The cybersecurity landscape is in the midst of a profound transformation as organizations navigate the complexities of a post-pandemic world. Over the last few years, industries have fast-tracked their digital transformation, embracing remote work at scale and expanding their use of cloud technologies. While these shifts have driven growth and innovation, they’ve also introduced new layers of risk and uncertainty. For many businesses, this evolving threat landscape means one thing is crystal clear: cybersecurity must take center stage, or the consequences could be dire, with a surge in cyber incidents and data breaches. Ping Identity, a leading CyberTech solution provider for identity and access management (IAM), has been helping organizations in industries like healthcare, manufacturing, retail, and insurance navigate complex security challenges while delivering frictionless digital experiences.
In their latest research, Ping Identity has underscored the growing pressure to meet heightened expectations around the digital experience, particularly when it concerns user authentication and identity & access management. As password fatigue and authentication challenges become more prevalent, organizations face increasing demands to balance security with user convenience. These evolving expectations drive a shift in how businesses approach identity and access management, making it critical for security leaders to find solutions that streamline authentication without compromising on protection.
In this article, we dive into how Ping Identity’s cutting-edge solutions enable businesses to manage identity, access, and security—empowering users to safeguard their organization while driving operational agility and growth.
We picked the scenarios from these industries to highlight Ping Identity’s dedication to the prevention of identity fraud:
#1 Healthcare
#2 Retail
#3 Manufacturing
#4 Financial Services and Insurance
Let’s discuss them in detail.
Healthcare Cybersecurity: How Ping Identity Prevents Medical Frauds
Healthcare frauds have a human face! Each attack on the healthcare industry could derail the national wellness programs, preventing citizens from utilizing the benefits of the healthcare programs effectively. The US is one of the biggest spenders on healthcare and medical insurance facilities. In 2023, the national health expenditure is estimated to have reached $4.8 billion, growing 7.5% annually. In the next 10 years, the US national health expenditure will touch $7.7 trillion at this growth rate. The National Health Care Anti-Fraud Association (NHCAA) estimated that healthcare fraud results in annual financial losses totaling tens of billions of dollars. While conservative figures suggest fraud accounts for around 3% of total healthcare spending, some government and law enforcement agencies estimate the loss could be as high as 10% of overall healthcare expenditures. This could amount to over $300 billion in losses each year.
In healthcare cybersecurity, identity fraud can take several forms, each posing significant risks to patient privacy, financial security, and organizational integrity. Here are some common types of identity fraud in healthcare:
1. Medical Identity Theft
Cybercriminals steal personal health information (PHI) to obtain medical services, prescriptions, or insurance benefits under a victim’s name. This can result in patients being billed for treatments they didn’t receive, or their medical history being altered with false information.
2. Billing Fraud
Fraudsters use stolen identities to submit false claims for medical treatments or procedures that were never performed. These fraudulent claims can lead to significant financial losses for insurance providers, hospitals, and patients.
3. Credential Stuffing and Account Takeover
Attackers use stolen or leaked credentials to gain unauthorized access to healthcare systems, patient portals, or billing accounts. Once inside, they may view or steal sensitive information or disrupt operations by locking out legitimate users.
4. Phishing and Social Engineering
Cybercriminals use phishing emails, phone calls, or other social engineering tactics to trick healthcare employees into divulging login credentials or other sensitive information. This can lead to unauthorized access to patient records or internal systems.
5. Insurance Fraud
Fraudsters use stolen patient identities to file fraudulent insurance claims, often for services never provided. This type of fraud can lead to inflated premiums and increased operational costs for healthcare providers and insurers.
6. Prescription Fraud
Identity thieves use stolen medical identities to illegally obtain prescription medications, particularly opioids or other controlled substances. This poses a public health risk and further strains healthcare resources.
7. Ghost Patient Fraud
Fraudsters create fake patient profiles using stolen personal information. These “ghost” patients may be used to submit fraudulent claims for treatment or medications that never occurred, draining both healthcare resources and insurance funds.
8. Medical Device Fraud
Criminals may use stolen identities to acquire or access medical devices (such as implants or diagnostic tools) under ‘false’ pretenses, leading to unnecessary procedures or misappropriation of resources.
9. False Billing for Non-Existent Procedures
Attackers may manipulate electronic health records (EHR) systems to falsify patient procedures or tests, resulting in charges being issued for non-existent services. These fraudulent claims may be processed and paid before being flagged.
A recent analysis of cyberattacks on healthcare organizations reveals that password frauds are on the rise in the US. Hackers want patients’ data. In April, Kaiser Foundation Health Plan, Inc., one of the largest healthcare providers in the U.S., experienced a major data breach affecting 13.4 million patients, making it one of the largest healthcare data breaches so far. However, such cyberattacks are not uncommon in the U.S. healthcare sector. Between 2021 and 2023, the industry saw over 700 data breaches every year. One notable incident occurred in January 2023, when healthcare benefits management firm NationsBenefits fell victim to a breach caused by a vulnerability in their file transfer software, compromising the data of more than 3 million individuals. Following the breach, the attackers demanded a ransom in exchange for not releasing the stolen data. These could have been prevented with strong threat protection and identity verification management solutions.
