TAMPA, Fla., June 13, 2011 /PRNewswire/ -- Ceelox, Inc., (OTCBB: CELO), (the "Company"), in response to the large rash of cybercrimes, offers a secure alternative to eliminate theft and user fraud. Ceelox ID Online™ incorporates two factor identity authentication utilizing biometrics. This patent pending solution can be implemented as stand alone protection and can be coupled with existing, hack ridden, solutions utilizing tokens or the typical username and password.
In a recent article published by the Wall Street Journal, Citigroup Inc. plans to send replacement credit cards to about 100,000 North American customers after its systems were breached by a hacking attack affecting about 200,000 accounts. The Citi breach comes on the heels of other similar attacks, raising concerns among financial regulators and security experts that banks and other companies aren't doing enough to protect themselves and their customers.
Other recent incidents have hit a range of companies, including Sony Corp. and Lockheed Martin Corp., but security experts say financial institutions remain a top target for cybercriminals. "The most sophisticated hackers in the world target banks, and they target government agencies," said Tom Kellermann, a former World Bank cybersecurity official and current chief technology officer at AirPatrol Corp., a Maryland-based wireless-security firm.
Security experts—whose business it is to advise and provide security to corporations and the government—say banks also need to strengthen the authentication procedures they use to identify consumers and employees who access accounts or a firm's network. Criminals increasingly are targeting such authentication credentials which has prompted the Federal Financial Institutions Examination Council to revisit its authentication guidance for online banking. The rise of mobile-banking technologies also makes this vulnerability more acute, say security experts.
The hacking incident at Citigroup Inc. could cost the company millions of dollars for customer notifications, card replacements and defections by jittery account holders. The attack, which affected 1% of Citi's North American bank card customers, is one of a string of breaches world-wide, underscoring how widespread corporate breaches have become. Such breaches cost companies, on average, $7.2 million per incident in 2010, according to a survey by the Ponemon Institute, a research organization focused on information security policy.
In nearly all the recent cases, cybercriminals compromise an institution's authentication credentials and gain access to the company's vital data putting consumer and government secrets at risk. "Given our real-time, live biometric access authentication, cyber theft is not allowed and compromised credentials are denied," said Gerry Euston, Ceelox Chief Executive Officer.
Ceelox ID Online™ is a software portal that easily and quickly integrates into any institution's systems. With two-factor authentication, any institution significantly enhances the security of online Internet and cloud applications. Unlike other 2-factor authentication solutions, Ceelox ID®, biometric two-factor authentication, is integrated into the design, creating the most definitive real time authentication tool available. In addition, the Ceelox patent pending solution eliminates replay attacks, which have been the source of the recent wave of cybercrime.
Wall Street Articles Referenced:
"Hacking At Citi Is Latest Data Scare", June 1, 2011 by Victoria Mcgrane and Randall Smith
"Survey: Breaches Cost Firms $7.2 Million Per Incident", June 9, 2011 by Aparajita Saha-Bubna
About Ceelox, Inc.
Ceelox, Inc. is a developer of biometric security and encryption software solutions for financial institutions, healthcare companies, utilities, government agencies and other organizations for whom information access are key concerns. Its security and encryption tools are easy to deploy, simple to use, cost-effective and affordable for organizations of all sizes.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure outlined in our Form 10-K filed with the Securities and Exchange Commission on March 31, 2011 and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
For more information visit our website at www.ceelox.com
SOURCE Ceelox, Inc.