50+ Identity And Access Security Statistics to Know In 2024
Employee credentials are not just passwords; they're the keys to your company's data. However, keeping these keys secure is a challenge many businesses struggle with, leaving them vulnerable to cyberattacks.
How common are these identity and access breaches, though? What’s the real impact on businesses like yours?
We've pulled together the latest global stats on identity and access security. These figures, sourced from recent surveys and reports, highlight the critical nature of credential theft and identity attacks. We'll keep updating these stats to give you a clear picture of the evolving cyber threat landscape.
Editor’s Picks: Latest IAM Stats
- Weak or stolen passwords are the root cause of 80% of data breaches.
- Among medium-sized businesses, with staff ranging from 250 to 5,000 employees, who shifted to remote work, 60% experienced a cyberattack. Of these companies, 56% faced credential theft, and 48% encountered social engineering attacks, including phishing.
- Almost 90% of financial institutions have experienced data breaches, and identity theft was a factor in 60% of these incidents.‍
- 91% of companies report that their main reason for adopting passwordless multi-factor authentication (MFA) is to safeguard against cyber attacks, particularly to stop credential theft and phishing efforts.
- According to the "Privileged Access Management in the Modern Threatscape" report, 74% of data breaches originate from the misuse of privileged credentials.
- Nearly half of all businesses, at 49%, have at least one employee with access privileges that exceed what their job duties necessitate.
- Despite the critical role in protecting sensitive data, only 21% of companies have put in place multifactor authentication for privileged administrative access, and a mere 48% have adopted password vaults. (MFA Statistics)
- A recent survey revealed that 8 out of 10 people face difficulties in managing their passwords.
IAM Market Size and Growth
According to the most recent data, the market value for identity and access management is currently at 26.29bn USD.
Privileged Access Management market value, on the other hand, stands at 2.65bn USD.
Based on the same study, the market value for Identity Governance and Administration is 6.7bn USD.
The Identity and Access Management (IAM) market worldwide is on track for rapid growth, with expectations to expand at a compound annual growth rate (CAGR) of 14.34%. By the year 2027, this market is projected to reach an impressive $24,245.4 million, showcasing the increasing demand and expansion in this vital sector.
The Frequency Of Identity And Access Breaches
- 61% of All Breaches Involve Credentials.
These breaches often result from social engineering tactics or brute force hacking.
- 94% of Organizations Experience a Data Breach.
This statistic includes 79% who suffered breaches in the last two years, according to the Identity Defined Security Alliance (IDSA).
- Shift to Cloud and Remote Work Increases Risk.Â
The rise in cloud technology use and remote working makes it harder for IT teams to monitor data access, contributing to security vulnerabilities.
- Diverse Endpoint Fleets in Remote Work
Employees working remotely use various devices like laptops, tablets, and smartphones, increasing the risk of security breaches. Personal devices are twice as likely to get malware attacks than corporate devices.
Key Challenges in Remote Work Security
- Lack of strong cybersecurity tools for remote employees.
- Vulnerability of personal or public Wi-Fi networks without VPN protection.
- Difficulty in maintaining a strong security mindset at home.
- Personal Devices More Prone to Malware: Compared to corporate devices, personal devices are twice as likely to get infected with malware.
Frequent Attacks in Remote Work
- 60% of mid-sized businesses experienced a cyberattack after shifting to remote work.
- 56% of these incidents involved credential theft.
- 48% experienced social engineering attacks, like phishing.
Since 2020, 90% of organizations reported experiencing phishing attacks, and 29% faced credential stuffing and brute force attacks.
Preventability of Identity Breaches: 99% of affected organizations believe identity-related breaches are preventable.
IAM Solutions Can Address Security Gaps: 44% of security professionals believe that implementing IAM solutions can help in addressing current security challenges.
Identity Security Breach Methods
At the heart of identity and access security attacks lies a familiar culprit: the user’s login credentials. Based on a survey, 8 out of 10 people admit they find managing their passwords a challenge. The reasons are varied but relatable:
- Too many accounts.
- Struggling to match passwords with the correct account.
- Challenges in remembering unique passwords for each account.
- Difficulty in creating complex passwords.
This struggle often leads to weak password creation, with "123456", "qwerty", and "password1" still topping the list of commonly used passwords. The simpler the password, the easier it is for attackers to crack it.
But there’s more to it than just creating a strong password. Securely storing and sharing passwords is equally crucial. The common practice of casually sharing passwords through messaging apps or emails, especially without encryption, opens up avenues for social engineering attacks.
Here’s a breakdown of how IAM-related breaches typically happen:
- 22% of Hacking Breaches Involve Social Attacks.
This includes methods like phishing, where attackers deceive users into sharing their credentials.
- 37% of All Breaches Involve Stolen Credentials.
This statistic highlights the prevalence of credential theft in cybersecurity incidents.
Brute Force attacks
- 5% of total data breaches result from brute force attacks, and among those breaches specifically attributed to hacking, 80% are due to either brute force tactics or the involvement of lost or stolen credentials.
These are attacks where hackers use a computer program to guess a target’s password, starting from the most common combinations and working through all possibilities. Brute force attacks are not just limited to individual accounts; they are increasingly used against systems like Windows through the Remote Desktop Protocol (RDP).
Social Engineering Attacks
- 98% of all cyber-attacks are attributed to social engineering techniques.
In these attacks, the perpetrator contacts the victim, posing as a trusted source, and tricks them into providing sensitive information or clicking on malicious links. Phishing often leads to the installation of malware, such as banking trojans like Trickbot, which was notably active in the first half of 2020.
The Vulnerability of Remote Workers
- Human error accounts for 82% of data breaches.
- 50% of organizations lack a specific policy addressing the security needs of their remote and hybrid workers, despite the risks associated with these work models.
With the shift to remote work, there’s been an increase in the diversity of devices used for work, including laptops, tablets, smartphones, and IoT devices. This shift, however, brings lesser security, primarily because:
- Many organizations lack robust cybersecurity tools for remote employees.
- Personal or public Wi-Fi networks are more vulnerable to hacking.
- Maintaining a security-focused mindset is harder at home than in an office.
This has led to personal devices being twice as likely to get infected with malware compared to corporate ones. Credential theft and phishing are the most frequent attacks faced by organizations, especially among mid-sized businesses that transitioned to remote work.
IAM Implementation Statistics
More than 80% of IT leaders worldwide have either already implemented, plan to implement, or aim to expand their cloud-based identity and access management solutions in the upcoming two years.
It's anticipated that a substantial portion of organizations, around 60-70%, have either adopted Single Sign-On (SSO) or are planning to implement it soon.
Approximately 75% of enterprise security and risk managers intend to raise their investment in multi-factor authentication.
–
Want to ensure identity and access security across the SaaS applications used in your company? Have a look at Resmo.
Keep on Learning:
