Want to lower your business costs? You may not believe it, but it’s true: New security technology will save your company’s bacon time and again. When you choose the right solution, it can lower your overhead, protect you against internal threats, AND defend your business against future breaches. Hang on to your cash and shore up your defense parameter. Read on!
Cost is one of the most common objections decision-makers raise when it comes to technology. No matter what the evidence shows, people tend to “push back” on investing in new technology. And they love to make cost the excuse.
“How much is that going to cost us? We have bigger priorities, like bonuses.”
“Biometrics seem great, but they cost way too much for us. We’re not NASA!”
“More security? Our current approach works good enough. Why pay to fix it?”
Making the case
By calculating the costs in advance, you deal with the cost objection quickly and respectfully, just by sharing some third-party data points. First, make the case for technology by calculating the total cost of ownership. Second, explain the severity of risk and threat to your business by staying passive.
Your reliance on legacy systems probably has more to do with change management than technology strategy, let alone cost. Learn some adoption best practices.
Total cost of ownership
Most mid-market and enterprise technology decision-makers have adopted a TCO approach to determining their company’s return on investment. The concept, put simply, attempts to predict the true costs of procuring, deploying, using, and supporting a new solution in your environment. Reports like Forrester’s Total Economic Impact series focus on this type of analysis.
Before you propose anything, ask your finance team, or a trustworthy vendor like BioConnect, for help identifying your ROI and TCO of any new biometric access control solution on the table.
Dare to compare
Make sure you compare, apples to apples and your legacy security system from the proposed biometrics-enabled solution. If you use any kind of token-based or other two factor authentication security system, you probably pay a very high cost to replace swipe cards, fobs, and dongles. One fob can cost as much as $75 to $100. And all for what? A system that’s designed to verify secrets and objects—not actual identities, which can’t be lost, stolen, “borrowed,” or loaned.
Understanding the risk
If you follow the news, you know how many massive hacks and breaches make headlines. But what’s the truth behind those sensational headlines? Unfortunately, the data shows America seems caught in the middle of a cybercrime wave with no end in sight. If that sounds like hyperbole, just look at the data from 2017.
- Symantec reports143 million Americans experienced attacks with losses totaling $19.4 billion. Almost half of all Americans were victims of cyberattacks in 2017. Remember, criminals attack businesses to get to consumer data.
- Online Trust Alliance called 2017 the worst year ever with 159,700 total cyber incidents and 93% of breaches that could have been prevented. Ransomware targeting businesses caused $5 billion in damages alone.
- Accenture reported a growing cost and threat to business. “Alongside the increased cost of cybercrime—which runs into an average of more than US $17 million for organizations in industries like Financial Services and Utilities and Energy—attackers are getting smarter.”
Deepen your understanding of cybercrime. Visit our post about the modern threat landscape with data points from Accenture and Microsoft.
$17 million reasons to care
With the average single cybercrime incident in industries like finance running more than $17 million, you need to ask yourself whether you could survive an attack or two. Can you cover those costs? Do have adequate insurance? What about your reputational damage? What happens to your brand?
An ounce of prevention is worth a pound of cure. A timely investment in biometrics today will reduce your risk going forward. Nobody needs a $17 million problem they can avoid!
Do it for everyone’s sake
As part of a modern layered security strategy, a biometrics-enabled security solution can save you money. As the threat landscape worsens, the obvious technical superiority of biometrics has led to a proliferation of biometric devices. They are more affordable, durable, and measurable (at least by BioConnect) than ever.
Challenge your assumptions. Introducing a biometric-based security solution could end up lowering your overhead, especially if you rely on tokens. And it could save your bacon!