Passwordless MFA for Your Employees:
Employee Password Resets
Did you forget your password? The average cost in help desk labor for a password reset is $70 according to Forrester.1 At an average of 1.25 resets per employee per year, that equates to $87,500 saved on employee password resets.
Assuming you have 1,000 employees:
$70 * (1.25 * 1,000 employees ) = $87,500
Productivity
It takes your employee an average of 6 seconds to type in a 12-character password into their workstation. Employees log into their workstation 25 times / day on average.2
That averages out to 6.3 hours per employee spent logging in each year. Your organization is losing 6,300 hours in productivity each year on typing in passwords. At a minimum wage of $18, that comes out to $113,400 in productivity wasted on password entry.
Assuming you have 1,000 employees:
6 seconds * 15 = 90 seconds
90 seconds * 252 work days = 22,680 seconds = 6.3 hours
6.3 hours * 1,000 employees = 6,300 hours
For workstation login, HYPR only takes ~3 seconds on average to log in. True Passwordless MFA provides our customers a login experience thats faster, more secure, and fully eliminates the use of shared secrets. The best part? It's 100% passwordless.
Passwordless MFA for Your Customers:
Credential Stuffing and ATO Fraud Prevention
The average monetary cost of fraud per account due to credential stuffing is $1,535.3 The average success rate of a credential stuffing attack is 2%. With 250,000 customers, you can prevent 5,000 fraudulent transactions.
Assuming you have 250,000 customers:
2% of 250,000 customers = 5,000 accounts impacted by credential reuse.
5,000 * $1,535 = $7,675,000
Customer Password Resets
Forgot your password? The average cost in help desk labor for a customer password reset is $17 according to Gartner.1 At an average of 1 reset per customer per year, that equates to $4,250,000 spent on customer password resets.
$17 * 250,000 customers = $4,250,000 saved on customer password resets
Bonus - Online Transaction Revenue Gained
33% of transactions are abandoned at checkout due to forgotten passwords.4 The average online transaction value in the United States is $81.26.5 Let’s assume every customer performs only 1 transaction per year.
33% of ( 250,000 customers * $81.26 ) = $6,703,950 in lost revenue can be generated by going passwordless.
1. Forrester Research, Best Practices: Selecting, Deploying, and Managing Enterprise Password Managers, 2018
2. UX Collective, The Power of Ethnographic Research, 2020
3. Akamai, The Cost of Credential Stuffing, 2017
4. MasterCard and University of Oxford, Mobile Biometrics in Financial Services: A Five Factor Framework, 2017
5. Shopify, State of Commerce Report, 2019
