Password automation decreases the cost and chance of a data breach
The changes in the cybersecurity landscape in 2021 are worth paying attention to. According to the IBM report, the average cost of the data breach increased by 10%. It has now reached a record $4.24 million, the highest figure recorded during the past 17 years.
However, one finding was particularly promising – password automation might help to significantly decrease the average cost of the data breach. How?
Understanding the issues behind passwords
As the report suggests, passwords are still the dominant reason behind successful cyber attacks. Specifically, a data breach caused by compromised credentials costs $4.37 million on average – higher than a general global average.
Consequently, understanding the economic effect a compromised password might bring encourages implementing preventive measures on time.
How can password automation reduce a cost of a data breach?
Implementing password automation practices inside the organization directly correlates with decreased chances of suffering from a cyber attack. Password automation was noticed to reduce the cost of a data breach up to $3.81 million.
The explanation behind the lower numbers is that an automated solution diminishes the chance for an employee to make a password-related mistake.
Password manager – the tool that facilitates daily data management
One of the most cost-effective tools that might greatly facilitate password management practices and, hence, reduce the cost of a data breach in the company is a password manager.
Log in before accessing sensitive information
The password manager that implements a zero-trust approach – that requires logging in first before accessing the passwords – decreases the chance of unauthorized access.
Additionally, it is highly recommended to use a password manager that supports Two-factor authentication. Such authentication ensures identity of the owner who is accessing the vault. Consequently, the chance of a data breach becomes nearly impossible.
Autofill, autosave and password generator
A few password automation features that provide safer and faster data management are autofill, autosave, and secure password generator.
When an employee generates a secure, complex password and the system automatically saves and fills it, the person intuitively adopts a habit of responsible data management.
That means an employee provided with automated password management techniques is less likely to reuse credentials or use weak passwords for critical accounts. As a result, the cybersecurity in the company is improved, the chances of successful cyber attack is decreased and the average cost (or even the chance) of a data breach is reduced.
Password automation facilitates and secures daily tasks. Adopting some password automation principles by introducing a password manager at a company is the proven method for that.
After all, being protective in a cybersecurity field is directly linked to financial security. Consequently, that is the path your company should strongly consider following. It is always worth it.
