Identity has become enterprises’ greatest security and financial vulnerability in 2023, and it’s time to reevaluate the status quo approach. Verizon’s 2022 Data Breach Investigations Report found that 61% of all breaches could be traced back to compromised credentials, a disturbing statistic when combined with research from IBM that estimates the average cost of a successful phishing attack to be approximately $4.9M. This sum includes compliance fines, remediation fees, and financial losses due to damaged reputations.