More than half of US companies hit with privileged credential theft and insider threats

ThycoticCentrify, a leading provider of cloud identity security solutions, has announced new research that reveals more than half of organizations have been grappling with the theft of legitimate, privileged credentials (53%) and insider threat attacks (52%) in the last 12 months.

In 85% of the privileged credential theft instances, cybercriminals were able to access critical systems and/or data. In addition, two-thirds (66%) of insider threats led to abuse of administrative privileges to illegitimately access critical systems and/or data. 

The research, commissioned by ThycoticCentrify with CensusWide, surveyed 150 IT decision makers across the US on the most common privileged access risks and Zero Trust adoption trends. In addition to external and malicious insider threat attacks, the study found that nearly half (48%) of organizations experienced a data breach as a result of giving an employee or contractor too much access in the last year. 

“IT administrators hold the keys to the most sensitive and mission-critical parts of the kingdom, and both internal and external attackers are taking full advantage,” said David McNeely, Chief Technology Officer at ThycoticCentrify. “Abusing access to these systems can lead to full-scale breaches that grab headlines and impact trust in the organization. While there is no single solution that can eliminate every one of these risk factors, adopting Zero Trust principles is an excellent start.”