The Productivity Cost of Passwords
According to a recent LastPass report, the average employee has 191 passwords. How many do you have? In this era of technology, your answer was likely a staggering number, if you could even recall all of them.
Considering this, it is virtually impossible to remember a unique password for every account. In fact, 91% of people understand the risk of reusing passwords yet a distressing 61% continue to use the same password everywhere. The password “123456" unlocks about 17% of the online accounts.
SEKUR.me securely eliminates passwords. So we decided to crunch the numbers and see just exactly how much eliminating passwords can increase productivity and save money.
As reported by LastPass, on average, typing a password to login takes 14 seconds. For an average employee that types their password 156 times a month, this equates to 36 minutes of wasted time each month. With an average yearly salary of $49k, those wasted minutes add up to $15.70 per month per person.
2-Factor Authentication, which many company accounts require, takes even longer, 32 seconds. This security cost adds up to $35.89 per month per employee in productivity cost, in addition to the cost of a 2-Factor Authentication provider. Considering that a passwordles multi-factor QR login takes only 4.5 seconds, a company could save $30.84 in unproductive password entry time per month per person. For a typical 250 employee company, this means that companies could save over $92,000 a year in productivity. This small change can have such a huge impact.
This study did not include the cost of password resets. In a large consumer facing organization, passwords reset support easily eat up 25% of the Customer Support budget.
81% of data breaches are from weak, reused, or stolen passwords. 4.2 billion password credentials have already been stolen. If you eliminate passwords, you will eliminate 81% of the data breaches. And that’s just a starter. In our estimate, a good multi-factor authentication will eliminate another 16%. You now only need to protect yourself against the 3%.