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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 €.

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.

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.

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.

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.

O2 Telefonica uses 5G radio cell street light - as per COM!

Pilot project

O2 Telefonica uses 5G radio cell street light

of Boris Soil- 09.04.2024

Photo: 5G Synergiewerk / Sven's Bildwerke

Together with the 5G Synergiewerk and the Stadtwerken Würzburg, O2 TelefÃ3nica has set up the first street light with 5G technology to improve network coverage.

More locations for antennas are needed to improve mobile coverage in cities. But the space on the roofs is often expensive and time-consuming in the connection. Small radio cells - so-called "small cells" - can remedy the situation, and the network operator O2 TelefÃ3nica is now placing them in street lights in a pilot project.

This project started in Würzburg on Versbacher Straße in cooperation with the infrastructure specialist 5G Synergiewerk and the Stadtwerken Würzburg. Discussions are currently being held for further locations. According to its own information, O2 TelefÃ3nica already operates more than 40 conventional mobile phone sites in Würzburg.

The LED street lights integrate radio cells for 4G as well as 5G and thus allow data and voice transmissions. As part of any urban infrastructure, these are widely used. They already have a power connection, so that only one high-performance fiber optic connection for the transport of mobile radio signals needs to be added.