Turn on the news, read an online article, or pick up a paper and chances are you’ll see a story about another data breach identity-driven hack and its impact on a company’s bottom line. What you won’t typically see, are the number of records that were stolen, the types of records being hacked and perhaps most importantly, the effect it has on a company/industry beyond just the monetary value.
Since 2013 more than 9B personal credentials have been compromised giving cybercriminals an abundance of personally identifiable information to sell and/or use to commit fraud. 2017 was a particularly tough year for many large companies with more data stolen in the first six months than throughout the whole of 2016.
As technology evolves so does the sophistication, as well as the number of attempted data breaches. Yet many companies are adhering to the same outdated security protocols and software that landed them in hot water in the first place. All due to one thing… cost.
In a recent survey, Ponemon identified the average cost of a breach as $3.62 million in its 2017 Cost of Data Breach study. Many companies can’t see the forest for the trees and wind up getting fixated on the impact to their profit margins, but what about the indirect costs that are rarely discussed such as:
- Legal Action taken by those person(s) affected
- Physical damage to a company’s database, server, etc.
- Reputational damage
- Customer / Client retention
- Federal Regulations / Fines
- Criminal charges
As long as new technologies continue to emerge cyber attacks and data breach identity thefts will continue to occur. The difference is as a company, do you continue to operate business as usual, or do you begin looking into proven solutions that move beyond pins and passwords and outdated two-factor authentication techniques?
If you choose the latter, consider a biometric solution. Better yet, a dynamic biometric that is privacy friendly for users who are now waking up to how their data is used. Biometric Signature ID has a proven authentication solution with more than 1M individual users and 11M unique uses in 95 countries. With an accuracy rate that’s 3x better than the NIST guidelines for biometrics, we’ve helped put an end to fraud and re-written the way you use biometrics.