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44% of Companies Still at Beginning of Identity Security Journeys – Fintech Singapore

Date:

44% of Companies Still at Beginning of Identity Security Journeys by Fintech News Singapore October 30, 2023

Despite the fact that identity-related breaches account for 90% of cybersecurity breaches, a new report finds that 44% of companies are still at the beginning of their identity security journeys.

The report by SailPoint Technologies, an identity management solution provider, and Accenture, is based on insights from more than 375 global cybersecurity executives across the Americas, Europe and Asia.

Source: The Horizons of Identity Security by SailPoint and Accenture

Titled “The Horizons of Identity Security 2023-24”, the report examines the current state and future direction of the identity security market.

It also found that a worrying 77% of respondents indicated that “limited executive sponsorship or focus” is a primary obstacle to investment in identity security.

However, report findings clearly demonstrate that a strong identity security programme can power business agility and innovation, risk mitigation, efficiency gains, and advancement of tech initiatives.

The report also highlights the importance of advanced technologies such as SaaS, AI/ML, and automation in accelerating the implementation and adoption of identity security programmes.

Companies that utilise these technologies experience enhanced benefits, implementing new capabilities 20% faster and scaling them 37% quicker than those that don’t.

Chern-Yue Boey

Chern-Yue Boey

“Although some markets in the APAC region have established regulatory frameworks related to identity and data security, several countries in the region are either just starting to adopt or are in the process of enacting related regulations for the first time. Therefore, the majority of APAC organizations are still in the beginning of their identity security journeys.

As the threat surface increases with a proliferation of digital identities, APAC businesses need to focus on accelerating their identity maturity and adopting a strong identity security program to not only prevent breaches, but to improve efficiency and generate business value,”

said Chern-Yue Boey, Senior Vice President, Asia-Pacific, SailPoint.

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