PASSWORDLESS ROI - The Financial Benefits of Deploying Passwordless Authentication

2021-09-09

PASSWORDLESS ROI

The Financial Benefits of Deploying Passwordless Authentication

Password Resets

Source: Adobe Stock

Forgot your password? The average cost in help desk labor for a password reset is $70.
A medium sized organization can experience upwards of 10,000 resets per year.

10,000 * $70 = $700,000 lost to password resets each year.

So, how many passwords does your help desk reset?

Data Breach Risk

Source: Adobe Stock

The global average cost of a data breach is $3.86 million.

80% of hacking-related breaches are tied to stolen or weak passwords. 
$3.86m * 80% = $3.09 M

Reduce quantifiable breach risk an average of $3.09 M by eliminating Passwords.

ECOMMERCE CHECKOUT ABANDONMENT

Source: Adobe Stock

33% of transactions are abandoned at checkout due to forgotten passwords.
The average online transaction value in the United States is $81.26.

A medium-sized eCommerce business processes 100,000 orders each year.
33% (100,000 transactions * $81.26) = $2.68 million in lost revenue can instead be generated by going Passwordless

How often are your customers abandoning their carts due to password friction?

Credential Reuse Attacks

Source: Adobe Stock

The avg cost of ATO fraud due to credential stuffing is $18,420 per account per year.
Approx. 2% of credential stuffing attempts on accounts are successful. 

A medium-sized eCommerce business has upwards of 10,000 customer accounts.
2% * (10,000 customer accounts * $18,420) = $3.68 M saved by preventing a credential stuffing attack.

How many user passwords are you storing? 

Workforce Productivity

Source: Adobe Stock

A major bank with 100,000 tellers studied their employee login times.
Each successful workstation login averaged 5 seconds.
A teller logs onto their computer approx. 70 times each day during a full-time shift.
5s * 60 = 300 seconds * 252 Work Days / 3600 = 24.5 hoursper employee spent logging in each year.
Passwordless can save an average of 24 Hours in productivity per employee per year.

That’s approximately 6,575 hours per day spent on typing passwords — talk about productivity losses!
If we base this off a 252-day work year, and an average teller pay of $18 per hour, it amounts to
nearly $45 million in hourly wages spent on logging in for the entire year.
So, how many times a day do your employees log in?

 

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