Michael Rothschild, HYPR
4 Min. Read | August 1, 2023
In an era where digital transformation is rapidly reshaping industries, businesses face mounting challenges in safeguarding their sensitive information and ensuring user authentication is both secure and seamless.Yet they cannot afford to continue treating security as an endlessly growing cost center that takes time and resources from other strategic priorities. Recognizing the strong demand for more robust security solutions that also serve as a revenue accelerator, Forrester, a renowned research firm, conducted a Total Economic Impact (TEI) study of HYPR. The study reveals impressive key findings that underscore the significance and fiscal impact of modern authentication in enhancing business performance and reducing risk.
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Understanding the Total Economic Impact™ (TEI) Study
Forrester's TEI methodology is a well-regarded approach to assessing the potential economic impact of implementing specific technologies within an organization. The study analyzed data gathered from five organizations that had already adopted HYPR Authenticate. All data was gathered directly by Forrester, without HYPR involvement, so that participants would answer freely. The research evaluated the financial and operational benefits experienced by these companies, providing valuable insights into the value of passwordless MFA in real-world scenarios.
Based on these interviews, Forrester constructed a composite company which models the results experienced by the real-life companies. In this case, Forrester modeled HYPR’s results by looking at a 10,000 person company with $5B annual revenue in a highly regulated industry such as banking.
Key Findings from the TEI of HYPR Study
ROI of 324%
One of the most remarkable findings from the TEI study was the impressive Return on Investment (ROI) that may be experienced by organizations implementing HYPR's passwordless MFA solution. Forrester reported an ROI of 324%, indicating that the benefits far outweighed the costs associated with adoption and integration. For the composite company, this amounted to a present value (PV) of $8.1 million realized in total benefits over a three-year period.
More than $2.7 Million Savings in Business Risk Related to Data Breaches
Data breaches and cyberattacks pose a significant threat to businesses of all sizes. Forrester's study calculated a savings of more than $2.7 million (PV) in business risk from breaches for the composite company over three years. . By eliminating passwords and adopting stronger authentication methods, organizations using HYPR Authenticate can effectively mitigate the risk of unauthorized access to critical systems and sensitive data.
95% Reduction in Help Desk Support Costs Related to Passwords
Passwords are not only a security risk but also a common source of frustration for users. The study found that with HYPR Authenticate, organizations witnessed a 95% reduction in help desk costs related to passwords, worth more than $2.5 million (PV) in a three-year period to the composite organization. This reduction was attributed to a decline in password-related issues, such as password resets and account lockouts, which traditionally necessitate user support.
$2.7 million Savings in End User Productivity
User experience plays a crucial role in driving business productivity and an inefficient user experience can be an immense drain on capital. The TEI study demonstrated that employees of organizations using HYPR Authenticate have less downtime and spend less time logging in , resulting in more than $2.7 million (PV) in savings over three years for the composite organization. The elimination of passwords simplifies the authentication process, enabling users to access systems and applications seamlessly and with a more streamlined workflow.
Importantly, the research demonstrated that employees using HYPR Authenticate log into their systems 30% faster than employees using traditional authentication methods. This helps to speed user acceptance and adoption of the new solution.
Conclusion
Forrester's TEI study for HYPR offers valuable insights into the impact of passwordless MFA on businesses. The study's key findings demonstrate and quantify, based on real HYPR customer data, the immense potential of passwordless MFA in enhancing security, improving user productivity, and delivering substantial financial benefits.
As businesses strive to meet the growing demands of a digitally driven world, adopting innovative solutions like passwordless MFA becomes a strategic imperative. By leveraging HYPR, businesses can create a more secure, efficient, and user-friendly environment for employees and customers alike, ensuring they are better equipped to navigate the challenges of the digital age.
To learn more, get the full Forrester report here.
