An essential part of cloud computing, IoT, and in general the broad field of digital systems, is constituted by the mechanisms which provide access to a number of services or applications. Biometric techniques aim to manage the access to such systems based on personal data; however, some biometric traits are openly exposed in the daily life, and in consequence, they are not secret, e.g., voice or face in social networks. In many cases, biometric data are non-cancelable and non-renewable when compromised. This document examines the vulnerabilities and proposes hardware and software countermeasures for the protection and confidentiality of biometric information using randomly created supplementary information. Consequently, a taxonomy is proposed according to the operating principle and the type of supplementary information supported by protection techniques, analyzing the security, privacy, revocability, renewability, computational complexity, and distribution of biometric information. The proposed taxonomy has five categories: 1) biometric cryptosystems; 2) cancelable biometrics; 3) protection schemes based on machine learning or deep learning; 4) hybrid protection schemes; and 5) multibiometric protection schemes. Furthermore, this document proposes quantitative evaluation measures to compare the performance of protection techniques. Likewise, this research highlights the advantages of injective and linear mapping for the protection of authentication and identification systems, allowing the non-retraining of these systems when the protected biometric information is canceled and renewed. Finally, this work mentions commercial products for cancelable biometric systems and proposes future directions for adaptive and cancelable biometric systems in low-cost IoT devices.