BIO-key announces three new customers adopting PortalGuard IDaaS, enhancing security and efficiency for over 30,000 users.
Quiver AI Summary
BIO-key International, Inc. announced that three new customers, including Northeast Iowa Community College and Eastern University, have migrated to its PortalGuard IDaaS enterprise security platform, expanding its user base to over 30,000. This shift aligns with a trend of organizations moving from on-premises to cloud-based solutions to enhance operational efficiency, improve security against cyber threats, and comply with stricter IT standards. Since its launch in November 2020, over 50 institutions with more than 4 million users have adopted the PortalGuard IDaaS solution, which offers features such as streamlined operations, improved disaster recovery, and comprehensive visibility into user access. BIO-key's President, Mark Cochran, emphasized the platform's flexibility and cost-effectiveness, positioning it as a tool for organizations to gain a competitive advantage while maintaining strong security measures.
Potential Positives
- BIO-key has successfully onboarded three additional educational institutions to its PortalGuard IDaaS platform, expanding its customer base.
- The company's cloud-based solution has attracted over 50 organizations, securing more than 4 million users since its launch, indicating strong market demand.
- PortalGuard IDaaS enhances operational effectiveness and cybersecurity measures for organizations, addressing growing concerns over security breaches.
Potential Negatives
- Despite announcing new customer migrations, the press release highlights a shift from on-premises technology to cloud-based solutions, which may indicate that existing on-premises deployments were less effective, potentially undermining previous offerings.
- The mention of increasing cybersecurity threats and stricter IT standards could imply that the company's current security measures were previously inadequate, raising concerns about their ability to protect customer data.
- The emphasis on the need for organizations to adapt due to "more demanding cybersecurity insurance requirements" suggests that the industry is experiencing heightened scrutiny, which could reflect negatively on BIO-key's previous practices and reputation in security management.
FAQ
What is the recent announcement by BIO-key International?
BIO-key announced that three additional institutions have migrated to its PortalGuard IDaaS platform, joining over 50 organizations using the service.
How many users are supported by the newly migrated customers?
The three newly migrated customers together have over 30,000 users, contributing to a total of over 4 million users on the PortalGuard platform.
What benefits does the PortalGuard IDaaS platform offer?
PortalGuard IDaaS enhances operational effectiveness, improves uptime, streamlines operations, and strengthens protection against cyberattacks.
Why are organizations migrating to cloud-based IAM solutions?
Organizations are migrating to cloud-based solutions due to growing security threats, stricter IT standards, and demanding cybersecurity insurance requirements.
What is Zero Trust security and its relevance to BIO-key's solution?
Zero Trust security is a framework focused on strict access controls, and BIO-key's PortalGuard IDaaS supports this approach to enhance security posture.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$BKYI Hedge Fund Activity
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Full Release
HOLMDEL, N.J., Jan. 21, 2025 (GLOBE NEWSWIRE) -- BIO-key ® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) software for phoneless, tokenless, passwordless, and phishing-resistant authentication, announced today that three additional customers:
Northeast Iowa Community College
– Peosta, IA;
Eastern University
– St. Davids, PA; and
University of Guam
– Mangilao, Guam,
with over 30,000 users, have migrated their on-premises deployments of PortalGuard to the PortalGuard IDaaS enterprise security platform. These customers join over 50 organizations with 4+ million users that have embraced BIO-key’s cloud-based solution since its November 2020 launch.
Migrating to the PortalGuard IDaaS platform enables BIO-key customers to adopt IT infrastructure best practices, streamline and centralize operations, improve uptime, enhance resource access efficiency, and enable seamless disaster recovery. PortalGuard IDaaS adoption enhances operational effectiveness, reduces the total cost of ownership, and strengthens protection against cyberattacks. By partnering with BIO-key experts, organizations can collaboratively manage end-user access to applications and data while ensuring robust security controls are in place.
The growing threat of security breaches, stricter IT standards, and more demanding cybersecurity insurance requirements are prompting organizations to embrace cloud-based solutions for protecting their applications and data. With PortalGuard IDaaS, BIO-key customers can seamlessly transition to a unified identity management system that provides comprehensive visibility into user access across the entire enterprise, regardless of login location. This integrated solution boosts productivity by minimizing workflow disruptions and enhances support for Zero Trust security frameworks, which are increasingly essential for maintaining a strong security posture.
"IT leaders are shifting from on-premises technology to flexible, scalable, and cost-effective cloud solutions," said Mark Cochran, President of BIO-key – PortalGuard. "With PortalGuard IDaaS, organizations can adjust resources as needed, eliminate wasteful spending, and quickly respond to peak demands. Our cloud solution not only offers greater agility and cost savings but also provides opportunities for organizations to transform these benefits into a competitive advantage, all while reducing reputational risks.
About BIO-key International, Inc. ( www.BIO-key.com )
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 cloud-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 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.
Engage with BIO-key | |
Facebook – Corporate: | https://www.facebook.com/BIOkeyInternational/ |
LinkedIn – Corporate: | https://www.linkedin.com/company/bio-key-international |
Twitter – Corporate: | @BIOkeyIntl |
Twitter – Investors: | @BIO_keyIR |
StockTwits: | BIO_keyIR |
Investor Contacts
William Jones, David Collins
Catalyst IR
[email protected]
or 212-924-9800