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Report: Mismanaging secrets costs companies $1.2M annually

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Summary

A new report from 1Password found that mismanaging secrets can cost companies an average of $1.2 million in revenue annually. The report found that IT and DevOps teams are not meeting rigorous standards to protect secrets, resulting in financial loss, damaged brand reputation, lost customers, and delayed product cycles. The survey also found that IT and DevOps employees are spending an average of 25 minutes per day managing secrets, have access to more secrets than they can count, and are often sharing secrets over insecure channels. The report also revealed that managers and VPs are more likely to circumvent security policies and reuse secrets, and that IT and DevOps workers are concerned about the consequences of their companies not doing enough to secure secrets.

Q&As

How many IT and DevOps organizations have leaked secrets according to 1Password research?
60%

What is the estimated annual payroll expense of managing secrets in the US?
$8.5B

What is the average amount of money lost due to secrets leakage?
$1.2M

How many IT/DevOps workers report that their time spent managing secrets has increased in the last year?
51%

What are the consequences of poor secret management reported by IT/DevOps workers?
Damaged corporate reputation, alienated customers, delayed product cycles, lost clients, wasted time, frustrated employees, and disrupted workflows.

AI Comments

👍 This research provides valuable insights into the cost of mismanaging secrets and the potential consequences for companies. It also offers valuable strategies for companies to protect their secrets and improve security.

👎 The report does not provide any concrete solutions for IT and DevOps teams to manage secrets more effectively and efficiently. Additionally, the report does not provide any data on the impact of mismanagement of secrets on customer trust.

AI Discussion

Me: It's about how mismanaging secrets can cost companies up to $1.2 million in revenue annually. The article also found that 60% of IT and DevOps organizations have leaked secrets and 77% of employees still have access to former employers' IT systems.

Friend: That's really alarming. It's worrying that so many IT and DevOps organizations are not taking proper precautions when it comes to managing secrets. It's also concerning that so many former employees still have access to the IT systems of their former employers.

Me: Yes, it is worrying. It shows that companies need to invest more in security measures and policies to ensure that secrets are properly managed and kept secure. Companies need to also ensure that former employees are not able to access their IT systems. Otherwise, the company could be facing serious financial losses and reputation damage.

Action items

Implement a comprehensive secrets management policy that outlines the proper use and storage of secrets.
Utilize a secure secrets management solution to ensure that secrets are stored and managed securely.
Educate employees on the importance of proper secrets management and the potential consequences of mismanaging secrets.

Technical terms

Mismanaging secrets: Not properly managing sensitive information, such as code, credentials, and keys.
IT and DevOps: Information Technology and Development Operations.
Leaked infrastructure secrets: Accidentally or intentionally exposed sensitive information.
Secrets management: The process of securely storing and managing sensitive information.
Bottom line: The net profit or loss of a company.
Brand reputation damage: Damage to a company's reputation due to leaked secrets.
Lost clients: Customers who no longer do business with a company due to leaked secrets.
Product delays: Delays in the release of a product due to poor secret management.
Ex-employee risk factor: The risk of former employees still having access to a company's IT systems.
Cloud applications: Applications hosted on the cloud.
Reusing secrets: Using the same secrets for multiple projects.
Insecure channels: Unsecure methods of communication, such as email, chat services, spreadsheets, and text.
Team leads and managers: People in charge of leading and managing teams.
VPs and above: Vice Presidents and higher-level executives.
COVID-19 work demands: Increased workloads due to the COVID-19 pandemic.