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We all know the importance of having passwords for various accounts we maintain. Right from your emails to your phone book and many more things that are locked with passwords that prevent people to peep inside your info and thus squeeze them away. However, of late, with smart cyber crooks and hackers, we see passwords have become very expensive and serious security risk. As per reports of Verizon, a data breach of not less than 2000 data breaches were reports in a single evar. The reports suggest that every year we see a rise in these activities and the recent was the growth of around 29% that links to the stolen credentials.

Similar was the study carried out by the known institute called Ponemon Institute along with the research wing of IBM Security that has found out the average cost of the data loss and breach in the US that has gone more than 8 million USD. The reports suggest that even though when the passwords are not stolen, companies tend to lose loads of money while trying to reset the same. As per research, the average cost one could be seen asking over the help desk can call for the reset of password that could range from $40 or $50 per call claims the vice president Mr.  Merritt Maxim, who is also the Research Director at Forrester.

While talking about the same, he said in general terms, any typical company employee would contact the customer support or help desk for around six to ten times a year for losing password or related issues. Further saying on this issue, he said adding up the cost for the average number of complaints people put to the help desk, the costs could be around 50 dollars per call by the average employee of any organization. Thus with this huge figure, you end up paying huge money for the same. This is potentially millions of dollars on an annual basis claimed the VP. 

Now, talking about the tech giants like Google, Apple or Microsoft, the total number of employees on an average these companies have is not less than 100,000 employees each. These costs a huge amount of money, which the company now is rethinking to get away with the cost incurred on the same on behalf of their employees. Now, they have embarked with ideas to reduce the dependency on things like passwords. They have come to the conclusion stating that if people are now able to ditch the password for the good. Well, lets see how things goes in the coming time. Stay tuned to know more about it and others only with us.