CLEVELAND, Ohio, February 11, 2020 – Keyfactor, the leader in securing digital identities, and Ponemon Institute today released the 2020 edition of “The Impact of Unsecured Digital Identities,” a benchmark report exploring enterprises’ ability to manage increasing numbers of cryptographic keys and digital certificates securing network connections.

“Connectivity and the number of digital identities within the enterprise has grown exponentially thanks to continued cloud, mobile, DevOps and IoT adoption,” said Chris Hickman, chief security officer at Keyfactor. “The complexity of managing those identities while keeping them securely connected to the business has created a critical trust gap – in many cases the keys and certificates designed to build trust are instead causing outages and security breaches.”

Digital certificates and keys ensure authenticity across enterprise user, application and device identities. Cryptographic algorithms encrypt the data associated with those identities, providing secure communication and exploit protection. Two-thirds of respondents say their organization is adding additional layers of encryption to comply with industry regulations and IT policies; however, shorter certificate validity has doubled the management workload on short-staffed IT and security teams.

Additional key findings:

• Connected IoT increasing risk: 60% say they’re adding additional layers of encryption technologies to secure IoT devices, but 46% admit low ability to maintain IoT device identities and cryptography over device lifetime.
• A rise in security incidents: on average, organizations have experienced a Certificate Authority (CA) or rogue man-in-the-middle (MITM) and/or phishing attack five times in the last 24 months, with a 40% likelihood of a MITM or phishing attack over the next 24 months; 73% of respondents admitted that digital certificates have and continue to cause unplanned downtime and outages.
• Staffing shortages: on average, 16% of the IT security budget is spent on PKI deployment annually, yet just 38% of respondents say their organization has enough IT security staff members dedicated to PKI deployment.
• Cryptography related security incidents undermine trust: 76% of respondents say failure to secure keys and certificates undermines the trust their organization relies upon to operate.
• Cryptography lacks a center of excellence: Despite the rising cost of PKI and growth of cryptography-related incidents, just 60% of companies have the ability to drive enterprise-wide best practices.

“Our 2019 report was a wake-up call in many ways – it was the first report of its kind to investigate the role that digital certificates and keys play in creating trust inside and outside organizations,” said Dr. Larry Ponemon, founder of the Ponemon Institute. “In many ways I was optimistic that we’d see progress this year as more executives invested the resources needed to close the gap between ‘standard practice’ in PKI and ‘best practice’. This year’s report shows that while progress has been made in a few areas, that gap is actually growing wider.”

“This report reinforces cryptography’s importance within the security agenda,” said Hickman. “In many cases, PKI remains a manual function with ownership split across IT and security teams. Growing connectivity has created an exposure epidemic. Without a clear PKI in-house or outsourced program owner and process to close critical trust gaps, the risk of outages and breaches will continue to rise.”

The study was conducted by Ponemon Institute on behalf of Keyfactor and included responses from more than 600 IT and infosec executives and practitioners in the United States and Canada across 14 industries, including financial services, healthcare, manufacturing, retail and automotive.

To view a complete copy of the report, visit: https://keyfactor.com/ponemon2020.

About Keyfactor
Keyfactor empowers enterprises of all sizes to escape the exposure epidemic – when breaches, outages and failed audits from digital certificates and keys impact brand loyalty and the bottom line. Powered by an award-winning PKI as-a-service platform for certificate lifecycle automation and IoT device security, IT and InfoSec teams can easily manage digital certificates and keys. And product teams can build IoT devices with crypto-agility and at massive scale. Exceptional products and a white-glove customer experience for its 500+ global customers have earned Keyfactor a 98.5% retention rate and a 99% support satisfaction rate. Learn more at www.keyfactor.com.

Contacts

Keyfactor Media Contact
Sarah Hance
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+1.216.785.2291

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