Research from Forrester estimates the average password reset costs around $70.
That’s based on the IT person’s time spent sorting it out, and the cost of employees twiddling their thumbs waiting to get back to work. Now, imagine you’re managing a company with 100 employees. If each person forgets their password just once a month (and most will), you’re going to waste $84,000 a year on resetting passwords, which is something you absolutely don’t want to do.
Think of all the things you could do with that amount of money. You could upgrade your tech, get better cybersecurity, invest in revenue-generating assets, or run a team-building event. Anything is better than spending it on password resets.
And don’t think this doesn’t happen to your business. Analysts at Gartner estimate that 40% of all help desk calls are related to passwords and resets.
So it might be time to seriously consider tools like Single Sign-On (SSO) or secure Enterprise Password Managers for your team. If you want clarity on where to start with this, reply to this email.