BIO-key Blog

With cyber attacks reaching a record high in 2022, it’s time to ask if organizations should raise their cybersecurity budgets. Currently, small and medium-sized enterprises spend only 10% of their annual IT budget on cybersecurity companies for services and solutions ¹. While there are, of course, other key budget considerations to take into account, this allocation does not match the rapid...

And Why is Identity-Bound Biometrics Different?

Ever since biometrics made its Hollywood debut in international espionage movies, there’s been quite a bit of misrepresentation. The scene of vast digital catalogs housing peoples’ actual images and fingerprints has seeped through the big screen to mold – and misconstrue – our perceptions of biometrics in reality.

If you want to know how...

It shouldn’t be surprising that cyberattacks did major damage this year – as the cost of a data breach has reached a new record. Unfortunately, there is no sign of slowing down, and in 2023, we’re expecting cyberattacks to be even more effective and damaging.  

There are some signs of life, however, as more industries are understanding how critical cybersecurity is, and they are now beginning to...

As we approach the end of the year, many organizations and employees alike are beginning to wind down for the upcoming holiday season. Those living in the United States can look forward to large potluck dinners and family gatherings for the upcoming holiday – Thanksgiving.

However, what makes Thanksgiving a “Thanksgiving dinner” is the classic dishes that are served throughout the night:...

For the annual EDUCAUSE Conference, which was held from October 22 - 25, 2022, we set off to Denver to discuss today's prominent topics in cybersecurity for higher education institutions. The BIO-key team connected with a range of colleges and universities to explore the major cybersecurity challenges and pain points many are experiencing, as well as the opportunities ahead to overcome these...

Compromised credentials cause 61% of today's data breaches.¹ Most of these data breaches stem from organizations using shared workstations, commonly done so by bank tellers, contact centers, hospitals or manufacturing facilities.

What is common amongst these businesses that have shared workstations is that they're in industries that are responsible for storing sensitive user data....

By now, most organizations, across industries, understand that passwords are a cybersecurity risk and potential point of vulnerability - and for good reason. According to the World Economic Forum, weak and/or stolen passwords are the most common initial attack vector, representing 80% of all breaches. The response, however, is positive: 82% of business leaders say they are ready and willing to...

October is Cybersecurity Awareness Month, an international effort led by the Cybersecurity and Infrastructure Security Agency to raise cybersecurity awareness. As the risk of a cyber threat increases, end-users and administrators alike need to be more aware of how to defend themselves against cyberattacks.

"Good is the enemy of great" - Jim Collins.

When you look back on society's greatest advancements, how many were achieved by following the status quo? When you recall the most monumental awe-inspiring individual feats of all time, did those individuals achieve them by doing what everyone else was doing? As a culture, we see progress as a result of striving to do things better - even if that...

According to IBM, the average cost of a data breach was $4.24 million¹. When companies compare that insurmountable cost to spending 10-20% of their annual budget on cybersecurity, it’s a hard pill to swallow when you hear companies save that money and face cyber risk.

Today, cybersecurity is a major investment, and companies need to be proactive in defending their network and assets....

The financial services sector is one of the most heavily regulated industries in the world, with controls imposed by government and industry bodies on many aspects of operating within the sector. That should come as no surprise, given the wealth of data held by banks and other institutions on organizations and individuals, not to mention the wealth itself. There are many regulations that include...

We don’t see threat actors as a group deciding to stop attacking the financial services sector. A win is too profitable, and the mere presence of threat signals can serve geopolitical goals. In other words, the financial sector will remain a key focus for cyberattacks and cyber fraud. Some threat actors unleash cyberattacks in pursuit of financial gain through malicious or nefarious means;...

Financial services organizations have been increasingly under attack from cyber threat actors, and this trajectory is unlikely to abate. Firms need to ensure they have the right solutions in place to protect and defend themselves, their customers, and the financial systems in which they participate. It is important to note that solutions require people with an advanced understanding of how the...

Universities may have trouble with their cyber security strategy. Unfortunately, this issue leads to diminishing student experience, increased chance of a third-party cyberattack and costs the university team a lot of money.

If you have a smartphone, you bring it everywhere with you: to work, social gatherings, and even carry it around your home. As the smartphone evolved, it began to play bigger role in everyday life, serving as far more than simply a device to make calls and send texts. Today, in tandem with advancement in the cybersecurity world, our phones are also now authentication devices to facilitate the ...

In a rapidly evolving world of technology and cybersecurity, BIO-key continues to expand its global presence and offerings. With the recent acquisition of Swivel Secure Europe and the appointment of Alex Rocha as the Managing Director for BIO-key in EMEA, the company is poised for even greater success.

In this exclusive interview, we delve into Alex Rocha's background, his vision for BIO-key...

Around 68.5% of businesses worldwide experienced a ransomware attack in 2021, according to Statista. During the COVID-19 pandemic, nearly 85% of data breaches involved defrauding humans. 

These cyberattacks can be carried out in several ways. In many cases, your files will be held hostage until you pay a ransom to the malicious actor who executed the attack. These incidents cause costly...

Here's a scenario: your bank has implemented an unbreakable cybersecurity solution. It neutralizes any outside threat and keeps sensitive data like customer information as safe as possible. One day, you come into work to find that's all been compromised. At this point, you're asking yourself, "how could have this possibly happened?" Let's look beyond the security technology, itself.

When an intruder breaks into your environment, you're not aware of when they broke in, how they broke in, and what they compromised. How do they break in? Well, Tessian suggests around 90% of data breaches are caused by social engineering - meaning, some type of human error and stolen passwords lead to a successful cyber attack.

Today, banks and other financial services are facing growing cyber...

Working in a digital environment has not only opened new opportunities for efficiency but also created several challenges. One of them is the increasing number of frauds that appear when enterprises do not have appropriate solutions for identity verification.

Why do some customers choose one bank over another? Is it because of the quality of service? Wide coverage of ATMs? While most do value both of these, neither one is the leading consideration. Customers rely on banks to deploy first-class security measures to safeguard their most valued possessions and financial assets, making trust the most critical component when deciding on who to bank with....

"Russia Hammers Ukraine with Massive Cyber-Attack". While you would assume this is a "hot headline" blasting across the media in response to the Russian invasion of Ukraine this week, this is actually a headline from a Business Insider article published in 2014 - 8 years ago. The Russian cyberattack history on Ukraine is much longer (and dedicated Wikipedia page) than many people think. The...

Are you and your IT team utilizing the best cybersecurity practices? Maybe you are, but the rest of your company doesn’t even know the basics.

During our 2022 Cyber Predictions webinar, we asked our panel of CISOs from a wide range of industries, “What advice do you have for companies reviewing their cybersecurity?”. Surprisingly enough, our panel all had very similar advice. From improving...

After attending the NACo Annual Conference this year and having the pleasure of speaking with hundreds of county elected officials and their IT teams, it was clear that the topic of cybersecurity was top of mind for everyone. The recent headlines about cyberattacks, especially ransomware on major organizations including Tyler Technologies, Solarwinds, the Colonial Pipeline, JBS, and Kaseya...

The Multi-factor Authentication (MFA) requirement for Salesforce is meant to add a layer of security and increase protection against unauthorized account access. Starting February 1st, 2022, Salesforce will require customers and users to utilize MFA to access Salesforce products. Customers do have the option to use an MFA solution provided by Salesforce or use a supported third-party MFA...