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 the ability to provide a seamless and personalized customer experience across multiple touchpoints. By implementing a robust CIAM solution, businesses can create a centralized system for managing customer identities, allowing for a more streamlined and convenient login process for users. This not only improves the user experience but also enhances security by reducing the risk of unauthorized access to sensitive information.

Furthermore, CIAM gives businesses the opportunity to better understand their customers through the collection of data and insights. By analyzing user behavior and preferences, businesses can tailor their offerings to meet the specific needs of their customers, resulting in increased engagement and satisfaction. This data-driven approach also enables businesses to make informed decisions about marketing strategies and product development, ultimately leading to improved business outcomes.

In addition, CIAM can help businesses comply with regulatory requirements, such as the General Data Protection Regulation (GDPR) in Europe. With CIAM, businesses can ensure that customer data is handled in a compliant manner, reducing the risk of potential fines or legal repercussions. By implementing strong data protection measures and privacy controls, businesses can build trust with their customers and demonstrate their commitment to data security.

CIAM also plays a critical role in enhancing security by implementing authentication and authorization measures. By implementing factors such as multi-factor authentication, businesses can verify the identity of their customers and protect against fraudulent activities. This not only safeguards sensitive information but also helps build credibility and trust with customers who value their privacy and security.

Overall, CIAM is a valuable tool for businesses looking to improve customer relationships, streamline processes, and enhance security. By centralizing customer identity management and access control, businesses can create a more personalized and secure experience for their customers while also gaining valuable insights to drive business growth. In an increasingly digital and data-driven world, CIAM is no longer just a nice-to-have but a necessity for businesses looking to stay competitive and build long-lasting relationships with 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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