Between the costs of remediation, customer churn, and potential reputational damage, security failures can have a steep price. However, new research shows that, in an age of cloud services and distributed workforces, focusing on identity security can pay dividends.
In a new report from Okta and the Marsh McLennan Cyber Risk Intelligence Center, researchers showcase how leveraging identity security solutions can lead to fewer cyber incidents and mitigate the financial impact of attacks. The report found that adoption of comprehensive identity security solutions resulted in:
$202-$306 billion in potential average yearly global cyber loss reduction
$53-$81.5 billion in potential average yearly US cyber loss reduction
$1.1-$1.7 billion in potential average yearly insured global cyber loss reduction
End-to-end identity security solutions can help reduce up to 20.37% of the average yearly cyber loss
"Identity-based attacks have been a persistent and growing form of cyber risk, and a strong approach to identity security is an essential investment that fortifies an organization's resilience," Scott Stransky, Managing Director and Head of the Marsh McLennan Cyber Risk Intelligence Center, noted in the report. "The significant costs stemming from its absence reveal its indispensable value in today's security landscape.” When organizations build a strong identity security foundation into their overall security strategy, they can dramatically reduce cyber loss even as they evolve their technology ecosystem.
According to the report, organizations should embrace end-to-end identity security for their workforce and customers, including such capabilities as access management, governance, privileged access, and threat detection. With a comprehensive approach to identity security, organizations can proactively address vulnerabilities and deliver a secure user experience.
When it comes to budgetary discussions, getting the necessary allocation requires demonstrating to company leaders why each dollar spent makes a difference. Last year, Okta spoke with multiple CISOs about how they prove ROI. Those executives pointed to the importance of aligning security and business goals, utilizing key performance indicators, and showcasing to the board of directors how security drives value by effectively handling incidents when they occur.
This report can help you more easily communicate the importance of identity security to your organization’s leadership team and obtain more advantageous policies and premiums from cyber insurers by highlighting your organization’s identity security maturity.
To learn more about how investing in identity security solutions can bring value to your business, read the full report from Okta and Marsh McLennan.
Marsh McLennan is a cyber insurance broker and professional services firm. For this report, it leveraged proprietary analytics and 10 years of data on cyber insurance claims and publicly disclosed events.
