) 787-4542.
Safe Harbor Statement:
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the sales of the company's identity protection software products into various channels and market sectors, the issuance of the company's pending patent application, and the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
Investor Relations Contact:
BlueWater Advisory Group, LLC.
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