BrandPost: R.I.P. passwords. Hello peace of mind
It is estimated that an average user has close to 100 passwords that they use across various applications and services. Almost two-thirds of users re-use the same password across multiple accounts with 13% of users re-using the same password across all accounts. Verizon’s 2022 DBIR found that weak or compromised credentials are the source of over 80% of data breaches.
When users have great password hygiene and use appropriate length and complexity of passwords, they face the issue of forgetting their password and having to reset them and potentially still getting locked out of their accounts. Forrester Research found the average help desk labor cost for a single password reset is about $70. This does not consider the lost productivity for a user, compounded by the many password resets done in a year. In addition, it also leads to lost revenue on the consumer side when users abandon shopping carts on e-commerce sites due to the friction created and poor user experience of trying to reset forgotten passwords.