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SOURCE Hoyos Labs
Identity Theft Breaches Compromise Identities of Billions around the World
NEW YORK, Aug. 7, 2014 /PRNewswire/ -- In the past few months, there have been an unprecedented number of username and password-based accounts compromised via an aggressive international hacking ring, leaving over a billion consumers' identities and digital lives exposed. To address this issue, biometrics and security industry pioneer Hector Hoyos, CEO of Hoyos Labs, a digital infrastructure security company, has issued the following statement:
"In the latest breach, Russian hackers have acquired more than a billion username and password combinations and more than 500 million email addresses. Time and again, we've seen how weak this authentication system is – what more will it take to effect change? Usernames and passwords are dinosaurs; they are ineffective, inconvenient and clearly expose the people who rely on them."
"Furthermore, password keeper apps are just as vulnerable as the usernames and passwords themselves; despite their promises, all customers' information can still be hacked and stolen, as that information is still stored on a server somewhere that can be hacked. These fast, quick, convenient apps are milking consumers out of millions of dollars, because they are still based on usernames and passwords!"
"In an effort to get anyone and everyone to understand that there has to be a fundamental paradigm shift to provide true security and true ease of use – and to protect consumers, banks and other online institutions from identity-based hacks – Hoyos Labs invented a framework called the Biometrics Open Protocol Standard (BOPS) for businesses to use as a foundation to create and implement secure, consistent biometrics-based identity assertion solutions. BOPS was contributed to IEEE and Oasis, which is in the process of confirming it as a standard. The Biometrics Open Protocol Standard was created with the best interest of the online community in mind to prevent and eliminate these sorts of attacks by establishing a biometrics-based standard that will keep users' identities safe and their online lives secure."
"To date, 47 states in the U.S. have put into place legislation that requires private businesses or government entities to notify individuals of security breaches. Some private services have requested a fee for an individual to find out if he or she has been breached. However, this information is publicly available and can be viewed online at websites such as Information Is Beautiful. It is unlawful for these private companies to try to make gains on these breaches."
"The time has come to get rid of this flimsy authentication method once and for all, and biometrics-based systems of authentication that are convenient and secure are the future," concluded Hector Hoyos.
Additionally, Hoyos Labs is planning to debut a consumer-facing app to solve the issue of usernames and passwords this fall. Prior to launch, Hoyos Labs has challenged hackers worldwide to hack the app to ensure that it is highly secure.
About Hoyos Labs
Hoyos Labs is a digital infrastructure security company with security, computer vision and biometrics and big data experts. The goal of Hoyos Labs is to develop and deploy enterprise and consumer identity assertion technology platforms that will conveniently and securely address the identity assertion challenges of today. Hoyos Labs currently has offices in New York, Boston, Puerto Rico, Bucharest (Romania), Beijing (China) and Oxford (United Kingdom).
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