The real cost of a breach? Its hard to tell.
The Target breach originally reported to be $148 million doesn’t end. As Jennifer LeClair writes: In January, the company said the theft may also have exposed identifying information like names, addresses and e-mail addresses for as many as 70 million customers.
The original breach was accomplished with the stolen network credentials of a HVAC contractor. Target told reporters at The Wall Street Journal and Reuters.
Alan Martin posted yesterday the cost was mitigated by $19 million.
When you consider that 40 million people had their credit cards compromised and suffered the inconvenience associated, it is hard to imagine how this is acceptable. That’s 40 million people inconvenienced to one degree or another, some likely severely. This settlement equates to the value of a postage stamp per person. But oddly the real victims are not compensated. It is MasterCard who is to be made whole not the consumer. As for the cybercriminals, they go free.
Some would see the preeminent issue as the money. Others would ask who is the responsible party and what punishment should be evoked. Others would rightly say: is it not the consumer who’s identity is stolen that suffers? Consumers have the double whammy of being forced to participate in a cleanup that was not their doing and not being compensated, while others are compensated.
Because the breach was simply stolen username and password, the real question is why don’t we just eliminate the password all together? Shouldn’t we just fix the problem? The password remains the weakest link.
BPID is on a mission to eliminate the password in 2016. Our asymmetrical data system makes eliminating the password possible without compromising security or convenience. Stay current of our progress, please join us by signing up for our news.
Coming soon… BPID password-free authentication.
Paul Swengler is the CEO and principal of Bulletproof ID a password-free login. He can be reached through www.bpidsecurity.com and can be found on twitter @bpids
Stay up to date on our progress to eliminate the password, please join us by signing up for our news.
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