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Passwords - Hidden cost trap for businesses?
Photo: Specops software
Passwords play an important role in the security of
many companies. However, they can also be a considerable cost point.
From countless hours that your service deser spends with password resets
and unblocking accounts, to the huge costs of cyber attacks - In short,
passwords cost your company money.
The following is what we're
going to see hidden costs, which can be caused by weak passwords, giving
tips on how to increase the security of your passwords and reduce
costs.
Passwords as cost driver
Impact on productivity:
Forgotten, expired and reset passwords can affect the productivity of
your employees, allowing you to cost valuable time and money. According to Bloomberg, employees spend an average of 11 hours remembering or resetting them passwords every year. Statistical estimates that companies lose an average of USD 480.26 per employee.
Helpdesk and Support Costs: Gartner estimates that 20% of all help desk requests account for password resets, according to Forrester, each cost 70 dollars. In larger organizations, this can quickly become a significant financial burden, especially since qualified support employees are not exactly cheap: According to Salary.de, the average salary for jobs in first-level support in 2023 was approx. 40.000 €.
Helpdesk and Support Costs: Gartner estimates that 20% of all help desk requests account for password resets, according to Forrester, each cost 70 dollars. In larger organizations, this can quickly become a significant financial burden, especially since qualified support employees are not exactly cheap: According to Salary.de, the average salary for jobs in first-level support in 2023 was approx. 40.000 €.
Security risks : Weak or reused passwords increase the vulnerability of companies against cyber attacks. Verizon 2023 Data Breach Investigations Report
shows that 86% of data breaches are due to stolen access data. Ransom
loss claims, attempted blackmail, fines, legal costs and damage to the
image are the consequences. According to IBM, this cost 2023 companies an average of more than 4.45 million US dollars.
Opportunities for savings on passwords?
As already mentioned, passwords are associated
with hidden costs. Fortunately, there are possibilities for IT teams to
improve password security while at the same time reducing or keeping
them under control the costs associated with passwords. We introduce you
to some of these options here.
Multi-Factor Authentication (MFA)
In addition to passwords, MFA offers additional factors for authentication. According to Cybercrime Magazine, MFA can fend off between 30 and 50% of attacks on accounts. However, remember that attackers have opportunities to circumvent MFA, which is why strong and secret passwords are still an indispensable first factor.
In addition to passwords, MFA offers additional factors for authentication. According to Cybercrime Magazine, MFA can fend off between 30 and 50% of attacks on accounts. However, remember that attackers have opportunities to circumvent MFA, which is why strong and secret passwords are still an indispensable first factor.
Single sign-on solutions (SSO)
SSO allows users to access multiple applications with a single set of credentials. This has a positive effect on user-friendliness, password fatigue and reset requests.
SSO allows users to access multiple applications with a single set of credentials. This has a positive effect on user-friendliness, password fatigue and reset requests.
Staff training and informing
Regular training courses can help to improve the handling of passwords. Clarify your employees about the need for secure passwords and the risks of reusing passwords.
Regular training courses can help to improve the handling of passwords. Clarify your employees about the need for secure passwords and the risks of reusing passwords.
Reduce costs with third-party tools?
With solutions such as Specop's Password Policy,
you can save costs in the long term. With Specop's Password Policy, you
can implement modern password guidelines and recommendations for
improving the password security of authorities such as BSI quickly and
easily.
But what should professional passwords be reused on private websites and applications with weak security precautions? Specops Password Policy continuously searches for compromised passwords and blocks them.
Self-service password reset software such as Specops uReset allows your users to reset their own passwords quickly and securely, even without a VPN to the company network - How to relieve your IT helpdesk.
But what should professional passwords be reused on private websites and applications with weak security precautions? Specops Password Policy continuously searches for compromised passwords and blocks them.
Self-service password reset software such as Specops uReset allows your users to reset their own passwords quickly and securely, even without a VPN to the company network - How to relieve your IT helpdesk.
He will give a lecture entitled: "How to socialize with robots”, which will take place on 14 December at the Auditorium of Wrocław University of Science and Technology (building A-1, 27 Wybrzeże Wyspiańskiego), starting at 1.15 p.m.
