How Much Time Does Your Company Spend Managing Passwords?
Time is money. And a password manager can help you save both.
These days, we have to log in for everything. Between work life and home life, we have about 100 passwords to keep track of. And with so many to manage, it’s easy to fall into the guessing, forgetting, and resetting cycle. Taking a few minutes to reset a password might not seem like a ton of time, but it adds up to approximately 11 hours a year. This wasted time is frustrating for employees at work, but it also has financial ramifications for organizations.
Time equals money
If you get locked out of your computer or a critical account at work and immediately call your IT department, you’re not alone. According to the Gartner Group, between 20% to 50% of all help desk calls are for password resets. Then there’s often lag time before you can get back into your account and back to work. A study conducted by security firm Yubico found that the time individuals spend resetting their passwords costs an average-sized company (with approximately 15,000 employees) a shocking average of $5.2 million annually. When employees have too many passwords to remember and admins can’t securely share them, companies could potentially waste money on hundreds of hours of lost productivity.
Saving passwords and productivity
A password manager like Dashlane can help employees save time and help organizations save money. Implementing a company-wide password management system means that employees no longer have to remember 100 passwords—they only need to remember one Master Password to access all their accounts. With only one password to remember, password resetting time drops dramatically, and employees can get back to work faster.
Password managers also allow IT administrators to store, manage, and share company passwords with employees easily and securely. This way, there won’t be any time lag if a password on a shared account is updated. Instead, all users will automatically log in with the new password because it’s automatically saved in their vault.
How much time does your organization spend managing passwords?
Use Dashlane’s Password Manager Savings Calculator to calculate how much time (and money) a password manager could save you and your IT team.