Poor password practices are putting small and medium-sized businesses at high risk for costly breaches. On average, employees waste 11 hours annually resetting passwords, with 50% of help desk calls tied to this issue, costing $70 per reset. Since the pandemic, password-related attacks have surged, with 62% of SMBs reporting more phishing, 55% more credential theft, and 49% more account takeovers. Alarmingly, 41% experienced a password-related attack in the past year, and 80% of data breaches stem from compromised passwords. With breach costs averaging $141–$150 per record, many SMBs lose over $100K per incident.

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