The Need for Better Key Tracking
Here are 8 facts that you need to know about the reality of key loss and why you should take
preventive measures to avoid the risk and cost associated with losing master keys.
- Re-keying a multi-tenant high-rise can cost upwards of $80,000 and take several weeks to finish. Even with insurance, an average deductible would run $25,000.
- Between security, janitorial, engineering and management staff, a typical downtown high-rise has over 40 master key sets, of which 12-18 are deployed at any one time.
- Key loss is not only a security and cost issue - it's also a credibility and integrity issue for security firms and property management companies.
- The majority of master keys today are simply protected by the traditional key ring attached to a belt loop. This method of key control has remained unchanged for well over 100 years.
- During the London 2012 Olympics, a set of master keys was lost for Wembley Stadium, a major sporting venue. Replacing keys and locks cost tens of thousands of dollars.
- Re-keying the buildings on a typical college campus due to master key loss can cost up to $100,000. Last January, USA Today reported that the loss of master keys costs College of William and Mary close to $500,000. Ref.: http://college.usatoday.com/2016/01/29/college-of-william-and-mary-loses-master-key/
- Millions of dollars are spent annually on the control of master keys when they are not in use. However, almost no money is spent to control keys once they go on shift.
- G4S forced to spend £500,000 changing ALL the locks at prison after guards lost the keys. Ref.: http://www.dailymail.co.uk/news/article-2827303/G4S-forced-spend-500-000-changing-locks-prison-blundering-guards-lost-keys.html#ixzz4CK0dK400