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Biometrics industry NEWS this week

  • Author:HF SECURITY
  • Release on:2017-12-01
s the biometrics industry continues to grow, Biometric Update is bringing a new focus to the stories around the stocks in the sector. Check in with this space each week for a rundown of the financial news and interesting ideas from the week that was.
Yet another major data breach has come to light. The latest announcement comes from governance-challenged, ride-hailing service Uber, which admitted it lost massive amounts of use data in a hack that occurred months ago. The company failed to disclose the breach to shareholders, making yet another example of dodgy decision making at the company. That the current security infrastructure needs to be updated is a message delivered by more than one CEO in the biometrics sector over the past few weeks. As companies announced their third quarter financials through the recent earnings season several executives spoke out on the current issues around digital security.
Overlooked in last week’s column were comments from ImageWare CEO Jim Miller, who, in answering a question from an analyst, addressed the need to utilize biometric technology to prepare for the fallout from recent data breaches. “So now the question is…the [the data] is out there, it’s been stolen, how do we protect you when it pops up? … I would suggest, respectfully… to mitigate that risk and to protect against that risk, companies are going to adopt [biometric] technology to make sure that when that information pops up, it’s not a criminal using it, it’s really you. Or if it is a criminal using it, it gets rejected because it isn’t you,” said Miller on the conference call. “Simply put, that’s the motivating factor. I think there’s been a watershed turn in this entire space. Under the [system] we use today, if I stole your record from a credit reporting bureau, I have everything I need. If I’ve stolen a healthcare record I probably have family maiden name in the family history section. Certainly bank records have that. There is no question I can’t answer under today’s authentication standards. Biometrics changes that and forces someone to prove they’re actually you when they may present that information.” He has a very good point.