Larger firms more exposed to machine identity related cyber losses: Report

As much as 25% of cyber losses for the largest companies are machine identity related and, in the U.S., as much as 13% of total economic losses due to cyber events are related to unprotected machine identities, according to a new report by AIR Worldwide, sponsored by Venafi.

The new report examines the economic impact of poorly protected machine identities, and finds that between $51 billion and $72 billion in losses to the global economy could be removed with the use of adequate risk management protection of machine identities.

Today, machines are fundamental to the way all businesses operate, enabling global interconnectedness and communication as well as the control and flow of sensitive data. While machines have undoubtedly benefitted many industries and altered our way of life for the better, the way in which they connect makes them a primary security risk for organisations across all industries, explains the report.

“Cybercriminals routinely target machine identities and their capabilities because they are often poorly protected. Once compromised, machine identities are powerful tools for attackers, allowing them to hide malicious activity, evade security controls and…