The cost of a data breach is terrifyingly high. Home Depot estimates that the massive data breach that affected 56 million customers this summer will cost the company several hundred million dollars—and that’s the figure they are using to assuage fears on the Street. The reality is probably much higher. Target’s breach may top out at the $1 billion mark. While the jury hasn’t even been empanelled as to what the JPMorgan breach will cost, it will leave a mark that will no doubt make news down the line.
With so much to lose, the implementation of biometrics-based consumer authentication may be the cheaper option for companies that handle the kinds of information hackers find so irresistible.
We’ve been saying it for years. All databases containing sensitive customer information should be biometrically protected. It’s just good business.