Page 111 - Cyber Defense eMagazine July 2024

Making Progress and Losing Ground

By Jeff Reich, Executive Director of the Identity Defined Security Alliance (IDSA)

As an industry and a society, we are finally making progress in protecting both our digital and physical
identities. The good news is that many people are now aware of Multi-Factor Authentication (MFA),
understand the need for strong passwords, and have access to numerous tools that support identity
security.

Think of this discussion like a well-known sandwich. We started with some positive news and, I promise,
we’ll end with some good news too. But let’s delve into the middle part—the challenges we still face.

Ransomware continues to grow at a remarkable rate. Although we may not see as much publicity of
these attacks as we once did, the scale of instances is growing. And one of the key factors is that the
bad guys no longer have to write ransomware code, it’s readily available as a service. The ease-of-use
and availability of ransomware today is extremely concerning.

Cryptocurrency payments are estimated to have grown, with over $1 billion equivalent paid in 2023.
Expand this to supply-chain attacks and that footprint becomes unmanageable. Every year, the Identity
Defined Security Alliance conducts a research survey on trends in identity security.

Cyber Defense eMagazine – July 2024 Edition 111
Copyright © 2024, Cyber Defense Magazine. All rights reserved worldwide.