Security for MSME Sector by Biometric Technology

The global biometric technology market is expected to go from an estimated $21.97 billion in 2021 to over $55 billion by 2027. Further, certain companies are making this once exclusive technology, affordable enough to be implemented across workplaces and to the MSME sector.

Biometric identification has existed for over a century. Since it involves the analysis of physical characteristics unique to each individual, it has been the go-to way to identify an individual. However, we have come a long way from using an ink pad for fingerprint identification. Today, technology has taken over, offering us biometric solutions of SciFi proportions. Biometric technology solutions are continuing to make their way across industries due to the safety and convenience it offers.

So, what makes biometrics technology so effective? For starters, it’s quick, convenient and secure when compared to traditional security measures like passcodes, smartcards, PINs etc. For this reason, biometric technology has been key in overcoming security challenges and preventing hacks. Also, biometric solutions are easy to set up.

Biometric technology has changed significantly in recent times. The widespread adoption of computers and mobile devices has offered opportunities to analyze biological data that can be used for identification.

In today’s world, MSME sector faces numerous security challenges. Therefore, it’s vital that biometric solutions are adopted to enhance business security and create seamless business operations.

Biometrics technology is so effective that it doesn’t just help these companies to identify a person accurately but also helps carry out other operations such as restricting access to certain people, monitoring employee times and attendance, as well as digitizing the entire payment process.

Enhanced Security of the MSME Sector

MSMEs or small and medium enterprises play an important role in the generation of employment opportunities across the country. In view of the fact that most Indian’s reside in rural or semi-rural settings, small and medium businesses are considered a big part of their livelihood.

Indian has managed to remain a prominent figure in terms of the MSME sector. This is why every business requires effective security measures to deal with the growing incidents of crime.

Let’s take a look at how biometrics can help the MSME sector -

Regulates and Controls Access

In the ever-changing digital age, safeguarding confidential information and assets is becoming increasingly difficult. This is where biometrics technology shines. It offers businesses convenient, reliable, and precise access control solutions that prevent unauthorised entries and exits. It also enhances security for people and assets.

Biometric solutions don’t end there. Apart from restricting access to certain personnel, these solutions require visitors to gain access only to specific areas at specific times.

Securing the Banking & Financial Services

Banking services carried out by small and medium businesses is changing as we speak, thanks to new and improved biometric technology solutions. In terms of financial services, biometric technology can be relied on to identify and authenticate customers or clients before a transaction or payment has been made.

Additionally, small and medium businesses are focused on achieving balancing security, convenience, and speed for carrying out efficient banking and financial services, especially in the retail industry. And, biometrics technology is doing just that.

Manages Identities

In terms of business security, setting up biometric solutions to manage the identities of individuals is crucial. Therefore, the process of authenticating, identifying, and authorising individuals, becomes a basic requirement. Also, biometrics safeguard businesses against cyber attacks.

These are some ways in which biometric solutions are enhancing the security of businesses across the country.

By Hiren Bhandari, Founder & Director (Technical), Mantra Softech

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