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Losing business secrets could cost your company millions

security
(Image credit: Image Credit: Geralt / Pixabay)

An enterprise will lose an average of $1.2 million every year due to leaked informations, a new report from password management company 1Password claims.

Polling roughly 500 employees for the Hiding in Plain Sight report, 1Password found that two-thirds (65 percent) of organizations have more than 500 secrets (code, credentials and keys), with one in five (18 percent) having “more than they can count”.

As they try to manage these secrets, the companies have faced mounting expenses; IT and DevOps spend an average of 25 minutes every day managing secrets, which costs an enterprise $8.5 billion in annual payroll expenses. To make matters worse, half of respondents said the time needed to manage these secrets increased last year, with the explosion of cloud apps exacerbating the problem.

Despite this, many organizations still lose their secrets. But it’s not just money that’s at stake here; 40 percent experienced brand reputation damage or lost clients as a result of a data incident. Others had to delay ongoing projects.

The report hints that organizations could keep their secrets a lot better if their IT/DevOps departments weren’t prioritizing other tasks. Furthermore, security could be tightened up if senior employees weren’t as eager as they are to circumvent security policies.

The majority managers and executives have ignored or worked around company security policies to meet Covid-19 work demands - nearly triple the rate of individual IT/DevOps contributors (25 percent), the report concluded.