Importance of Password Security for Businesses

Educating employees on password security isn’t enough.

In a world of seemingly constant breaches and cyberattacks, password security is critical, but also a significant challenge for employees and IT teams alike. However, in the face of those challenges, four out of 10 companies manage passwords manually, and more than half rely on employees to monitor their own password behavior.

Leaving employees to manage their own password security is a mistake, especially given that many do not follow best practices. For examples, employees are password sharing internally, creating weak, not secure passwords, and more. Based on data from a global research study from Ovum, this report reveals a lack of control over password security that results in IT relying on employees to manage their passwords and online security, rather than implement and automate with technology.

Key findings include:

  • 44% of employees say passwords have a significant negative impact on their productivity.
  • Nearly 60% of organizations have not implemented an SSO solution and 78% of IT does not have control of all the cloud-based applications in use by employees.
  • Almost four in 10 companies manage passwords manually, despite risks such as password sharing.
  • 69% of employees would want to use a password manager if their company offered it.
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