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ForgeRock 2022 Consumer Identity Breach Report Uncovers 297% Increase in U.S. Breaches Tied to Supply Chain and Third-Party Suppliers
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Negative)
Tags
Rhea-AI Summary
ForgeRock has released its 2022 Consumer Identity Breach Report, highlighting a dramatic 297% increase in breaches linked to supply chain issues, now accounting for nearly 25% of all incidents. Unauthorized access remains the top cause of data breaches for the fourth year, responsible for 50% of compromised records in 2021. The report notes that remediation costs in the U.S. have more than doubled since 2018, averaging $9.5 million per breach. The healthcare sector remains the most vulnerable industry, with breaches involving usernames and passwords increasing by 35%.
Positive
ForgeRock's report underscores its position as a thought leader in the cybersecurity space.
The report reveals increased awareness of supply chain vulnerabilities, prompting potential demand for ForgeRock's identity solutions.
Negative
The rising costs of data breaches, averaging $9.5 million, could indicate a growing challenge for organizations, potentially impacting future sales for ForgeRock.
The dramatic increase in breaches (297%) may highlight inadequacies in current security measures, suggesting that demand for ForgeRock's solutions could increase, but also indicate heightened competition.
– ForgeRock Report Reveals Fourth Consecutive Year of Unauthorized Access As the Leading Cause of Breaches, and Continued Increase In the Cost of Fraud –
SAN FRANCISCO--(BUSINESS WIRE)--
ForgeRock® (NYSE: FORG), a global digital identity leader, announced today findings from its 2022 Consumer Identity Breach Report, revealing an unprecedented 297% surge in breaches caused primarily by security issues associated with supply chain and third-party suppliers and representing almost 25% of all breaches. The report also found unauthorized access was the leading cause of breaches for the fourth consecutive year, steadily increasing to account for 50% of all records compromised during 2021.
The report underscores the fact that cybercriminals continue to find new methods of attack across industries and geographies. The cost of breaches also continues to grow. In the U.S. alone, the price of remediation from a breach has climbed annually, more than doubling since 2018.
“This is no time for security teams to let their guard down as cybercriminals are getting even more bold in how they score their next payday,” said Fran Rosch, CEO, ForgeRock. “Exploits that target people’s usernames and passwords to break into organizations are becoming more sophisticated. Now more than ever, companies need to adopt digital identity and access management solutions that strengthen their security posture without compromising the user experience.”
ForgeRock also discovered that 60% of all records breached in 2021 included either Social Security Numbers, dates of birth, or both – nearly doubling since last year. The report found that as ecommerce sites and applications increasingly strive for an effortless user experience to differentiate from the competition, they often omit security features. When massive amounts of personal data are poorly protected, this leads to creating the perfect conditions for breaches and subsequent fraud.
Other key U.S. findings from this year’s report include:
Breaches involving usernames and passwords increased by 35% during 2021, accounting for more than 2 billion records compromised.
Healthcare was the most targeted industry for the third year in a row.
The average cost of a breach in the U.S. is $9.5 million, up 16% from one year ago.
The percentage of records breached containing Social Security Number, date of birth, or both, nearly doubled in 2021.
The cost of a retail breach jumped to $3.27 million last year, a 63% increase.
In addition to U.S. data breaches, ForgeRock’s Consumer Identity Breach Report also highlights attacks in other regions, including the United Kingdom, Germany, Australia, and Singapore.
To see the full breach report, or learn more about ForgeRock, visit: www.forgerock.com.
Methodology
ForgeRock compiled the Consumer Identity Breach Reportfrom data breaches in the U.S, United Kingdom, Germany, Australia, and Singapore. The data was gathered from several sources including the Identity Theft Resource Center, which collects information about publicly reported data breaches from a variety of sources, Forrester Research, the Ponemon Institute, among others. ForgeRock collected this data between January 1, 2021, and December 31, 2021.
About ForgeRock
ForgeRock® (NYSE: FORG) is a global digital identity leader helping people simply and safely access the connected world. The ForgeRock Identity Platform delivers enterprise-grade identity solutions at scale for customers, employees, and connected devices. More than 1,300 organizations depend on ForgeRock’s comprehensive platform to manage and secure identities with identity orchestration, dynamic access controls, governance, and APIs in any cloud or hybrid environment. For more information, visit: www.forgerock.com or follow ForgeRock on social media: Facebook ForgeRock | Twitter @ForgeRock | LinkedIn ForgeRock.
