In a recent interview with OIeria CEO Jim Alkove, the focus was on the critical importance of identity in the realm of cybersecurity. Alkove highlighted that a staggering 80% of all breaches today involve compromised identities, making it a key target area for cybercriminals. The shift towards abusing valid accounts as a common entry point for attackers underscores the need for companies to prioritize identity security in their cybersecurity strategies.
Alkove, drawing from his experience as a former CISO, emphasized the challenges faced by security teams in understanding and controlling access within organizations. Legacy Identity and Access Management (IAM) systems, characterized by manual and time-intensive workflows, often fall short in providing the necessary visibility and control over access. This gap in access management represents a significant vulnerability that malicious actors have capitalized on.
To address this pressing issue, Oleria offers a solution in the form of Oleria Adaptive Security, which provides fine-grained access visibility and control at an individual resource level. By leveraging the Oleria TrustFusion Platform, organizations can gain comprehensive insights into access permissions and usage, empowering security teams to answer crucial questions regarding access within their networks.
The rising tide of cybercrime further underscores the urgency of addressing identity-related security threats. Statistics show a 71% increase in identity-related attacks over the past year, with incidents such as Midnight Blizzard, Snowflake, SEC, and Mandiant highlighting the vulnerabilities of current security measures. The average cost of a data breach for U.S. companies stands at $9.48 million, underscoring the financial impacts of cybersecurity lapses.
Despite the growing threat landscape, a significant number of organizations are underinvesting in IAM, according to Gartner. This underinvestment is particularly concerning given that compromised identities play a central role in 80% of all breaches. The reliance on outdated security solutions and the prevalence of over-provisioned access further compound the security challenges faced by organizations today.
Oleria’s Adaptive Security solution stands out by providing a holistic view of access across all cloud applications, identity systems, and HR platforms. By consolidating access information into a universal access graph, Oleria enables security teams to identify and remediate over-provisioned or misconfigured access, thereby reducing security risks.
In terms of funding, Oleria has raised over $40 million from key investors, including Evolution Equity Partners, Salesforce Ventures, Tapestry VC, and Zscaler. Notable individual investors such as Assaf Rappaport and Microsoft COO Kevin Turner have also shown support for Oleria’s vision of adaptive and autonomous identity security.
Looking ahead, Oleria’s three-year product roadmap focuses on enhancing its TrustFusion platform to include identity and access governance, identity security posture management, and identity threat detection and response capabilities. By staying true to its mission of empowering organizations to protect data and streamline access management, Oleria aims to drive innovation in the cybersecurity space.
As Oleria continues to make strides in the cybersecurity landscape, CEO Jim Alkove remains committed to propelling identity security forward and addressing the critical gaps in access management that continue to pose risks for organizations. Through a combination of cutting-edge technology, strategic partnerships, and a focus on customer satisfaction, Oleria is poised to make a lasting impact in the realm of cybersecurity.