BIO-key International, Inc. (BKYI) Stresses Seriousness of Security Breaches, Publishes Recent Survey Results

QualityStocks would like to highlight BIO-key International, Inc. (OTCBB: BKYI). Headquartered in Wall, New Jersey, BIO-key develops and delivers advanced identification solutions to commercial and government enterprises, integrators, and custom application developers. The company is a leader in finger-based biometric identification solutions.

In the company’s news yesterday,

BIO-key International announced the results of an opt-in survey that the company linked to in its recent Open Letter to Shareholders, Customers & Industry Leaders on the State of Security and Biometrics, discussing the risk and reality of recent security breaches among even big-name businesses.

“… The outbreak of security breaches poses a threat to our nation’s infrastructure; from business to government, everyone is at risk and it seems that we’re simply waiting for a disaster before taking action. It’s very concerning,” Mike DePasquale CEO of BIO-key stated in the press release. “Since our initial communication on June 2nd there have been additional data breaches, including incidents at Sony, Nintendo, and at Infraguard, an FBI affiliate partner.”

BIO-key provides software tools and applications for some leading communication companies, as well as for the FBI, U.S. Court System and international partners. The company surveyed opt-in participants responding to a press release via Globe Newswire to get a feel of how business owners and the general public view online security. BIO-key reports that as of yesterday, 167 viewers have visited the survey, with results as follows:

• 44% of the participants stated they had a lack of confidence in their current security system.
• 36% of the participants stated they are reviewing their security process within 6 months.
• 79% use passwords; 24% use pins.
• 94% of the participants stated that their company’s security system would be better if it included finger biometrics.
• 45% fear internal threats to security – 36% external.

Thomas Bush III, former assistant director for the FBI and strategic advisor to BIO-key, emphasized the growing concern of the evolution and frequency of online security breaches.

“Although we anticipated securing the activity which takes place on the Internet would present challenges, none of us ever imagined that the security systems for best in class companies would be affected. Today, we’re seeing just how vulnerable everyone is,” Bush stated. “The Internet is extremely critical to business and government; therefore identifying a secure solution is a priority. Experience has proven that when a biometric element is incorporated, security improves and threats decrease.”

Scott Mahnken, vice president of marketing of BIO-key, said the keys to protection are education and action, which BIO-key believes will benefit the company as it moves forward in the marketplace.

“It’s apparent that we must continue to educate the market and we welcome every opportunity to forward the understanding of biometric technology. Ideally this announcement will open the paths of communication between BIO-key’s team of experts and the companies and government agencies that might benefit from incorporating biometric technology as part of their strong authentication solution set,” Mahnken stated.

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