Ping Leadership Predicts the 2024 Global Identity Landscape

With each passing year, the identity industry evolves and grows to overcome novel security challenges and threats. As we make our way into 2024, these themes of change and innovation are pushed into overdrive in response to new technologies like artificial intelligence (AI). With identity being the new battleground for security, companies like Ping are thrust to the forefront of a changing world where concepts like Zero Trust have become imperative. 

To recognize the milestone of another passing year, the executive leadership team from Ping Identity came together to share their predictions and thoughts on the identity industry in 2024. Touching on important topics like threat protection and passwordless, each of these leaders agrees that identity is more important than ever for keeping organizations secure. Moreover, advanced IAM solutions like decentralized identity are quickly taking center stage in this new field of play.

Andre Durand, Founder & CEO 

Looking into the year 2024, Ping Identity Founder & CEO Andre Durand reminds us just how important identity has become in a globalized society where connectivity and convenience reign supreme. With identity fraudsters getting more sophisticated and aggressive, the stakes simply couldn’t get any higher. Andre explains it like this: 

Identity has always been a gatekeeper of authenticity and security. But over the past few years, it's become even more central and critical to securing everything and everyone in an increasingly distributed world.

As identity has assumed the mantle of “the new perimeter,” and as companies have sought to centralize identity management, fraud has shifted its focus to penetrating our identity systems and controls at every step in the identity lifecycle, from new account registration to authentication.

2024 is a year when companies need to get very serious about protecting their identity infrastructure, and AI will fuel this imperative. Welcome to the year of verify more, trust less, when “authenticated” becomes the new “authentic.” Moving forward, all unauthenticated channels will become untrustworthy by default as organizations bolster security on the identity infrastructure.

Peter Barker, Chief Product Officer  

Mirroring the sentiments of many people in the IAM industry, Ping CPO Peter Barker reminds us just how important passwordless has become in the identity landscape. With the risks associated with traditional usernames and passwords simply becoming unacceptable, passwordless is quickly becoming the new standard. Peter puts it this way: 

Traditional passwords leave organizations susceptible to data breaches while leaving users – both employees and consumers – craving more simple, secure digital experiences This notion is particularly true given the recent proliferation of AI. In fact, a recent study found that a staggering one-third of consumers say they must replace their passwords every 6 months (31%) due to user errors such as misplacement or forgetting passwords. Similarly, 34% of consumers globally are open to using a passwordless login option if it were at least as secure as using a password. 

As cybercriminals continue targeting antiquated login options to gain unauthorized access into systems, IT departments must take measures to bolster protection. For many organizations, 2024 is the year when the risks associated with passwords are completely eliminated across enterprises. This year, enterprise leaders will make the leap towards increased adoption of passwordless authentication, to not only safeguard business but also meet users' heightened demands related to digital experience and security. 

John Cannava, Chief Information Officer

No matter what industry you work in, new innovations with AI are making big waves across the business world. Ping Identity’s CIO John Cannava points out the fact that as AI continues to gain relevance among professional users, the technology must be managed by IT officers in high-level positions. John’s predictions for 2024 are as follows: 

Artificial intelligence (AI) has infiltrated the workforce at an unprecedented rate, adding greater IT complexity to today’s hybrid work model. To date, CIOs have played an important role in implementing this emerging technology within organizations in a secure, effective, and efficient manner. But in 2024, CIOs will become AI leaders, collaborating closely with the CISO, CHRO, and legal teams to ensure the continued secure and ethical use of AI in internal processes, as well as external innovations. 

We’ll also see the emergence of new C-suite roles, like Chief AI Officer, who will partner with CIOs to ensure AI adoption continues to grow and emerging regulations are adhered to across the enterprise.

Alex Ryals, Senior Vice President of Channel Sales 

For Alex Ryals, SVP of Channel Sales at Ping, new security threats will push the industry to innovate in unexpected ways in 2024, while decentralized identity will also gain serious traction.  Since there is no denying that identity-based attacks and AI-related fraud are here to stay, the entire industry must adapt to meet these challenges. In turn, such creative pressure will likely lead to fascinating new identity solutions and products. Alex explains his outlook as such:

As more companies and organizations shift away from conventional – and antiquated – authentication methods, we will see decentralized identity become more prevalent. This transition will be spurred by local and national government agencies as they grapple with the increased volume of credential and identity-based attacks. China’s successful breach of government systems this year was likely a turning point in governments taking stronger actions to prevent future threats. I expect to see federal agencies, and eventually state and local organizations, adopt decentralized identity to better allow users to manage their own credentials and entitlements to various required services.

