BIO-key’s integrated solution could help provide a cost-effective cyber insurance solution

Gita Karunakaran, Benzinga

Wall, NJ — News Direct — BIO-key International, Inc.

Organizations that rely on computers and digital media to carry out critical business tasks may now have cybersecurity as one of their primary concerns.

Banks and financial institutions store vast amounts of customer personal and financial data, and a breach could lead to complex litigation as well as significant financial loss for the bank and its customers. Therefore, you should be especially careful with cyberattacks.

Customers rely on banks to deploy top-of-the-line security measures to protect their most valuable possessions, financial assets and information, making trust the most important factor when choosing a bank. I’m here. When a financial institution suffers a data breach or cyberattack, it irreparably damages the underlying trust that underpins the customer-bank relationship.

The healthcare industry also stores vast amounts of sensitive data, such as patient identities and medical histories, and data security breaches can cause irreparable damage to a hospital’s reputation and trust with patients.

The healthcare and financial services industry must adhere to strict compliance regulations such as the Health Insurance Portability and Accountability Act of 1996 (HIPAA) and the Payment Card Industry Data Security Standard (PCI DSS). To meet stringent compliance laws, organizations must implement security systems that are more robust and less hackable.

What is cyber insurance?

When a company falls victim to cybercrime and suffers a costly breach, it may not have sufficient resources to recover from the damage caused by the crime or recover the loss. In such cases, cybersecurity insurance may be required to minimize losses and prevent an attack from completely crippling your business.

Cyber ​​insurance protects businesses and individuals against the potentially devastating effects of cybercrime such as malware, ransomware, distributed denial of service (DDoS) attacks, or other methods used to compromise networks. Designed to help you hedge internet-related risks and liabilities. and Sensitive Data.

When a company is attacked and often required by industry regulators, it is usually cheaper to take out insurance than to pay for recovery work and backup services out of the company’s own funds.

according to IBM (NYSE: IBM), the average cost of a data breach is $4.24 million in 2021an increase of 10% from 2020.

Leading provider of credit cards and consumer finance in 2019 Capital One Financial Corporation (NYSE: COF) experienced a massive data breach that affected 100 million people in the United States.According to Reuters, this The event resulted in an $80 million penalty Excludes customers who have left the Capital One platform. Luckily for the company, Capital One had his $400 million cyber insurance policy and was able to avoid serious financial consequences.

Cyber ​​insurance itself is not the answer

Many organizations are looking to add cyber insurance to their security defenses, but if they don’t already have a strong cybersecurity solution in place, they can end up paying a very high premium.

Biokey International Co., Ltd. (NASDAQ: BKYI), a provider of secure access management solutions, believes you have the right tools to help.

According to the company, its multi-factor authentication (MFA) solution offers two benefits: it protects the workplace from cyberattacks while reducing the cost of cyber insurance. Insurance premiums tend to become increasingly prohibitive if businesses do not have adequate security solutions in place.

Multi-factor authentication is the process of increasing login security by requiring users to confirm their identity beyond just a username and password.

BIO-key authentication solutions include: ID-bound biometrics (IBB) is a type of authentication that uses biometric factors such as fingerprints, palm scans, and facial recognition to confirm the identity of the person behind the keyboard.

Representative products — PortalGuard® IDaaS (identity-as-a-service) — The company says it supports a variety of authentication options to meet the security goals of modern organizations.

PortalGuard allows users to access a range of apps from multiple devices without having to manage dozens of hard-to-remember passwords.

Its MFA aspects, including biometric options like IBB, prevent unauthorized access to business applications. This can be especially beneficial in the post-COVID era, when remote working is almost the norm for most organizations.

Cyber ​​insurance is no substitute for cyber security. Businesses should install a full security suite to stay protected. Cyber ​​insurance helps soften the blow caused by a security breach, complements cybersecurity solutions in place, and serves as part of a company’s overall cyber risk management plan.

For more information on BIO-key’s MFA solutions, please visit their website. website.

BIO-key is revolutionizing authentication and cybersecurity with biometric-centric multi-factor identity and access management (IAM) software that manages millions of users. Its cloud-based PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient and secure access to devices, information, applications and high-value transactions. With industry-leading Identity-Bound Biometric (IBB) capabilities, BIO-key’s patented software and hardware solutions are available for large-scale Identity-as-a-Service (IDaaS) solutions as well as customized on-premises solutions. make it possible.

This post contains sponsored advertising content. This content is for informational purposes only and is not intended as investment advice.

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