Since 2013, breaches have compromised nearly six billion records—that’s an average of almost four million records every day and over 162,000 records every hour!
It’s time to face the facts. Today’s security is no longer secure.
Enterprise networks have expanded beyond traditional perimeters to include more devices, apps (on-premises and in the cloud) and people. In the absence of these boundaries, the identities that make up modern enterprises are easier to compromise than ever before, and hackers are targeting these identities at an alarming rate. In fact, Forrester estimates 80% of security breaches involve privileged credentials. Traditional security approaches, like passwords and other perimeter-based methods, are no longer adequate forms of protection in the current threatscape—and failing to acknowledge this new security reality can have serious repercussions.
The results of cyber security complacency will cost you—both in terms of your bottom line and your company’s reputation with customers and stakeholders. The latest projections expect cybercrime-related damage will exceed $6 trillion annually by 2021.
Take Home Depot, for example. After a 2014 data breach that compromised the payment card information of more than 50 million customers, the home improvement retail company agreed to pay at least $19.5 million to cardholders affected by the attack. In order to mitigate the damage to its reputation, Home Depot set up a $13 million fund to reimburse shoppers who experienced out-of-pocket losses and hired a chief information security officer to oversee a new data security initiative.
To protect your enterprises from data breaches and financial ruin, a massive rethink of security strategy is required. This infographic highlights the business impact of relying on outdated perimeter-based approaches and the cost savings and risk reduction gains that can be realized when security follows identity.
For more information on the shifting security landscape and how to protect your boundaryless enterprise, read our eBook Rethink Security: A massive paradigm shift in the age of access.
This is written by the individual author in his/her personal capacity, and the opinions, views and/or thoughts expressed herein are solely the author’s own. They are not intended to and may not necessarily reflect the official policy or position, or the opinions or views of ThycoticCentrify or its affiliates, employees, or any other group or individual.