Cybersecurity Cloud & Data

Pace of tech innovation like AI is inciting identity-led cybersecurity exposure leading to cyber debt

The cybersecurity landscape is becoming more and more complicated with the advent of technology, especially AI. Technology like digital identity apps are on the rise compounding the risk of hacks and identity frauds.

According to the CyberArk 2023 Identity Security Threat Landscape Report, the tension between difficult economic conditions and the pace of technology innovation, including the evolution of AI, is influencing the growth of identity-led cybersecurity exposure.

Read more: DDoS cyberattacks: Often a smokescreen for more sophisticated attacks

These issues have the potential to result in a compounding of ‘cyber debt’, where investment in digital and cloud initiatives outpaces cybersecurity spend, creating a rapidly expanding and unsecured identity-centric attack surface.

The organizational desire to drive ever-greater business efficiencies and innovation remains undiminished, even as cutbacks in staffing and macro-economic forces are creating significant pressures

Matt Cohen, chief executive officer, CyberArk

“The organizational desire to drive ever-greater business efficiencies and innovation remains undiminished, even as cutbacks in staffing and macro-economic forces are creating significant pressures,” said Matt Cohen, chief executive officer, CyberArk.

In 2022, organizations experienced growing cyber debt, where security spend over the pandemic period lagged investment in broader digital business initiatives. In 2023, levels of cyber debt are at risk of compounding, driven by an economic squeeze, elevated levels of staff turnover, a consumer spend downturn and an uncertain global environment.

With investment in digital and cloud initiatives still ongoing as business leaders seek to unlock greater efficiencies and innovation, these factors have had knock-on effects to cybersecurity.

Identity Crisis

Meanwhile, the world is moving towards more use of digital identity apps, as the identity authentication industry shifts towards digital.

A recent study from Juniper Research found that the number of digital identity apps in use will exceed 4.1 billion globally by 2027, rising from 2.3 billion in 2023. This 82% growth over the next four years, will be driven by the use of government-backed digital identities to replace physical identity documents as a source of verification for third-party apps, such as banking and financial services. This will be critical, as businesses aim to reduce identity theft and meet increasingly stringent KYC (Know Your Customer) regulations.

Read more: Cyber state: Indian organizations expect to suffer much from identity-related compromise in 2023

However, as is evident, digital documents can be hacked, compromising identities. This is where the research also identified biometric verification and MFA (Multi-factor Authentication) under a zero-trust model as ways of replacing reliance on passwords for identity verification, where identities are authenticated continuously. This approach is more resistant to traditional hacking methods, such as phishing, reducing the risk of data breaches.

Navanwita Bora Sachdev

Navanwita is the editor of The Tech Panda who also frequently publishes stories in news outlets such as The Indian Express, Entrepreneur India, and The Business Standard

Recent Posts

Retail’s Return Rate Crisis: The Urgent Need for Proactive Solutions

The average return rate in eCommerce is estimated at 17.6% for 2024. Nearly 1 in 5 products…

4 hours ago

AI Launches: Cybersecurity, AI Agents, product specs, business operating system, automobile, consumer & MSME lending, cloud, data streaming

The Tech Panda takes a look at recent launches in the superfast field of Artificial…

1 day ago

As India’s tech sector on track to surpass $300 billion, CEO of Ness shares insights into AI’s important role 

The tech sector in India has been going from strength to strength in recent years.…

1 day ago

Unknown & uncontrolled machine identities within organizations leading to emergence of new identity security challenges

Experts are saying that organizations are inadvertently creating a new identity-centric attack surface through growing…

1 day ago

Outbound & inbound: India attracts businesses from US & Singapore while expanding to UAE, Europe & Philippines

The Tech Panda takes a look at how India has been attracting foreign businesses from…

2 days ago

The death of paper records: Will AI-driven EHRs eliminate medical errors?

Patient records have long been a collection of handwritten notes, prescription slips, and test results,…

2 weeks ago