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

One of the key benefits of CIAM is its ability to provide a single view of the customer across multiple channels and touchpoints. By centralizing customer data, organizations gain a comprehensive understanding of their customers’ preferences, behavior, and interactions with their brand. This allows for more personalized and targeted marketing campaigns, enhanced customer service, and improved customer retention.

In addition to providing a unified view of customer data, CIAM helps organizations enhance security measures by implementing robust authentication and authorization protocols. Multi-factor authentication, biometric verification, and single sign-on capabilities are just a few of the features that CIAM systems offer to protect customer identities and prevent unauthorized access. By implementing these security measures, organizations can boost customer trust and loyalty, ultimately leading to increased customer lifetime value.

Furthermore, CIAM solutions streamline the customer registration and login processes, making it easier for customers to access online services and information. With CIAM, organizations can offer customers a frictionless experience by allowing them to securely sign in using their preferred authentication methods, such as social logins or mobile authenticators. This not only improves the overall customer experience but also reduces the risk of customer frustration and abandonment at the point of login.

CIAM also plays a crucial role in compliance and data governance, helping organizations adhere to regulatory requirements such as GDPR, CCPA, and HIPAA. By centralizing customer data and implementing strict data protection measures, organizations can ensure that customer information is secure and in compliance with data privacy regulations. This not only mitigates the risk of costly penalties and legal repercussions but also reinforces customer trust and confidence in the brand.

Overall, CIAM is a valuable asset for organizations looking to optimize their customer experience, strengthen security measures, and ensure regulatory compliance. By centralizing customer data, enhancing security protocols, and streamlining access control, organizations can improve operational efficiency, drive customer loyalty, and ultimately increase revenue streams. As the digital landscape continues to evolve, CIAM will play an increasingly important role in helping organizations stay competitive and meet the evolving needs of their customers.

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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