When most data breaches can be attributed to a human element, is your business taking all the precautions necessary to ensure both your data and bottom line are safe? By taking LastPass’s ROI (return on investment) assessment, you can better understand how your employees’ password behaviors are affecting the security and financial viability of your SMB.
Let’s dive into what the ROI assessment covers to learn more about how you can alleviate cybersecurity challenges and costs for your business each year.
Assessing your employees and their password behavior
The more passwords there are, the more keys there are to unlock sensitive data that your business depends on. And with the rise in remote work -- 70% of respondents noted they worked wholly or partly remote, according to the Psychology of Passwords – the right tools need to be in place to help employees manage their sensitive business credentials.
On average, employees manage up to 50 accounts protected by password credentials and must reset their credentials five times per month due to forgetfulness, according to data from LastPass and OnePoll. Taking about 10 minutes per reset, that nets out to 10 hours per year for each employee.
Based on the size of your organization and how many passwords your employees are managing, our ROI assessment will tabulate the productivity losses you may be experiencing if you’re not using a password management solution across your entire organization.
Assessing your help desk needs
Password-related challenges can cost your organization money. Forrester Research reports that the average cost of a password-related help desk call is $70 USD. And when 25-40% of help desk calls are due to password problems or resets, password mismanagement can add up.
But it’s not just a monetary amount you need to worry about. Onboarding and offboarding your employees can be a productivity drain for your help desk – and cut into precious time that could be focused on more serious security incidents.
By looking at the workload of your help desk – how many password-related tickets they’re taking alongside employee onboarding and offboarding procedures -- our ROI assessment can paint a picture of just how much time and money you’re losing without a password management solution.
Securing your organization
What you and your employees do has a direct impact on your business’ bottom line and operational risk. By taking the ROI assessment, you’re one step closer to understanding where your organization sits on the cybersecurity spectrum in terms of time, money, and risk.
Anyone who manages at least one credential, has access to digital business accounts, or uses a company device, should be empowered to use password management tools. And this applies to your entire organization, not just certain departments.
A password management tool can help you enforce proper password hygiene and manage user behavior through policies – from anywhere for anyone. Solutions like multi-factor authentication, single sign-on, and dark web monitoring can further reinforce and complement organizational password management.
Take the ROI assessment now.
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