Robust and resilient Customer Identity and Access Management (CIAM) exists at the vanguard of identity security
SINGAPORE – Media OutReach – 1 February 2023 – Okta, Inc. (NASDAQ: OKTA),the leading independent identity provider, today unveiled the APAC findings of its second annual State of Secure Identity Report highlighting key areas of concern for security professionals tasked with managing digital identities, including the exponential rise of fraudulent registration, credential stuffing attacks, and the widespread use of breached credentials.
Based on the data across the world from Okta Customer Identity Cloud, powered by Auth0, this report presents trends, examples, and real-world observations from the billions of identity attacks at various authentications touchpoints.
Research into these Okta global customers found the following key facts and figures:
Fraudulent registrations are an ever-present and growing threat: In the first 90 days of 2022, Okta observed almost 300 million fraudulent account creation attempts, accounting for about 23% of signup attempts, up from 15% in the same period last year. Energy/Utilities and Financial Services experienced the highest proportion of signup attacks, with such threats accounting for most of the registration attempts in those two industries.
Credential stuffing is on a record pace: Credential stuffing attacks are the most common threats to Retail/eCommerce (more than 80% login activity), Financial Services and Entertainment verticals. In the first 90 days of 2022, the platform detected almost 10 billion credential stuffing events, representing some 34% of overall traffic or authentication events. In Southeast Asia, which was buoyed by several large-scale attacks, credential stuffing accounts for the majority of identity events. The situation in Australia and New Zealand was more sanguine — normal traffic represents the majority of login events (63%), and only during a large attack does credential stuffing overtake legitimate traffic.
Threat actors are targeting multi-factor authentication (MFA): In Asia Pacific, MFA bypass attacks are responsible for more events than signup attacks. Because of its proven merits, more application and service providers are recommending or requiring MFA. As attackers become more sophisticated at targeting this important defensive measure, it’s critical that MFA be implemented correctly and that strong secondary factors are chosen.
Every company faces unique challenges. The threats facing any particular application or service vary enormously by geography, industry, and brand prominence, among other factors. At the same time, different organizations have different risk appetites and exposures. The appropriate level of friction introduced by security measures will therefore vary on a company-to-company basis.
“Digital transformation will continue to be high on the priority list for many organizations, and a reliable CIAM could help businesses combat account takeover to protect consumers and businesses while boosting seamless consumer experience,” said Ben Goodman, Senior Vice President and General Manager for Asia Pacific & Japan, Okta. “The first step towards implementing CIAM securely is to understand why and how adversaries are attacking these customer-oriented businesses,” he added.
Applications gain users, identity takes on even greater Importance
As adversaries focus greater attention on attacking identity systems and evolving their tactics, techniques, and procedures (TTPs), the report highlighted that it is essential for application and service providers to:
Implement defence-in-depth tools that work in combination across the user, application, and network layers
Continually monitor their applications for signs of attacks and changes in TTPs; and
Make adjustments (e.g., tune parameters, tighten restrictions, introduce new tools, etc.) as needed.
Leaders across these functions should work together to implement CIAM in a manner that balances quality of customer experience and system security, in the context of desired use cases, customer types, data types, industry-specific risks, and risk appetite.
“Trust between customers and organizations is sacred and hard-earned, therefore it is crucial to make identity security a board-level issue. Placing identity security at the core of your business will allow your workers to focus on innovation, collaboration, and productivity while reducing overall identity-related risk,” Goodman added.
Managing CIAM Threats
The report also highlighted that an agile, secure-by-design CIAM solution permits a considerable amount of flexibility that allow organizations to tailor customer identity and access management — and continually tune as needed — without drawing in resources better applied toward advancing core competencies.
The report recommends several solutions that involve combining multiple security tools that can operate at different layers and form a unified defensive position. These include implementing MFA, using generic failure messages that do not reveal system details, limiting failed login attempts, and implementing secure session management practices.
About The State of Secure Identity Report
This report is based on data from Okta customers around the world using Okta Customer Identity Cloud, powered by Auth0. As a result, it represents real-world observations of identity attacks. The data was retrieved by Okta security researchers by running simple and anonymous queries against our aggregate database of operational telemetry. Industry segmentations are based upon each customer’s self-reported segment. Observations are from the first 90 days of 2022 unless otherwise noted. Okta’s 2022 State of Secure Identity Report can be downloaded here.
The issuer is solely responsible for the content of this announcement.
Okta is the World’s Identity Company. As the leading independent Identity partner, we free everyone to safely use any technology—anywhere, on any device or app. The most trusted brands trust Okta to enable secure access, authentication, and automation. With flexibility and neutrality at the core of our Okta Workforce Identity and Customer Identity Clouds, business leaders and developers can focus on innovation and accelerate digital transformation, thanks to customizable solutions and more than 7,000 pre-built integrations. We’re building a world where Identity belongs to you. Learn more at okta.com.
Expanding on the global digital arms race that governments and corporations are engaged in, this full-day forum will see industry leaders speak, and four interactive panel sessions. Event date: 21 March 2023. Contact us to book your seats now!
The threat matrix has evolved to include information warfare, cyberspace incursions, big data and behavioural communications. Business leaders need to be aware of these threats to survive. What are you doing as a key stakeholder?
