Losses aren’t just due to ransomware demands or outright theft. The true cost of a data breach is in repairing the breached systems and, of more concern, the customer churn. According to the IBM Cost of a Data Breach report for 2020, lost business accounted for nearly 40% of the average total cost of a data breach.
Alarmingly, most data breaches weren’t to steal intellectual property, corporate data, or employee PII. Most data breaches instead stole customer PII, or personally identifiable information. This theft of personal information means that knowledge-based authentication (KBA) on its own is no longer effective as a second factor of authentication.