B-FY stands out at the V Cybersecurity & Data Innovation Summit 2024 as a leading solution in decentralized biometric identification

B-FY demonstrated its commitment to innovation and security in biometric identification during the V Cybersecurity & Data Innovation Summit 2024, presenting a solution that complies with AEPD regulations and protects users' privacy in a challenging digital environment.

On April 23rd, Madrid became the epicenter of knowledge exchange on cybersecurity with the celebration of the V edition of the Cybersecurity & Data Innovation Summit 2024. This event, of great relevance to the industry, was backed by B-FY as one of its main sponsors. 

The event brought together more than 80 companies and 300 attendees, including security directors, architects, IT directors, and data protection specialists. The conference agenda addressed the real problems faced by security professionals in a constantly evolving digital world, where opportunities for cybercriminals are greater than ever. 

According to Statista's Market Insights estimations, the cybercrime industry is expected to reach a global cost of $23.82 trillion by 2028, representing a 107,1% increase since 2023. In this context of growing threat, cybercrime has become the leading cause of business closure in Spain, with a 25% increase in reported cybercrimes between 2018 and 2021, according to data from the Ministry of the Interior. 

Current challenges demand innovative solutions 

Rodrigo Jiménez, Managing Director of B-FY, highlighted during the event the current challenges facing the cybersecurity sector: "The exponential growth of organized crime through cyberattacks is one of the main challenges. Organized groups of cybercriminals are harnessing the best technologies such as artificial intelligence for identity theft attacks." 

In line with these challenges, B-FY's value proposition focuses on stopping online fraud 100% through a robust solution that protects the identification process. Jiménez emphasized: "With our presence at this event, we have been able to demonstrate how with B-FY we stop online fraud 100%. Today we have a very robust solution that protects the identification process, isolating the user's identity data from centralized databases that can be stolen." 

Meanwhile, Roland Aveillán Garrigos, Sales Manager of B-FY, highlighted the importance of complying with new regulations in the use of biometric identification: "Today, the best identification systems are biometric. However, the Data Protection Agency has restricted them. We talked about what alternative solutions exist to better use biometric-based identification systems and comply with the Data Protection Agency's requirements." 

Regulatory compliance 

In this context, B-FY's Identity as a Service (IdaaS) solution stands out as an innovative and secure alternative. The company is committed to protecting people's identity through a decentralized biometric authentication solution, aligned with new data privacy regulations. 

Aveillán Garrigos explained: "B-FY's technological proposal brings together the best of both worlds. It is the only one capable of using the best biometric identification system to fight cybercrime while complying with all regulations." 

B-FY's solution does not use passwords or centralized biometrics but identifies the human person behind the access point, ensuring data security and privacy. Furthermore, it complies with AEPD recommendations by being based on devices under the exclusive control of users and avoiding centralized storage of biometric templates. 

B-FY's participation in the V Cybersecurity & Data Innovation Summit 2024 highlighted its commitment to innovation and security in biometric identification, offering a solution that meets the demands of the AEPD and protects users' privacy in an increasingly challenging digital environment.