The recently released Ping Identity Survey reveals that most businesses struggle with identity verification and are concerned about their ability to protect against AI.
The report, based on responses from 100 Australian IT decision-makers and an additional 600 IT decision-makers from organisations of at least 500 people and USD100 million in revenues across the US, UK, France, Germany, and Singapore, highlights a pressing need for Australian organisations to enhance their identity protection strategies, with all businesses having challenges with identity verification and nearly half (45%) not very confident they have the technology in place to defend against AI-related attacks.
The survey found that only just over one-third of Australian enterprises are implementing multi-factor authentication (MFA), leaving themselves critically at risk and less resilient against cybercriminals who are leveraging increasingly sophisticated AI tactics to circumvent advanced identity controls.
“To stand a chance against advancing identity fraud tactics, businesses need to innovate to keep pace, leverage more advanced technologies and remain vigilant,” said Ping Identity ANZ Vice President Ashley Diffey. “The attacks are not going to disappear, so having the ability to reduce their likelihood of succeeding will be vital.”
The survey identified four broad trends, including organisations admitting they are not using proper protections against identity fraud; organisations are concerned about their ability to defend against AI threats; the power and potential of AI to secure the identity landscape; and the untapped opportunity of decentralised identity in identity protection.
“Fraud is on the rise, and it’s getting worse with AI. Smart leaders know that they need to level up, yet so many organisations don’t have the right guardrails in place to mitigate or prevent these kinds of threats,” said Jamie Smith, a decentralised identity expert at Future Customers. “The longer they go without, the more they put themselves in harm’s way. Acting against tomorrow’s attacks means planning and getting started now.”
You can read the full report here.
