Account takeovers (ATO) have become a significant concern for organizations across all sectors. This form of identity theft and fraud occurs when a threat actor gains access to a user’s account credentials, risking sensitive information and potentially initiating fraudulent financial transactions. Alarmingly, these attacks can often go undetected for months, exacerbating their damaging effects.
How ATOs Happen
ATOs can occur through various methods, including session hijacking due to authentication token theft or forgery, phishing, social engineering, credential stuffing, and SMS or voice phishing. These sophisticated attack methods exploit weak security measures, leaving organizations vulnerable.
The Stark Reality of ATO Statistics
Understanding the prevalence and impact of ATOs is crucial for businesses aiming to protect themselves. Here are some eye-opening statistics that highlight the severity of this threat:
Weekly ATO Attempts: Approximately 26% of companies report being targeted by ATO attempts every week. While many of these attempts are thwarted by vigilant security teams and advanced cybersecurity solutions, the high frequency of attacks underscores the need for robust defense mechanisms.
Resolution Time: It takes an average of 11 months to resolve a breach caused by stolen credentials, according to the IBM 2023 Cost of a Data Breach Report. This prolonged period, including 240 days to identify the breach and another 88 days to contain and resolve it, provides ample time for attackers to inflict significant damage.
Large Organization Vulnerability: Organizations with more than 50,000 employees face a 60% chance of experiencing a successful ATO each week. The extensive network and dispersed nature of such organizations make it easier for attackers to infiltrate undetected.
Compromised Accounts in Fortune 1000: Nearly 80% of Fortune 1000 companies have at least one compromised account. High-value targets, such as executives and financial service members, are particularly at risk, but attackers often leverage any compromised account to escalate their access.
Financial Impact: The average cost of a breach caused by stolen credentials is $4.62 million. This substantial financial burden can be devastating, particularly for smaller organizations.
A Comprehensive IAM Solution: IBM Verify & ID Dataweb
Given the significant risks and challenges associated with ATOs, businesses must adopt sophisticated security solutions to protect their data. Jeskell Systems offers an end-to-end Identity and Access Management (IAM) solution, integrating IBM Verify and ID Dataweb to provide unparalleled security and ease of management.
How Our Solution Works:
Seamless Account Creation: Utilizing the IBM Security Verify SaaS tool, users initiate the account creation process securely and confidently.
Rigorous Identity Proofing: Before finalizing account creation, users are directed to the ID Dataweb system for comprehensive identity verification. This process uses methods such as SMS links, knowledge-based authentication, Bio/GovID, or a combination of these to ensure accurate identity proofing.
Effortless Profile Management: After successful identity proofing, users return to the IBM Security Verify SaaS tool to manage their profiles and access applications. Customizable branding ensures a seamless and engaging user experience.
Advanced Identity Management Features: Our solution offers robust features such as role-based access, adaptive access controls, user behavior analysis, and dynamic threat detection to safeguard against identity attacks effectively.
Why Choose Jeskell Systems?
With over two decades of industry experience and the distinction of being an IBM Platinum Business Partner, Jeskell Systems brings unparalleled expertise and commitment to your security needs. We specialize in creating and delivering advanced solutions tailored to specific IT challenges, offering global support across both Federal and commercial sectors.
Jeskell provides a comprehensive, multi-vendor solution, including installation, customization, training, and maintenance plans. Our approach ensures that industries prone to fraud, especially medical and insurance sectors, are well-equipped to combat ATOs effectively.
Account takeover attempts are frequent, costly, and difficult to detect, making them a top concern for organizations and security professionals. By leveraging the combined strengths of IBM Verify and ID Dataweb, Jeskell Systems delivers a sophisticated IAM solution that fortifies your organization against these threats. Trust Jeskell to protect your business data and ensure a secure future.