With the rapid pace of digitalization, access and identity assurance has become the most critical issue for managing digital risk. Identity management systems have transformed drastically over the last decade to cater to the increase in the number of breaches.
The data breaches have increased from 38% of data breaches in 2010 to 81% of stolen data and breaches in 2017. The last decade has witnessed severe data thefts- from the eBay database stolen in 2014 to passwords from high profile violations of top companies including Hotmail, Yahoo, and Google. And, identity management has been the heart of some of the significant security incidents in the past decade.
As dependence on digital interactions that rely on identities has increased, new and unprecedented security challenges are increasing manifold. Identity has turned into the most critical vulnerability for hackers to exploit. The focus is shifting to securing the organization’s identity, and that is creating more opportunities for them to strike the right balance between endpoint security, employee authentication experience, and innovation. After the massive rise in identity theft of the decade past, the industry will see an evolution towards more user-friendly identity strategies. With 2020 coming in, this evolution will transform the way identity management will impact the enterprise and how it tackles its vulnerabilities.
Firms are working towards protecting users by making security as invisible and seamless as possible. today most passwordless authentication still relies on usernames authentication and password management for account recovery and enrollment. The systems have “less-passwords” rather than being truly “passwordless.”
As the journey towards building a true passwordless authentication system continues, firms will need to consider the varying user needs across their operations, considering the crucial security dynamics at play.
Credentials are the number one attack target for malicious actors as the market for stolen corporate credentials booms for cyber criminals over the past decade. In the next decade, hackers are expected to shift their focus from using stolen credentials available on the dark web to infiltrating the password recovery mechanisms. Attackers will take over user identities and re-establish them with new passwords and usernames, thereby gaining access to critical assets of firms. The attack surface has shifted away from merely attempting random logins with stolen credentials; the stakes are becoming much higher now. The firms now require a new security approach focused on employee monitoring to prove user identity even if they have logged in legitimately.
Personalization of Authentication
As 2020 will bring in a passwordless world, organizations are today facing a plethora of choices for authentication strategies. A one-size-fits-all solution for all the access and identity management needs across different firms with dynamic workforces is impossible to achieve. The new decade is expected to bring in much more personalized decisions on authentication to strike the correct balance between user experience and security.
As new automation devices flush the industries to aid employees with more and more complex tasks, the need for master control will become much more critical. So, as we use tech-enabled personal assistance for more vital parts of our lives and businesses, it certainly will matter who ‘Siri’ and other devices take orders from.
As the next decade brings new opportunities, technologies, and challenges, identity will become the priority in the cybersecurity conversation. The blurring lines between security and consumer experience means any identity strategy needs to be both convenient and secure. Success will be determined by striking the right balance between both.