In the ever-evolving landscape of cybersecurity, passwordless authentication has emerged as a transformative force. A technological leap that promises to slash an estimated $1 million in annual authentication costs for businesses.
This groundbreaking approach eliminates the need for traditional password-based systems. Therefore, liberating businesses from the cycle of password resets, help desk interventions, and the inherent risks associated with credential-based vulnerabilities.
This system is not only enhancing security measures but also yielding significant financial benefits for businesses and users alike. Hence, ultimately redefining the economic landscape of modern IT operations.
The Cost of Traditional Authentication
Authentication services such as password management, which includes password resets, user support, and infrastructure maintenance, require a lot of resources from organizations. The traditional approach to authenticate has cost businesses a significant amount of money.
Weak passwords and phishing attacks have resulted in security breaches, which have added to the overall expense. In addition to the direct financial cost, businesses may also incur legal fees, regulatory penalties, and damage control efforts as a result of these breaches. Therefore, businesses are looking for ways to reduce the escalating cost of authentication.
Passwordless authentication is becoming an increasingly popular solution for IT cost reduction, as it is cost-effective and secure. By eliminating the need to authenticate using passwords, businesses can save time and money while still ensuring that their users can authenticate securely.
How Passwordless Authentication Can Help Cut IT Costs
To highly improve cybersecurity, a passwordless authentication solution brings efficiency. Not only it fortify digital defenses but also cuts many expenses in costs. Businesses can make a new and improved IT budget that will not drain their resources.
There are many ways in which passwordless authentication can help businesses to cut the authentication cost and here is the list:
Reduced Help Desk Support Costs
Any issues regarding password authentication put a substantial workload burden on the help desk support. As many users or customers require assistance to regain entry to their accounts or simply make changes to their passwords.
Passwordless authentication will eliminate those problems because users do not have the need to remember or manage passwords. Therefore, this leads to a decreased workload burden and ultimately to reduced costs as well.
Lower Password Reset Expenses
By eliminating the need for constant password resets, businesses will experience a reduction in expenses associated with help desk support. Either by manual intervention or through the automated system.
The resulting cost savings from the process will be seen as quite significant in value. Whether expenses in the time spent resetting passwords, or in the workload and expenses of the help desk support as well.
Decreased Security Incidents
There are various security threats that are commonly known as cyberattacks, such as data or information breaches, phishing attacks, and many more. Implementing passwordless authentication such as biometrics will provide stronger security.
Not only that, the new system will be able to secure any important or sensitive data. Due to the utilization of Cloud-based management. Therefore, businesses can save money that otherwise be spent on dealing with security breaches.
Time Savings for Users
Passwordless authentication will eliminate the traditional password hassles. Especially things that are associated with memorization and resets issues. Using biometrics will eliminate those issues and the users will find the system is simpler.
Users will spend less time in the authentication process by only using their existing devices. No need for hardware tokens or memorizing passwords. Therefore, this will give them practicality and a better experience.
Compliance Cost Reduction
There are many regulatory requirements applied regarding the protection and management of sensitive users’ data. Meeting compliance standards can become a financial burden. Especially with the relentless cyberattacks of the traditional authentication system.
By implementing passwordless authentication, businesses provide stronger security as required. Therefore, they achieve a secure system, fulfill the requirements, and reduce the cost of meeting the compliance standard.
Hardware Token and Password Management System Costs
Relying on hardware tokens and password management systems means that businesses will face costs. Such as maintaining the system, and purchasing or upgrading it. Especially when users lose or damage the hardware or any password-related issues occur.
Implementing passwordless authentication will eliminate those costs. Due to the usage of the existing hardware, such as smartphones or any similar gadgets. Hence, no more expenses in providing tokens or any password resets.
Moreover, this system also relies on Cloud-based management to save data. Therefore, it also reduces the cost of procuring hardware tokens or even building infrastructure.
Improved User Experience and Training Costs
Using passwords or hardware tokens, the users will need extensive training on password protocols. They need to familiarize themselves to take the right steps to avoid lock-out. Either by resetting passwords or a tutorial on using tokens.
Implementing passwordless authentication, however, will simplify the login process and reduce the need for user training. Businesses will reduce a significant amount of training costs due to the simplicity of the new system and users will easily apply them personally.
Furthermore, users will only use their gadgets as a means of authentication. Completed with the chosen passwordless authentication type (such as biometrics) it is easier to do than memorizing passwords.
Mitigation of Account Takeover Costs
Account takeover means that unauthorized individuals have breached and gained access to users’ account. This can result in financial losses or even reputational damage. This kind of incident is quite common in the traditional password system.
Businesses will have to take various actions to deal with and rectify the damage. This means expenses in time and costs. Not to mention the anxiety and the loss of productivity that the users experienced in the meantime.
By eliminating vulnerable password practices, businesses fortify their defenses. Therefore, reducing the costs incurred in responding to and recovering from account breaches. This approach not only strengthens security but also safeguards financial resources.
The above explanation has displayed how passwordless authentication cuts $1M in annual IT costs. To achieve this goal, businesses should assess their needs, risks, and also their users. Then, choose the most suitable passwordless authentication system to implement.
With the advancement of technology, cyberattacks are also getting more sophisticated. Implementing passwordless authentication will provide a more secure system and cut IT operations' various authentication costs.
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