A staggering 99% of APAC businesses are struggling with identity verification, as the majority expect increasing AI-powered identity-based threats in the next 12 months, according to Ping Identity’s recent survey.
"As cyber attackers are increasingly using sophisticated AI methods to conduct fraudulent activities, business leaders in Asia Pacific need to recognise the urgency of enhancing their security measures to reduce financial and reputational loss. Organisations that implement identity management solutions such as decentralised identity solutions are poised to protect themselves against the rise of cyber threats," says Jasie Fon, regional vice president of Asia at Ping Identity.
Protection against identity fraud
The study revealed that 49% face challenges with balancing security and user needs.
Moreover, APAC organisations deploy one-time passcode authentication (53%) and digital credential issuance and verification (48%) to protect employees and customers against fraud.
Respondents in APAC are mainly threatened by phishing (98%), credential compromise (95%), session hijacking (95%), social engineering (94%), and account Takeover (94%)
Combatting AI threats
Around 86% of organisations in the region expect increasing AI-powered identity-based threats in the next 12 months, with more than half (55%) being highly concerned that AI will accelerate identity fraud.
More than half (56%) are very confident in their ability to detect a deepfake of their CEO.
Top priorities
Among organisations surveyed in APAC, 42% said their top priorities are reducing financial and reputation loss due to fraud and breaches.
Around 42% wanted to prioritise regulatory compliance for their customers and 35% for employees.