August 27 - BankLok has unveiled its patented, multi-factor authentication and privacy protection solution that will ensure sensitive financial information remains entirely safe and secure from hackers, while at the same time eliminating the need for usernames and passwords. The financial sector is constantly under attack from hackers: since 2005, 260 million data records were compromised, with each lost record costing 70-percent more on average compared to any other industry. BankLok’s cloud-based, multi-factor authentication service offers an unparalleled level of security specifically for the financial sector. Instead of relying on out-of-date, vulnerable one-time password technology, BankLok’s PassKey technology encrypts user data, fragments and disperses the information across 12 separate locations worldwide, making it totally inaccessible to identity thieves. To learn more, visit www.banklok.com.
“The financial services industry desperately needs a secure solution for protecting its clients and employees,” said Steven Grant, Vice President of Operations for BankLok, an affiliate company of the Manchester, N.H.-based WWPass Corporation. “Each individual compromised financial record lost in a data breach costs $206 on average. Since 2005, nearly 600 data breaches have been reported in the financial and insurance services sector, and it is well known that many breaches go unreported. Beyond just the bottom line, data breaches put financial institutions’ reputations at risk by eroding client trust. BankLok is completely changing how we store and protect sensitive financial information and records, in a way that ensures clients and investors never have to worry about hackers getting their hands on their financial information.”
Implementing the BankLok solution is simple. Financial institutions provide clients and employees with a self-service physical BankLok PassKey or mobile token for network access, and the user would connect the PassKey or mobile token to the USB port, NFC reader or via Bluetooth technology or Wi-Fi. Without needing username and password pairs, the single PassKey provides access to private networks, web portals, email and applications. The PassKey triggers BankLok’s patented cloud technology, accessing the fragmented, encrypted and dispersed data. Neither the physical token nor the mobile solution contains any personal data, making the technology completely secure and entirely anonymous—the technology is so secure BankLok itself cannot access any of the information.
Data breaches are a growing and costly problem. Through July, there have been 381 reported data breaches this year that have left nearly 10.9 million individual records exposed, according to a report from Identify Theft Resource Center. The New York Times reported earlier this month that a Russian crime ring was able to obtain 1.2 billion username and password combinations for people utilizing a range of companies and financial institutions. A 2013 data breach of the retailer Target has come at a cost of more than $200 million to financial institutions, according to an NBC News report. ZDNet also reported last month that hackers stole the personal data of thousands of people from the European Central Bank, which services all 18 nations that rely on the euro as currency.
“Despite how outdated and vulnerable it is, most financial institutions are still reliant on username and password pairs or one-time password authentication (OTP) to protect sensitive data and information. We have repeatedly seen hackers compromise this technology, which hit the market over 20 years ago,” Grant added. “Instead of relying on vulnerable technology, BankLok provides an unprecedented, unhackable security that keeps sensitive financial information 100-percent secure from hackers.”
BankLok offers two multi-factor solutions – a Standard Edition featuring access to a mobile PassKey security token for $1 per user per month and the Pro Edition featuring the mobile PassKey security token, as well as a full set of physical PassKeys and the ability to manage multiple tokens for $3 per user per month.
At BankLok, we understand the financial services industry and its unique security needs. We know that protecting your clients, investors and employees from hackers and identity thieves is a constant source of concern. We also understand that securing sensitive data is crucial to protecting your reputation and controlling costs. Our patented method of multi-factor authentication offers peace of mind that sensitive data and records are impenetrable. On top of that, we offer convenience and affordability. You've been searching for a better solution, and that's what BankLok provides. There's nothing like it on the market. BankLok is a wholly owned subsidiary of WWPass Corporation. For more information, please visit www.banklok.com.