The company highlighted the gaps between virtual authentication and access processes. According to its 2023 data, 26% of all Cisco Talos incident response incidents included fraudulent logins to access genuine accounts. Due to the connection between accounts used on different platforms, Cisco said cybercriminals only need to compromise one digital identity to gain access to other online platforms.
According to a 2023 IBM report, data breaches had a global cost of approximately $4.45 million, pushing 51% of businesses to spend more on cybersecurity. An organization loses almost $6 million per data breach in the financial sector, which is exponentially higher than other global sectors. Coupled with growing regulatory pressures, every penny invested in stronger cybersecurity is worth it.
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Cisco Identity Intelligence senses irregularities in user trends to identify cybersecurity vulnerabilities. It alerts cloud security personnel, who then search for or block the perpetrator. Jeetu Patel, Executive Vice President and General Manager of Security and Collaboration at Cisco, commented:
Identity is the fabric that connects humans, devices and applications in the workplace and has become an easy target for modern cybersecurity attacks.
Patel said security systems should do more than just confirm correct access details: once an account is accessed, online behavior plays a definitive role. The company’s stock is up slightly by 0.95% at the close of trading on Tuesday, February 6, 2024, following this announcement.
