According to Fortune Business Insights, the global Software as a Service (SaaS) market is projected to grow from USD 317 billion in 2024 to USD 1.2 trillion by 2032, with a compound annual growth rate (CAGR) of 18.4%. This substantial growth in SaaS and cloud service adoption is primarily driven by modern technological advancements, such as artificial intelligence, and a predominantly hybrid workforce that requires productivity to remain competitive. However, this increased reliance on SaaS software has also led to a rise in cyberattacks. A study from the University of Maryland reveals that hackers attempt an attack every 39 seconds on average. With the emergence of AI, cyberattacks are becoming more sophisticated. With the average cost of a cyberattack nearing $4.45 million, it is crucial for enterprises to evolve their security infrastructure to protect against the evolving threat landscape posed by modern cyberattacks.
Taking an Identity-First Approach to Security
Malicious actors are no longer limited to targeting traditional VPN networks for unauthorized access. With the rise of remote work and organizations allowing employees to work from anywhere, attackers are increasingly targeting identities and employing modern techniques, such as social engineering attacks, to gain access to systems. According to the 2024 Verizon Data Breach Investigations Report, 68% of data breach attacks involve a human element, like a person falling victim to a social engineering attack.
