![]() This is to say nothing of the regulatory and legal penalties that the company may have to pay out depending on the nature of the breach. When you tally up the staff hours involved in these tasks, chances are you’re looking at a fair amount of money. It takes 243 days for the IT team to identify the breach, and then another 84 days to contain it. This kind of breach also has the longest lifecycle. ![]() What’s more, the use of stolen or compromised credentials is still the most common cause of data breaches. According to IBM’s 2022 Cost of a Data Breach Report, the average cost of a data breach in the US reached $4.35 million in 2022 – an all-time-high – and 83% of organizations have experienced more than one breach. Unfortunately, data breaches are becoming more frequent and more costly. ![]() When you look at an IT team’s list of priorities, preventing a data breach is usually at or near the very top. ![]() But did you know that a password manager for your whole organization can help your IT department achieve its goals on an even broader scale? Here’s how you can leverage this multi-faceted tech tool to reduce the chances of a data breach, save your IT team time on password resets, and automatically promote good password hygiene across the entire organization. If you’re already using a password manager to secure your admin passwords – a great move, by the way – then you already understand how it benefits your team. As an IT professional, you know how crucial it is to have the right tools to do your job. ![]()
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