In 2022, Identity-based security has evolved from an authorization-based security strategy into one with a broader bandwidth that includes identity theft, misuse and privilege escalation. With cybercriminals exploring newer ways to penetrate the IT systems of organizations, mitigation of identity risks is a challenge not just for IT security professionals but also for non-IT employees.
In this blog, we define identity-based security, explore the findings of a recent ‘Identity Risks Report’ and critically analyse the statistics to deduce what this all means for businesses.
Identity-based security focuses on secure access to digital information based on the authenticated identity of a person. It ensures that the account users of any digital platform are given sole access to their information through various methods such as username, password, fingerprint, or facial recognition. Furthermore, identity-based security also includes giving accurate permission levels to accounts and protecting account credentials.
In the last few years, Identity-first security has grown in popularity where there is an increased emphasis on verifying the identity of a user versus relying solely on user credentials to strengthen the security levels of account users.
Multi-factor authentication (MFA) and Single sign-on (SSO) are two of the most popular approaches in Identity-first security. MFA prompts additional verification through a secondary source like an app or SMS and SSO aims to reduce the number of credentials used to reduce the risk of re-used combinations.
“MFA and SSO combined with a zero-trust policy is a powerful trio in Identity-first security that assists in matching the level of authentication to the identity risks involved”
Analysing Identity Risks 2022⁽¹⁾ is a recent report published by Illusive that compiled top identity risks of 2021 using a sample size of 25 organizations across industries such as financial services, healthcare and retail companies. The report categorized Identity Risks into Unmanaged Risks, Misconfigured Risks and Exposed Risks.
Considering the above findings, it’s safe to say that Identity Risks are overlooked by organizations in their cybersecurity practices. In the current landscape, where identity credentials have become prime targets for exploitation by attackers, a priority boost for Identity-first Security is crucial for businesses.
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References: Analyzing Identity Risks 2022, Illusive Report