Almost 11 hours are lost every year resetting passwords, according to a new report published on Tuesday.
Individuals spend on average just over 12 minutes every week entering and resetting passports. That comes at a huge cost for the average size company, approximately 15,000 employees in the study conducted by security firm Yubico.
The estimated cost of productivity per organisation averages $5.2 million annually.
63% of respondents said they are more concerned about the privacy and security of their personal data than two years ago.
Government snooping was the main concern cited by those polled in the survey.
More than half of those polled said they have experienced a phishing attack in their personal life, while 44% had had a phishing attack at work. However, 57% of those who had experienced a phishing attack did not change their password behaviours.
“For decades, passwords have been the primary method of authentication used to protect data and accounts from unauthorized access. However, this multi-country research illustrates the difficulties associated with proper password hygiene,” said Yubico CEO Stina Ehrensvard.
“With every new password breach that we see, it’s become increasingly clear that new security approaches are needed to help individuals manage and protect their accounts both personally and professionally.”
Yubico surveyed 1,761 people in the US, UK, Germany and France.