Customer Identity and Access Management (CIAM) Statistics


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Customer Identity And Access Management (Ciam) Statistics 2023: Facts about Customer Identity And Access Management (Ciam) outlines the context of what’s happening in the tech world.

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Top Customer Identity And Access Management (Ciam) Statistics 2023

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Customer Identity And Access Management (Ciam) “Latest” Statistics

  • Credential stuffing attacks alone cost organizations an average of $4 million annually, according to a 2019 study by the Ponemon Institute.[1]
  • A Ponemon study in 2019 found that the average data breach costs an organization $3.92 million.[1]
  • As of May 2020, EU countries have fined organizations large and small that are not GDPR compliant with he over €153 million.[1]
  • The average global website conversion rate in 2019 was 2.58%, down from 3.42% in 2014.[1]
  • In the 2021 Hubspot Future of Commerce survey, only 31% of consumers surveyed were willing to share any kind of data with brands.[2]
  • IBM’s 2021 Cost of Data Breach Report found that compromised credentials accounted for 20% of the initial attack vectors, totaling $4.37 million.[2]
  • A positive experience is key to customer loyalty. Of those companies investing in customer experience, 92% of them say their efforts have increased customer loyalty.[3]
  • A Ponemon study found that 65% of consumers lost trust in a company after a data breach, and 27% said they ended their relationship with the company.[3]
  • Over 85% of buyers say they are willing to pay more for a great customer experience.[4]
  • Only 1% of customers believe their company can consistently deliver customer service that meets their expectations.[4]
  • In a recent survey, 83% of US customers said they would stop buying from companies that experienced a data breach, and 21% said they would never go back.[4]
  • Customers love personalized offers, with 30% saying they would use the app again if a discount was meaningful to them.[5]
  • A PwC study found that 32% of customers would abandon their favorite brand after a single bad experience.[6]
  • According to the 2019 Ping Identity report, 81% of customers will stop interacting with brands online after a breach, and one in four will stop interacting at all.[6]
  • A recent IBM study on the cost of data breaches found that of the average data breach cost of $3.92 million, 36% of the total cost, or $1.42 million, is due to lost business.[6]
  • According to Brand Loyalty is Earned at Login, 56% of online customers will leave an online service if logging in becomes too frustrating.[6]
  • Access-related breaches represented the largest known type of security breach in 2019 (52%), up 5% from 2018, according to F5 Labs.[7]
  • With 82% of the world’s population currently or imminently subject to data privacy regulations, according to PwC analysis, protecting customer data is no longer an option, it’s a necessity.[7]
  • According to a PwC survey, one in three US consumers (32%) would be willing to give up a brand they love after one bad experience.[7]

Also Read

How Useful is Customer Identity and Access Management Ciam

CIAM solutions are designed to help organizations manage user identities, ensure secure authentication, and streamline the customer experience across multiple channels. By implementing CIAM, companies can establish trust with their customers, enhance security measures, and personalize interactions based on individual preferences and behaviors.

One of the key benefits of CIAM is its ability to deliver a seamless and personalized user experience. With CIAM, businesses can collect and analyze customer data to better understand their preferences, behaviors, and interactions. This data can then be used to customize services, tailor marketing campaigns, and improve overall customer satisfaction.

Additionally, CIAM helps prevent unauthorized access to sensitive information by implementing strong authentication methods, such as multi-factor authentication and biometric verification. This not only protects customer data but also builds trust and credibility with customers who want to ensure the security of their personal information.

Another advantage of CIAM is its scalability and flexibility. As businesses grow and user bases expand, CIAM platforms can easily accommodate the increasing demand for user management services. Whether a company has a few thousand users or several million, CIAM solutions can adapt to meet the needs of any size organization.

Furthermore, CIAM allows businesses to comply with regulations and standards regarding data privacy and security. With increasing scrutiny on how companies handle customer data, compliant CIAM solutions provide peace of mind for both businesses and their customers.

In today’s competitive market, businesses are constantly searching for ways to differentiate themselves and provide a unique and engaging customer experience. CIAM plays a crucial role in this effort by allowing companies to build relationships with customers based on trust, security, and personalized interactions.

Ultimately, CIAM is a valuable tool for organizations looking to enhance their customer relationships, improve data security, and stay ahead of the competition in a digital world. As the importance of cybersecurity and personalized customer experiences continues to grow, investing in CIAM technologies will undoubtedly become a priority for businesses of all sizes and industries.

Reference

  1. auth0 – https://auth0.com/blog/what-is-ciam/
  2. securityintelligence – https://securityintelligence.com/articles/what-is-customer-identity-access-management/
  3. cio – https://www.cio.com/article/350262/what-is-customer-identity-access-management.html
  4. loginradius – https://www.loginradius.com/blog/identity/customer-identity-and-access-management/
  5. okta – https://www.okta.com/uk/identity-101/ciam/
  6. pingidentity – https://www.pingidentity.com/en/resources/blog/post/what-is-customer-identity-and-access-management-ciam.html
  7. pwc – https://www.pwc.com/us/en/services/consulting/cybersecurity-risk-regulatory/library/customer-identity-access-management.html

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