The World Password Day is of particular importance this year, as security breaches leading to the theft of proprietary data in the amount of terabytes lead to enormous financial damage. This day is a reminder that the simplest protection measure available to us – the conscientious management of permissions and identity management – can make the difference between a secure and a compromised system.
Most of the security breaches reported in the media can be traced back to companies that rely on automatic access control and realize too late that a user’s identity has been misused. Once the account has been compromised, identity-based fraud can be difficult to detect, given the advanced tactics and techniques as well as the large number of criminal groups, e.g. LAPSUS$ and Conti.
In order to successfully combat dynamic cybercriminals and account takeover (ATO) attacks, companies need to build robust identity management systems. In addition, you should invest in building a learning, self-evolving system to detect anomalous user activity. By using such systems, companies can grow with the dynamically developing threat scenario.