Identity-related cyberattacks are the stealthy predators of the cybersecurity landscape, posing an unprecedented threat to organizations worldwide. According to a recent report, "2024 State of Passwordless Identity", 78% of organizations were targeted by such attacks in the past 12 months. This alarming statistic underscores the urgent need for effective identity management security measures.
The financial devastation wrought by identity-related breaches is a global crisis, reaching billions of dollars in losses each year. The alarming cost of authentication-related attacks varies worldwide—an average of $5.58 million globally ($6.4 million in the U.S. and $4.99 million in EMEA) in the past year. The toll of identity fraud alone has inflicted an average annual cost of $2.78 million on businesses ($4.34 million in the US, $2.52 million in EMEA), further underscoring the urgent need for robust identity security measures. These figures paint a grim picture of the economic havoc wreaked by cybercriminals exploiting vulnerabilities in identity systems.
