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Password Resiliency Remains a Key Focus for Global Enterprises in 2022Bitwarden, the leading open source password manager for both consumers and business, announced today the results of a new global survey of enterprise security decision makers commissioned by Bitwarden and conducted by 451 Research, part of S&P Global Market Intelligence. The survey explores enterprise password management practices and intent. Overall, the survey finds that strong passwords remain a priority strategy and are important in shoring up the confidence of enterprise security decision makers. But, while security sentiments fall in line with best practices, implementation often falls short. Weak passwords are vulnerable to password theft or compromise, which has led the enterprise to complement passwords with strategies such as OTP (one time passwords), email verification codes, SMS, or biometric factors. Almost all (96%) of global respondents claim familiarity with these types of passwordless authenticators. Yet, 55% of all global respondents and 60% of all U.S. respondents said passwords are ubiquitous. Increased remote work has compelled 63% of U.S. respondents to deploy password management technologies, compared with 57% globally. When asked about the main reasons for adopting password managers, efficacy won out over convenience. In the U.S., around half (51%) of respondents cited 'preventing credential theft/account takeover attacks' as the top reason for adopting password managers. Globally, the number one priority was 'anti-fraud', cited by 51% of respondents, and a rationale that was second-most-popular in the U.S. Time-saving and reducing help desk calls were o lower priority, both in the U.S. and globally. Other key takeaways from the report:
"Enterprises have always been at a heightened risk for security incidents," said Bitwarden CEO Michael Crandell. "The majority store some combination of sensitive personal information, intellectual property, and financial information. This type of data is valuable to cybercriminals, who are aware that most employees don't always use strong and unique passwords. Add in the remote work factor, and you've laid the groundwork for a password security perfect storm." Added Crandell, "In the U.S., over one-third (35%) of respondents experienced a security incident caused by poor password management. While that may not seem high at first glance, it is a strikingly large percentage considering how destructive data leaks can be from a reputational, logistical and financial standpoint. Fortunately, this is a solvable problem. Over two-thirds (71%) of U.S. respondents said employees would adopt better password practices if their companies provided them appropriate tools. For enterprises, this should be a no-brainer, as strong password management is proven to mitigate risk." Enabling Password Management for Businesses To enable your workplace with a comprehensive password management solution, start a free 7-day trial of a Bitwarden business plan. Methodology and Full Survey Results The survey, conducted by 451 Research, part of S&P Global Market Intelligence, surveyed 400 enterprise security decision makers globally on password management strategies in the enterprise. About Bitwarden Bitwarden empowers organizations and individuals to safely store and share sensitive data. With a transparent, open source approach to password management, Bitwarden makes it easy for users to extend robust security practices to all of their online experiences - no matter their location or device. Cloud and self-hosted options give customers flexibility to meet the most stringent security requirements. Bitwarden is available in nearly 40 languages with a passionate global community of security experts and enthusiasts. The company is headquartered in Santa Barbara, California and has a globally distributed team. Learn more at bitwarden.com.
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