Everyone has heard of password managers, but have you ever wondered how much cost it will save and the risk you reduce? LastPass offers a FREE ROI assessment that allows businesses to truly understand how they can alleviate costs and challenges each year using LastPass as their password manager.
How does the Tool work?
The tool works by populating the fields with your organisation’s numbers, and this would adjust the risk indicators and savings.
Key factors that determine cost savings would be the number of employees in the organisation and the number of each employee. If an organisation has 200 employees and averages around 50 helpdesk calls a year due to password resets, there would be an enormous cost saving in terms of productivity from your staff and costs. 25- 40% of all help desk calls are due to password problems or resets, with an average of 10 hours a year for each employee resetting passwords. Simple passwords don’t protect you, and complex passwords are hard to remember, so let password managers do the heavy lifting for you.
If you are looking to reduce the risk for your organisation, this would depend on how geographically distributed your workforce is. 70% of individuals report they work wholly or partly remote, creating a flexible work environment for many. Only 35% of businesses enhanced their authentication methods with remote workers. Remote and hybrid work has become the new normal, and organisations must adapt and place security measures accordingly. Clearly, this shows awareness and needs more action. Start taking action now by implementing LastPass as your password manager.
Another critical factor would be whether the password manager gets deployed across users in a single department or an organisation. If you’re thinking, ‘I’m going to deploy a password manager and have high security for just the important staff,’. Stop right there! Your organisation is only as strong as your weakest link. 81% of data breaches are due to human elements like reusing passwords or phishing. You can’t risk poor password hygiene. That’s why password managers are so important to gain visibility into end users to see what they are doing about their passwords.
The Risk factor associated with Remote work with no security measures across a department is VERY HIGH.
The Risk factor associated with Hybrid work + security measures (SSO, MFA, DWM & Cyber insurance) across an entire organisation is medium.
You can significantly reduce the risk of a business by implementing small changes, and LastPass, as a password manager, helps you do that. It is easy to onboard new customers and has all the essential security measures such as SSO & MFA, Cyber assurance built into the product set. In 2021 the average cost of a breach was 4.24M USD. So, can your business afford the risk?
Interested and want to learn how you can save cost and reduce risk?
Check out the tool – LastPass ROI Calculator
For more information about LastPass, contact Parthiv@sofsol.co.nz
