Managing passwords of any kind has become the pain point for many organizations. According to recent research by Cyber-Ark, many enterprises spend around £250,000 a year to manually manage passwords.
It's not just managing the passwords that cause the problem but the damage that can be done by mis-management – for example insiders and ex-employees often sabotage systems using their "privileged password" access.
Research from Carnegie Mellon University for the Department of Defense (DOD) finds that when it comes to insider attacks, 86% of perpetrators held technical positions.
Of these, 57% performed the attack after termination of their employment. These insider attacks result in costly outages, lost business, legal liability and, inevitably, failed audits – all as a result of bad password management!