October 14, 2024 at 05:08AM
Recent reports indicate that stolen identity credentials account for 61% of data breaches, with the average breach costing $4.88 million in 2024. Organizations are urged to adopt proactive security measures, such as customer identity and access management (CIAM) platforms, to enhance protection against cyber attacks. Okta offers insightful webinars on these solutions.
### Meeting Takeaways:
1. **Rising Threats**: Stolen identity and privileged access credentials now represent 61% of all data breaches, a growing concern fueled by nation-state attackers and cybercriminals utilizing AI.
2. **Cost of Data Breaches**: The average cost of a data breach has increased to $4.88 million in 2024, up from $4.45 million in 2023. Key drivers of this increase include lost customers, downtime, regulatory fines, and post-breach costs.
3. **Proactive Security Measures**: Organizations are encouraged to adopt a proactive and comprehensive approach to security and identity management. This ensures secure access for end users without compromising on security.
4. **Customer Identity and Access Management (CIAM)**: Implementing a CIAM platform can enhance security. Features like multi-factor authentication (MFA), biometric authentication, and context-based access policies can help secure user access effectively.
5. **Okta’s CIAM Solutions**: Okta offers a Customer Identity Cloud that incorporates an AI-assisted bot detection engine to evaluate login requests rigorously, analyzing over 60 parameters to assess their legitimacy.
6. **Webinar Series**: Okta has organized webinars titled “Lifting the lid on customer Identity,” which delve deeper into CIAM capabilities and feature insights from their Senior Product Marketing Managers and partners from Deloitte.
7. **Resources Available**: Links to access the webinars and to learn more about Okta’s CIAM platform were provided.
### Action Items:
– Consider implementing CIAM solutions to enhance security.
– Attend the Okta webinars for further insights on customer identity management.