Identity isn’t just a security concern anymore—it’s the beating heart of the global cybercrime economy. That’s the stark takeaway from a new report released by BeyondID, a KeyData Cyber company, which argues that usernames, passwords, tokens, and access rights have become the “currency of choice” for attackers.

The study, titled The Identity Economy: How Gaps in Identity Management Enable and Sustain Cybercrime, dives into how identity credentials now fuel everything from ransomware campaigns to AI-powered phishing operations. And while businesses pour billions into perimeter defenses, identity and access management (IAM) remains the weakest—and most exploited—link.

Identity Exploit Vectors: The New Attack Surface

The report introduces a chilling concept: Identity Exploit Vectors (IEVs)—systemic IAM weaknesses that hackers repeatedly leverage. These can be as simple as a misconfigured access policy or as subtle as an overlooked API token.

According to BeyondID, the numbers paint a grim picture:

• More than 90% of companies are impacted by credential theft.

• Stolen credential attacks linger for 10 months on average before detection.

• 60% of stolen credentials trace back to internal actors, often through accidental mistakes.

• AI tools are accelerating the threat, from ultra-convincing phishing campaigns to automated credential harvesting.

Financial services and healthcare remain prime targets, with U.S. hospitals reporting breaches involving 500+ patients nearly every business day.

“Identity Is the New Perimeter”

“Cybercrime once relied on brute force or network flaws, but now depends on identity,” said Arun Shrestha, CEO of BeyondID. “The stakes have never been higher, yet identity remains one of the most overlooked areas of cybersecurity investment. This report is a wake-up call.”

That wake-up call couldn’t come at a louder moment. The rise of AI in cyberattacks is making credential theft cheaper, faster, and harder to detect. Identity-first security—once considered a best practice—is fast becoming a survival necessity.

Industry Response and What’s Next

BeyondID isn’t just dropping research; it’s taking the message on the road. At Oktane 2025, Shrestha will join Laura Curtaccio, Head of Access Automation, Cybersecurity at Biogen, to discuss the findings and outline practical defenses. Their session will highlight how attackers are monetizing stolen credentials on a thriving black market, and how businesses can outpace these tactics with AI-powered defenses and stricter identity governance.

The broader industry context is clear: IAM is no longer a supporting player in cybersecurity. It’s the front line. And if BeyondID’s report is right, organizations that keep treating it as an afterthought may end up paying with far more than stolen passwords.

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