Most enterprises are maintaining or increasing their password management budgets

Bitwarden announced the results of a global survey of enterprise security decision makers, conducted by 451 Research, which explores enterprise password management practices and intent.

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.

93% of enterprise respondents said they are maintaining or increasing their password management budgets.

46% and 47% of U.S. enterprises and global enterprises believe organizations should provide password management tools for employees both at work and at home.

“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.”