Biometric Security Cards: The Future of Data Breach Prevention

Why Biometric Cards Are Vital for Data Security in 2024

With high-profile breaches affecting millions of people all over the world and rising regulatory pressures, companies are hectically searching for the most reliable data protection solutions.

As per records, data breach exposed over 422 million records worldwide in Q3 2024 alone. And we have come across an effective option for the same. We are talking of none other than the biometric security cards. The corresponding market is now valued at $370 million and projected to be worth $18.40 billion in the next five years, thereby increasing 117.76% increase a year during the forecast period.

The demand for biometric cards is rising, reflecting the need for viable data control, security and recovery solutions. One such example is fingerprint authentication. The market for automated fingerprint identification systems stood at $5.32 billion in 2022 and is expected to reach $15.42 billion by 2028.

What is the significance of data security solutions like biometric cards?

Data breach can be more disheartening than plain financial losses. This is because they may make you lose personal, sensitive data that forms your identity, directly or indirectly. Such data include your name, passwords, IP addresses, biometric data, genetic data as well as medical records, to name a few. When a patient loses his/her medical records, the person’s treatment may get affected, spoiling quality of life for him/her. Cybercriminals find the illegally retrieved data extremely valuable; it can be worth more than email addresses and basic credit card information on the Dark Web. The resulting fallout can be extremely disastrous.

Preventing Operational Downtime

First on our list, biometric solutions can help prevent disruption of business operations. Such disruptions otherwise demand containment, compelling companies to do extensive investigations of the breach and compromised systems. Depending on the severity of the breach, a lot of downtime might be required to carry out prolonged investigations, identifying vulnerabilities for weeks or months.

According to IBM’s latest report on the cost of a data breach, it takes 277 days to detect and contain a breach, on average. Thus, an organization’s bottom line and its ability to recover are immensely affected.

Preventing Reputational Damage    

Companies that fall to such data breach tend to lose their reputation in the market. Over 30% of finance, retail and healthcare customers will not choose to buy from such companies. Over a third will go further, venting on social media, while 85% will complain to others, spreading a bad name. Such companies can also get themselves into global controversies with hours of breach disclosure, impacting their consumer trust. Negative press reports further inflict irreparable damages.

Consumers these days value their personal data a lot. They are smart and already careful of not letting their personal information leak out be any means. If such a thing happens, they are ready to abandon purchasing from such organizations. Given the competitiveness levels in the present world, finding another product or service provider is not very tough. Security, no doubt, is the right of all.

While cybercriminals can use the stolen data to commit financial crimes in the victim’s name, reputational damages can take years or even decades to mitigate.

Preventing Legal Implications

Last, but not least, is the role of biometric solutions in reducing the legal implications. The victim has to go through an extremely lengthy legal process to recover the damage. It is many times not entirely possible to make all data available. However, legal actions are needed to deal with security compromise.

sAxess by Serenity and IDEMIA Secure Transactions

sAxess is one such biometric solution. It is a biometric security card to meet the increasing global demand for scalable, secure data management. It is a suitable solution for industries and entities that are into managing complex digital assets. The collaboration has come up with a novel hybrid approach to security, as it combines the experience of IDEMIA Secure Transactions’ advanced biometric smart cards and Serenity’s blockchain technology.  

While sAsexx uses fingerprint authentication and several other biometric data, it ensures that only authorized entities get access to sensitive data. IDEMIA’s B.CHAIN hardware wallet is used to provide reliable crypto cold storage solution and cutting-edge authentication protocols, thereby enabling the users to access as well as manage their digital assets directly. Such self-custody approach is what the individuals are looking forward to these days. It helps reduce third-party risks and lower the need for intermediaries.

Bottom Line

Biometric solutions are a must in today’s world. They are much-needed to gain control of what you own and enjoy peace of mind. An organization may consider itself secured enough and not in need of such solutions. They may also believe capable enough to handle such data breach. However, the cybersecurity landscape evolving at such a pace leaves no room for complacency, especially when the extent of potential cybercrimes is very well known. Solutions like sAsexx Biometric Cards are changing the way banking, insurance and healthcare organizations are serving clients while ensuring all levels of security.