Australia's Corporations Face Verification Dilemma due to AI Obstacles
In a recent Ping Identity survey, a pressing need for Australian organisations to bolster their identity protection strategies has been highlighted. The survey, based on responses from 100 Australian IT decision-makers and 600 IT decision-makers from organisations with at least 500 people and USD100 million in revenues across Australia, US, UK, France, Germany, and Singapore, revealed several concerning trends.
Jamie Smith, a decentralised identity expert at Future Customers, emphasises the importance of addressing tomorrow's identity threats by planning and getting started now. According to Smith, many organisations do not have the right guardrails in place to mitigate or prevent identity threats, and this lack of action leaves them critically at risk and less resilient against cybercriminals.
The survey identifies four broad trends in identity protection: organisations admitting they are not using proper protections against identity fraud. In addition, the survey suggests that the potential of AI can secure the identity landscape, but its untapped opportunity remains.
Cybercriminals are leveraging increasingly sophisticated AI tactics to circumvent advanced identity controls, the survey indicates. This is a significant concern, as nearly half (45%) of the businesses surveyed are not very confident they have the technology in place to defend against AI-related attacks.
To stand a chance against advancing identity fraud tactics, businesses need to innovate, leverage more advanced technologies, and remain vigilant, states Ping Identity ANZ Vice President Ashley Diffey. Reducing the likelihood of successful AI-related attacks will be vital, Diffey adds.
The survey highlights the untapped opportunity of decentralised identity in identity protection. In Australia, the four leading companies most advanced in implementing multi-factor authentication (MFA) and thus better protected against AI-driven attacks are IC Markets, IG Markets, Keeper Security (provider of Keeper Password Manager), and the Australian Securities and Investments Commission (ASIC), which enforces regulations and targets fraudulent entities with enhanced security measures.
However, only just over one-third of Australian enterprises are implementing MFA, the survey suggests. This lack of implementation leaves these businesses critically at risk, as MFA is a crucial step in securing identity and preventing cyberattacks.
Smith, the decentralised identity expert, stresses that smart leaders know they need to level up their identity protection strategies. The longer organisations go without proper identity protection, the more they put themselves at risk, Smith suggests.
In conclusion, the Ping Identity survey underscores the urgent need for Australian organisations to enhance their identity protection strategies. By focusing on innovation, implementing advanced technologies such as MFA, and remaining vigilant against AI-related threats, businesses can significantly reduce their risk of falling victim to identity fraud.
Read also:
- Planned construction of enclosures within Görlitzer Park faces delays
- Controversy resurfaces following the elimination of diesel filter systems at Neckartor: A renewed conflict over the diesel restriction policy
- Foreign financial aid for German citizens residing abroad persists
- Weekly jobless claims in the US decrease contrary to an earlier increase, suggesting lingering softness in the labor market
