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Identity-based attacks this year have hit every industry and top enterprises, and there’s no sign of a slowdown. A new report from One Identity – based on a survey of over 1,000 IT security professionals – confirms this, revealing 89% of organizations have been hit by an identity-based attack in the past year.

This proliferation of identity-based attacks is causing organizations to take a closer look at their defenses, as 80% believe that better identity management tools could have lessened the impact of many such attacks. Since the inception of identity management tools, companies have been forced to deploy numerous solutions to manage each area of access.

Image source: One Identity.

Unfortunately, over the last 60 years of identity management, this process hasn’t changed – and companies are still using multiple tools that are operating in silos. Today, 96% of businesses are using multiple identity tools with 46% deploying at least 25 different systems.

However, more doesn’t always mean better protection; in fact, 70% of organizations are spending money on tools they’re not even using. What’s worse is that the inefficiencies caused by using these multiple tools cost 42% of companies over $100,000 per year.

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Due to these incurred costs, more than half (51%) of companies are planning to consolidate their identity security tools over the next year. 48% believe consolidation will eliminate the time-consuming and expense of managing multiple identity solutions, while 37% believe it will make it easier to adapt to the changing threat landscape.

Looking ahead to 2023, as the number of digital identities that businesses manage continues to multiply – with 52% already managing over 10,000 identities – enterprises will need to shift their security approach. More than half believe that having a unified identity platform would greatly benefit their identity management strategy.

Through this approach, companies can eliminate the lack of interoperability between solutions to not only cut costs, but better protect against the barrage of cyberattacks hitting their business.

Read the full report from One Identity.

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