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]

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How Useful is Customer Identity and Access Management Ciam

One of the most significant advantages of CIAM is the ability to offer personalized experiences to customers. By securely storing customer data and preferences, businesses can provide targeted marketing campaigns, personalized recommendations, and tailored services. This not only enhances the customer’s experience but also increases customer loyalty and lifetime value.

Moreover, CIAM helps businesses comply with data privacy regulations such as GDPR and CCPA. By implementing robust security measures and consent management processes, businesses can ensure that they are not only protecting customer data but also adhering to strict regulations. This not only helps businesses avoid hefty fines but also builds trust and credibility with customers.

In addition to data security and compliance, CIAM also improves operational efficiency for businesses. By centralizing customer data and authentication processes, businesses can streamline their operations, reduce costs, and minimize the risk of fraud. This allows businesses to focus on what they do best – serving their customers and growing their business.

Furthermore, with the rise of omnichannel customer engagement, CIAM plays a critical role in providing a consistent and seamless experience across different platforms. Whether customers are accessing services via a website, mobile app, or social media, CIAM ensures that their identities are securely managed and their access is controlled. This not only enhances the customer experience but also increases customer satisfaction and retention.

One of the key benefits of CIAM is the ability to detect and prevent fraudulent activities. With the increase in cybersecurity threats, businesses need to be proactive in identifying and mitigating risks. CIAM solutions offer advanced security features such as multi-factor authentication, fraud detection, and behavioral analytics to protect against unauthorized access and account takeovers.

Overall, CIAM is a valuable tool for businesses looking to enhance customer experience, boost security, and improve operational efficiency. By investing in CIAM solutions, businesses can not only protect customer data but also drive growth and increase customer loyalty. As customer expectations continue to evolve and cybersecurity threats intensify, CIAM will play an increasingly critical role in the success of modern businesses.

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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