Counting the cost of password resets

Recent research shows that 56% of FTSE 100 employees reset their passwords monthly, costing over $1.7 billion annually. The cost of these password resets is estimated to be around $70 per reset, resulting in a total cost exceeding $156 million per month for the FTSE 100 alone. Julia O'Toole, CEO of MyCena Security Solutions, suggests that businesses should take control of their own access and passwords to eliminate the need for password resets. O’Toole emphasises that when employees know their passwords, companies are vulnerable to phishing attacks – a major cause of data breaches. To address password resets, businesses can regain control through access segmentation and encryption management solutions that generate strong random passwords for all systems, which are encrypted and distributed to employees. By implementing such solutions, businesses can eliminate password resets, reduce security risks, and save millions of dollars per year.