Gartner: "Passwords Are Expensive"
Password management is an expensive overhead for organisations, while it may appear trivial to set a user password, there are a number of considerations for password management that need to be taken into account.
The expense of the password is typically associated directly to the user. Users want to create simple passwords, that they can remember, having to go through the password reset process is tedious and time consuming. Password related calls to help desk contribute to over 70% of help desk tickets for many Enterprise organisations and Gartner estimate approx. $180 per user / year cost. This is a combination of factors, from running the help desk to loss of productivity for the user while they are unable to gain access to systems.
Typical Components of Cost
Primarily, passwords are typically the weakest component of IT infrastructure, the vast majority of data compromises come from misuse of individuals passwords, this could be through shared credentials, brute force attacks or phishing attacks on employees or clients accessing your IT infrastructure.
Since the password is inherently weak and is prime cause of data compromise, secure access to systems is typically achieved by adding 2FA (2 Factor Authentication) for user access. As well as being a cumbersome user experience, 2FA solutions can add significant costs, as token OTP (One Time Password) technology is assigned to each user, this is further compounded with the logistical challenges and costs associated with physical tokens.
Veridium software approach to user authentication has many security benefits to organisations, removing the password actually increases security for organisations by eliminating the capability to share credentials or perform brute force attacks on infrastructure, additionally phishing emails are irrelevant since the user has no password to replay to the attack. If the user has no password, calls to help desks are significantly reduced, driving down operational costs for organisations and increasing user productivity.
Veridium’s default solution also delivers strong MFA (Multi-Factor Authentication) adding further levels of assurance of user identity when accessing systems or performing transactions. With Veridium’s InMotion, User Behaviour Analysis providing further confidence to the identity of the individual, organisations can again help reduce fraudulent activity and eliminate the requirement for legacy token (OTP) technology as a strong authenticator, further reducing operational costs for organisations.