What is Biometric Data Retention?
Biometric data retention involves storing the biometric information of individuals for future use in identity verification processes. Companies capture biometric data through various means, such as when employees clock in and out of work using fingerprints or facial recognition technology, or when customers verify their identities through biometric scanners or facial recognition technology.While such technologies provide enhanced security, they also come with a responsibility of storing the biometric data collected. This storage entails a cost that businesses have to bear either by buying hardware or cloud storage. The cost of storing biometric data can add up fast when dealing with large volumes of data.
Biometric Data Retention Costs
Storing biometric data, which is essentially sensitive data, has costs beyond normal storage costs. Here are the four cost elements that contribute to biometric data retention costs.
Hardware and Software Costs
Companies that want to store biometric data may need to invest in specific hardware and software systems that are compatible with storing such data. These systems have to meet specific security and privacy requirements to ensure the safety of the biometric data.
Infrastructure Costs
If the company wants to store biometric data on their servers, then they need to consider the infrastructure costs that come with maintaining these servers. This includes the cost of electricity, cooling, security, and maintenance, all of which add up over time.
Cloud Storage Costs
Cloud storage is a popular option for companies that want to store biometric data. However, this storage typically comes with monthly costs that rise based on the volume of data stored. As companies collect more and more biometric data, the costs of storage in the cloud will increase.
Security Costs
Storing biometric data is not just a storage issue; it also involves significant security risks. Companies have to take additional measures to ensure the safety of the biometric data, such as encryption, regular backups, and robust access controls. Such security considerations come with their own costs, including systems for data access management, security consultants, and physical security measures.
Tips for Managing Biometric Data Retention Costs
As a company, the choice of whether or not to store biometric data for identity verification purposes has to be a balancing act between the potential benefits and the cost implications. Here are some tips for managing biometric data retention costs:
Analyze the Volume of Data
Analyze the amount of biometric data collected to understand the cost implication of storage. This can include estimating the number of biometric data points you collect per day or month. By understanding the exact volume, it’s easier to make an informed decision on whether to engage in biometric data retention efforts.
Explore Flexible Storage Options
There are many options to explore for storing biometric data, such as cloud storage, external hard drives, or on-premise servers. Companies can opt for pay-as-you-go offerings from cloud storage providers, that expand with the volume of data collected. Cloud providers manage the maintenance of the hardware and software infrastructure, which provides significant savings.
Choose Secure and Reliable Solutions
Data security is an integral part of biometric data retention management, and companies need to explore all the safety features available. Ensure that the storage solution has robust access control features and multi-factor authentication options to limit who can access the sensitive data. Features such as backups and data replication provide disaster recovery capabilities to ensure data is always available.
Regularly Evaluate Your Storage Needs
Companies that store biometric data routinely should evaluate their storage needs regularly to ensure they are not paying for storage they don’t need. By identifying the data that has not been required for a while, companies can delete or archive data that is no longer necessary and reduce storage costs in the process.
Outsourcing to Third-Party Providers
If the storage costs for biometric data retention are too high, companies can consider outsourcing to third-party agencies. This can include managed service providers or hosting providers that specialize in high-security storage services, such as data centres or cloud providers.
Conclusion
There’s no doubt that biometric data retention costs are significant and can grow exponentially as the volume of data stored grows. However, by implementing cost-effective strategies upfront, companies can manage these storage expenses without breaking the bank. As a business, being aware of the critical factors that impact the costs of biometric data retention is essential in making informed decisions for your company. See you again in another interesting article.
