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Enterprise Security Magazine | Thursday, August 25, 2022
Digital identity has become the weakest cybersecurity link as a result of enterprises continuing to employ conventional IAM.
Fremont, CA: Cybersecurity is more important than ever in light of the unpredictability of current world events. Cybercrime that aims to collect customer information is becoming more sophisticated and has reached previously unheard-of heights.
Additionally, on the rise, fraud is quite expensive. In 2021, "[U.S.U.S.] customers reported losing more than 5.8 billion dollars to fraud, an increase of more than 70 percent over the previous year," according to data from the U.S.U.S. Federal Trade Commission. According to research, there were about 40,586 occurrences of fraud and cybercrime in the U.K.U.K. every month between November 2020 and November 2021, costing £2.5 billion to individuals and companies. Professionals in cybersecurity often wonder, "What is our weakest security link?" in light of statistics like these. and "How can I best safeguard our clients and my business?"
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Traditional Digital Identity Is the Weakest Cybersecurity Link
Instead of investing in a purpose-built, enterprise-grade customer identification and access management (CIAM) solution, many firms have attempted to adapt their current employee identity and access management (IAM) systems to suit trends and expectations to save costs. But unfortunately, even old digital identification systems that have got updated cannot defend customers against today's highly skilled fraudsters and hackers.
Digital identity has become the weakest cybersecurity link as a result of enterprises continuing to employ conventional IAM.
According to Enterprise Strategy Group's (ESG) study of 488 IT and cybersecurity leaders, a 45percent of firms had experienced a breach due to identity-related attacks. This is primarily because illegal access has been the most common technique for thieves to infiltrate a company for the fourth year.
Enterprise CIAM Is Specially Designed to Safeguard Your Clients Against Today's Cybercrime.
It's time to take the initiative to put cybersecurity measures in place that safeguard both company customers and the business.
The good news is that using enterprise-grade CIAM to modernize the digital identity infrastructure will increase the customer's and the company's security. Additionally, it enhances interactions and lowers total expenses.
Modern features like passwordless and multi-factor authentication (MFA), AI-powered user and entity behavior analytics (UEBA), and secure impersonation are all included in enterprise-grade CIAM (a best practice for help desk and call center security). These and many more factors enable organizations to support a Zero Trust security paradigm that dramatically lowers risk and the price of fraud. For example, a major international provider of financial services decreased credit card theft by 67percent as a result of ForgeRock. In addition, the old digital identification systems' security issues may get easily eliminated with the help of a platform designed specifically for CIAM.
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