Data breaches are an ever evolving threat for many enterprises. IBM’s Cost of Data Breach 2021 report found that the average cost of a data breach incident was $4.24 million, with compromised credentials being the most common entry point. Hackers have many ways to obtain compromised credentials, including phishing attacks that trick users into sharing their account information.
Data breaches can also be the source of compromised credentials and personal identifiable information (PII), leading to information being sold on the dark web. Top data breaches in 2021 involving PII and/or credentials included Cognyte (5 billion records), LinkedIn (700 million users) and Facebook (533 million accounts). Given the number of users who reuse their passwords on multiple accounts or share them with others, these breaches have a ripple effect.
Ongoing cybersecurity threats are causing more organizations to move to a Zero Trust approach, where you trust no one and verify everything.
Read on to learn how identity and access management (IAM), a key component of the Zero Trust approach, works on multiple fronts to prevent data breaches.