Passwords: ‘To_Be’ or ‘N0tToB3.’

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steal_passwordHad Hamlet lived in the 21st Century, he’d probably stare at his login screen and opine, ‘To_Be’ or ‘N0tToB3.’ The internet simplifies many tedious tasks, such as renewing a driver’s license or filing taxes. The downside, however, is that all these online tasks require unique usernames and passwords. Even worse, each site seems to set different requirements for their passwords.

Cloud data management company Ping Identity has quantified how this burden of juggling passwords turns customers off. Password amnesia, annoying to the consumer, can be deadly to an online business. An amazing 80 percent of consumers, by forgetting either their logon or password, lock themselves out of online accounts. Over 30 percent of respondents admitted to having between 11 and 20 separate online accounts requiring unique login credentials. Almost 1 in 4 of these users admitted to frequently dropping their juggled logins, regularly resetting forgotten usernames and/or passwords.

Even worse for those doing business online, the mere act of setting up an account often serves as a barrier which drives potential customers away. 71 percent of respondents have decided against a specific online service because of a sign-up form which was either too long or required too much information.

Ping Identity’s director, Andrew Hindle, spells clearly what this means for e-retailers: “This login barrier could cost businesses dearly.” The boom in e-commerce gives customers a wealth of options, eroding the consumer loyalty which was a hallmark of 20th Century commerce. Ping Identity’s data indicates businesses which fail to streamline their sign up/sign-in services will, simply put, lose customers to businesses which do.

If our 21st Century Hamlet can’t remember if his password is ‘To_Be’ or ‘N0tToB3,’ he’s more likely to purchase gifts for his Ophelia from another website.

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