Security News > 2021 > November > Organizations can save $1.9 million using workforce passwordless authentication

Using survey responses the cost of economic efficiencies from the use of passwordless technologies was calculated and suggests cost savings of $1.9M over conventional password-based MFA. "Enterprises continue to feel threatened in the pandemic with many feeling targeted, and this along with remote work and associated loss of productivity from password problems is driving increased adoption of passwordless technologies," said Dr Larry Ponemon.

Organizations with passwordless authentication have significantly lower help desk calls pertaining to passwords.

To estimate the total amount of economic loss from traditional password-based authentication versus passwordless, organizations were asked to detail the costs attributed to a range of costs, including direct IT costs, downtime, lost business, damaged reputation and paid ransomware.

Passwordless authentication saves an average of $534K over conventional authentication in help desk costs, with organizations spending an average of roughly $1.5M over a two-year period.

Passwordless authentication saves the average organization $1.4M in costs over conventional password-based authentication.

Roughly 40% of respondents who have not adopted passwordless felt passwordless was not as secure as other two-factor authentication or traditional MFA methods.

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