Cyberattacks are happening faster, targeting multiple threat surfaces simultaneously using a broad range of techniques to evade detection and access valuable data. A favorite attack strategy of bad actors is to use various social engineering, phishing, ransomware, and malware techniques to gain privileged access credentials to bypass Identity Access Management (IAM) and Privileged Access Management (PAM) systems.
Once in a corporate network, bad actors move laterally across an organization, searching for the most valuable data to exfiltrate, sell, or use to impersonate senior executives. IBM found that it takes an average of 287 days to identify and contain a data breach, at an average cost of $3.61M in a hybrid cloud environment. And when ransomware is the attack strategy, the average cost of a data breach skyrockets to $4.62M.