Statistics show that 94% of businesses have suffered a data breach, with over 79% happening in the past two years (Source: Expert Insights). Identity security is critical for cloud enterprise success in the digital age. As more and more companies continue to transition their operations to the cloud, it is important to ensure that the security of their digital identities is top-notch. The current business and technology environment is evolving, with cyber threats becoming increasingly sophisticated, making it imperative for companies to take proactive measures in defending themselves against these threats. Ensuring the safety of sensitive information, including financial data, intellectual property, and personal details of employees and customers is now more important than ever before.
Accelerating Cloud Investments
A projected growth of 20.7% in cloud spending is estimated for the year 2023 (Source: Gartner). This highlights the fact that organizations are going to ramp up their investments in cloud technology in the future, recognizing its many advantages such as increased agility, scalability, and cost-effectiveness. The cloud enables organizations to reduce their IT infrastructure costs, streamline their operations, and enhance their ability to scale.
Additionally, the cloud provides organizations with access to powerful and sophisticated tools and technologies that can help them to drive innovation and growth. As a result, many organizations are transitioning from traditional IT models to cloud-based solutions, with spending on cloud technology expected to continue growing in the coming years. This shift is driven by the growing recognition of cloud benefits and the increasing demand for cloud solutions across multiple industries and business functions.
Importance of Identity Security in the Digital Era
While the cloud provides organizations with convenient storage and access options, it has also opened new avenues for cyberattacks. Cybercriminals constantly lookout for vulnerabilities in an organization’s security system, and digital identities are a prime target.
Data as Currency in a Continuously Evolving Threat Landscape
Data breaches can cause significant harm to a company, affecting both its finances and its reputation. Among various types of cyber threats, stolen or compromised credentials can take the longest time to detect. In some cases, it can take over a year and cost thousands of dollars to identify the source of the attack. Despite this, compromised credentials remain the most vital aspect of data that an organization must protect. It is therefore important for companies to invest in strong cybersecurity measures and regularly assess and update their data protection policies to minimize the risk of a data breach and protect their assets and reputation.