Special session: Cyberwarfare Waged on the Corporate Sector - Lessons from the Russia-Ukraine Crisis. Corporations are in a digital arms race that many don't realise. How does this relate to your organisation?
The Malaysia Global Business Forum (MGBF) will be hosting a roundtable on ‘Designing the Future of the Digital Economy’ on 23 February 2023. It is the culmination of the first three MGBF Exclusive Roundtable Series titled ‘The Evolving Threat Matrix in the Digital Economy’ held throughout 2022. According to the […]
The Founding Chairman of the Malaysia Global Business Forum (MGBF), Nordin Abdullah, today spoke on Bernama TV’s leading English talk show, The Brief, hosted by Jessy Chahal, on the topic of a stable political reality and what that means for the Malaysian economy. Nordin said, “The first thing that it […]
More than 1,100 years ago, Muhammad ibn Musa al-Khwarizmi was developing the mathematical formulas that we know today as algorithms which now have become so intertwined with the business fortunes of global media giants and the very fabric of geopolitics. A series of recent high level international reports have revealed […]
KSK Land has been recognised by the Malaysia Global Business Forum (MGBF) for its role in attracting high net-worth individuals to Malaysia post-pandemic. The first challenge in investor attraction is “selling” the country. In the context of Asia, Malaysia is competing with some very established investment destinations. The second […]
Malaysia, in particular Kuala Lumpur, continues to position itself as a regional centre to do business, educate a family and enjoy a global lifestyle. One company, KSK Land, has taken the lead in positioning itself and the city of Kuala Lumpur as a property investment destination for the global citizen […]
The upcoming budget represents an opportunity to build resilience in the critical sectors that will form the backbone of the country’s future-facing economic ambitions. This however needs to be achieved in the context of managing the community sectors most impacted by COVID-19 over the past two years. The Keluarga Malaysia (Malaysian Family) […]
Malaysia Global Business Forum (MGBF) has moved to support the creative economy as the overall economy moves into a recovery phase following the COVID19 pandemic. As a step in the direction of normalcy, the MGBF has agreed to host the art exhibition “I Know You’re Somewhere So Far” by one […]
Congratulations to Datuk Seri Ismail Sabri Yaakob for taking up the mantle of the ninth prime minister of Malaysia. There is nothing normal about the situation; it could not have been scripted but it has kept the spectrum of media, mainstream and social, gripped. The first order of business for […]
In a stirring speech to the nation, President Joseph R. Biden, Jr. stamped his brand of leadership on the presidency, in his first act as the 46th president of the United State of America, it signaled several shifts. Perhaps the weather was foreboding with snow falling before the ceremony that […]
KUALA LUMPUR, 6 July 2022 – As the global economy continues to deal with unprecedented levels of disruption caused by the pandemic and the conflict between Russia and Ukraine, the convergence of energy security and food security issues has become a front-of-mind issue faced by policy makers and consumers alike. […]
KUALA LUMPUR, 23 June 2022 — Malaysia Global Business Forum (MGBF) ties up with scoutAsia to ensure that businesses are equipped with deeper regional insights. The past two years has seen a massive shift in the way businesses are conducted with digitisation, digitalisation and automation continuously being adopted to improve […]
KUALA LUMPUR, 25 May 2022 – The Malaysia Global Business Forum (MGBF)’s exclusive roundtable on ‘Security Concerns in Critical Value Chains’ was held in a hybrid setting yesterday at the Eastin Hotel Kuala Lumpur. The guest of honour was Yang Berbahagia Tan Sri Dato’ Seri Rafidah Aziz, former minister of […]
We live in the age of crisis. At the heart of any crisis is the threat of rapid change. Change too deep or too wide that the current coping mechanisms for an individual, corporation or government are unable to remain resilient. An unwelcome paradigm shift, like the proverbial spider, that […]
The Malaysia Global Business Forum (MGBF) has released a report following the roundtable on ‘Digital Resilience in the Corporate Sector’, which was recently held in Kuala Lumpur. In attendance as guest of honour was Deputy Minister of Communications and Multimedia, Datuk Zahidi Zainul Abidin. The report recommended several critical development […]
Trade and investment delegations will trickle back over the next few months, but the second half of the year should see considerable return of business travellers. It was learnt that over 50 per cent of international business chambers and industry associations surveyed will consider sending exploratory teams to Malaysia during […]
KUALA LUMPUR, 30 March 2022 – The Malaysia Global Business Forum (MGBF)’s exclusive roundtable on ‘Digital Resilience in the Corporate Sector’ was held in a hybrid setting yesterday at the Element by Westin Kuala Lumpur. The discussion focused on what business leaders need to understand, to ensure business resilience and […]
The Malaysia Global Business Forum (MGBF)’s exclusive roundtable on ‘Addressing Weaponised Information in the Media’ was held in a hybrid setting today at the Hilton Kuala Lumpur. The discussion focused on addressing one of the most relevant threats to businesses in the digital economy – cyber threats causing physical and […]
The current floods that have impacted various parts of the country have given rise to an extensive commentary on the response cycles of various stakeholders. It has in turn led to continued crisis communications and statements in the media by agencies and ministries alike. This binary approach to the discussion […]
The formation of a special Cabinet committee to develop strategic measures to safeguard the economy amid the Covid-19 outbreak shows the Malaysian government is serious about creating a balance between the continued safety of the general population and the survival of the economy. In the global context, as many countries […]