In 2024, AI-based fraud will accelerate exponentially and cause users to question the validity and integrity of multimedia like video, images, and audio files. While more fraudulent activity poses new challenges, it is likely that it will also lead to more innovative technology and practices in content verification and validation. Threat actors are constantly innovating to overcome security measures - - security teams will also need to innovate to keep pace. To do so, existing technologies will have to continually evolve to stay ahead of the fraud-curve.  This year will likely demonstrate how companies will expand partnerships and collaborate to deliver best-in-class technology for evolving challenges.

Alex Laurie, Senior Vice President of Global Engineering 

Ping Senior VP of Global Engineering Alex Laurie feels new AI-powered deep fake scams will become more of a reality for both businesses and average citizens. With AI technology now able to impersonate human beings in ways previously unimaginable, dealing with these threats will become an everyday occurrence this year. Alex explains his thoughts like this: 

In 2024, our trust will be challenged in ways we haven't faced before - as the names, faces, and voices of those people closest to us are used against us. We have seen the proliferation of artificial intelligence this past year, which has brought with it a rise in deepfake scams and an increase in fraudulent activity.

Deepfake technology that impersonates a person's likeness through both audio and visual means is only going to become more authentic, and therefore harder to detect by the average consumer. This is especially true for the digitally vulnerable people within the population, such as the elderly who may not have as much experience dealing with sophisticated scams, as well as those in lower-income households who might be looking to sales to make an essential purchase and in their haste, may make the wrong decision.

We must remain vigilant to these advanced scams, which we can do by challenging our normal level of trust. Always double-check that what you're taking action on is real by contacting the verified organization or known person that it came from. You can also help raise awareness of these scams by calling them out publicly to increase education.

Rob Otto, EMEA Chief Technology Officer  

EMEA CTO Rob Otto sees traditional username and password logins growing increasingly antiquated and risky in 2024. Motivated by sophisticated fraudsters, major IT leaders and Fortune 100 companies will be adopting passwordless solutions this year. Conversely, those companies who fail to strengthen their cybersecurity postures in response to new threats face serious risks this year. Rob’s predictions for the 2024 IAM market are as follows: 

In 2024, the business landscape is poised for a wake-up call as the realization dawns that relying on traditional passwords for security exposes both employees and customers to significant risks. Industry giants like Google and Apple are steering towards passkeys, a paradigm shift that promises not only unparalleled convenience but also heightened security. As users swiftly adapt to the seamless experience of passkeys, I predict we will see a substantial reduction in password usage by as much as 25% in 2024.

While passkeys and other forms of passwordless authentication like biometrics provide more convenience, they are also more secure. For example, passwordless authentication methods use many touchpoints, from physical location to keystrokes and time of day, all confirmed by external sources to authenticate a user. This makes passwordless authentication almost impossible to overcome and, compared to hacking a passcode, infinitely more complex.

On top of this, research has found that 66% of UK consumers have dropped an account or service simply because of a clunky log-in experience. There are real stakes at play for businesses that don't adjust to changing customer demands. People increasingly expect online experiences to be frictionless. As more and more people see the ways biometrics, passkeys, and device identifiers deliver convenience, the more antiquated passwords will seem.

Network access within businesses is poised for a more gradual transformation. In the face of escalating cyber threats, reliance on easily-compromised credentials makes employees prime targets for malicious actors. Though the immediate adoption of passwordless solutions may be challenging, organizations are likely to initiate the journey by implementing additional security measures like multi-factor authentication to pave the way for a smoother transition.

Amidst the uncertainties of a volatile market, maintaining robust cybersecurity budgets becomes imperative. The lucrative nature of hacking for cybercriminals and the relentless evolution of their tactics underscore the urgency for businesses to fortify their defenses. Neglecting cybersecurity investment is the most significant mistake businesses could make as they venture into the new year.

With new threats like AI penetrating nearly every facet of the business world, identity will take center stage for many organizations in 2024. As more customers use digital resources to accomplish daily tasks and more employees work remotely, our distributed world has near-endless attack surfaces for fraudsters to target. As such, the importance of secure identity solutions amidst these rapidly changing times simply can’t be overstated. 

With a quiver of solutions including decentralized identity, passwordless, threat detection, and more, Ping Identity is perfectly positioned to meet the demands of the current marketplace.

As we make our way into 2024, the writing is on the wall that the digital transformation has arrived in the identity space. It’s not a matter of “if” organizations will transition away from antiquated IAM solutions like usernames and passwords, it's a matter of when. 

Schedule a demo with Ping Identity to learn more.