Like Ping Identity.
Ping Identity caters to some of the leading healthcare service providers to beat the menace of these types of cyber threats. For example, The Ping Identity platform delivers single sign-on (SSO) and multi-factor authentication (MFA) solutions to streamline access for healthcare employees and clients. With intuitive one-touch swipe authentication on mobile devices, the platform makes it easy for clients who may have difficulty with technology to log in. Additionally, the platform offers complete flexibility, allowing Pameijer to fully tailor the user experience to its specific requirements.
Ping’s open standards and flexible deployment options allow healthcare organizations to quickly streamline their security and identity management strategies. Additionally, Ping Identity also assists in consolidating multiple repositories into a single data store to simplify identity management and cut operational costs of maintaining high-value healthcare records. The open-standards platform guarantees seamless interoperability with state healthcare exchanges. By centralizing identity data management, it eliminates data silos, allowing multiple applications to access records across various touchpoints. Additionally, centralized data access governance reinforces security best practices, minimizing the risk of breaches while ensuring compliance with regional regulations.
Quick Tip: What is SSO?
Single sign-on (SSO) enables users to access multiple applications and services with just one set of credentials. SSO enhances security and simplifies the user experience for customers, employees, and partners. This technique reduces the need to remember and manage multiple accounts and passwords, This streamlined approach not only improves convenience but also strengthens overall security by minimizing password fatigue and potential vulnerabilities.
Retail Cybersecurity: How Ping Identity Protects Against Fraud and Data Breaches
The retail industry is one of the most attractive targets for cybercriminals. Every fourth cyberattack reported globally targets the retail supply chain. The US-based retail companies lost more than 200 billion to cyberattacks in 2023. 2024 hasn’t been any different so far either. With new-age shopping and payment trends transforming retail experiences, attackers are always ahead of the curve in taking advantage of the technology or the gaps that seep in due to poor integrations or security misconfiguration. In the fast-paced retail environment, where transactions are frequent and volumes are high, the risk of fraud remains a constant threat. Despite retailers’ best efforts to uphold trust and security, there are always those looking to exploit weaknesses for their benefit. Password hygiene alone can save billions of dollars for retail organizations. Recognizing these fraudulent tactics is crucial for protecting retail customers and businesses from potential harm.
Ping Identity offers Customer Identity and Access Management (CIAM) solutions that secure access to portals, SaaS applications, and third-party systems across any device, all with a single set of login credentials.
Quick Tip: What is CIAM?
CIAM (Customer Identity and Access Management) is a system designed to manage and secure customer identities and their access to digital services or applications. It allows businesses to authenticate and authorize users, ensuring that only authorized individuals can access sensitive data or perform specific actions.
CIAM is crucial for businesses that need to securely manage customer access to online services, while also enhancing the customer experience by making login processes smoother and more secure.
Cybersecurity in Manufacturing: How Toyota and Honeywell use Ping Identity
The cost of recovery from a ransomware cyber attack in 2024? $1.67 MILLION, according to Sophos.
The manufacturing sector is among the largest and most dynamic industries in the global economy—and it’s also a prime target for cyberattacks. In 2024, 65% of manufacturing companies were targeted by the attackers. Most attacks involved advanced tactics to execute double extortion ransomware and data encryption to derail manufacturing organizations from going back to normalcy. With the growing use of robotics, automation, IoT/IIoT, smart devices, and advanced machinery, the need to secure manufacturing operations from cyber threats, hackers, and vulnerabilities has never been more urgent.
High-end cybersecurity and threat prevention are at the core of digital transformation as new-age technologies and capabilities such as IoT, 3d printing, wearables, and Robotics continue to reshape industries. In manufacturing, the automotive sector is at the forefront of adopting connected technologies to enhance user experiences. Toyota, a global automotive giant, pivoted its digital transformation journey onto a robust solution for managing identity and access across its ecosystem of telematics services.
To meet this challenge, Toyota turned to ForgeRock, now part of Ping Identity, to streamline the authentication process and ensure that customers could securely access services while maintaining a frictionless user experience. Here’s how Toyota leveraged ForgeRock (now integrated with Ping Identity) to enhance its cybersecurity posture, simplify customer authentication, and enable personalized services for customers.
Likewise, Honeywell switched to PingOne Advanced Services to embrace resilience, reliability, and risk-based MFA for its digital transformation journey to Cloud-based capabilities.
Cybersecurity in Finance and Insurance: Tackling the Ghosts with IAM Solutions
As cyber threats and attacks continue to increase, respondents identified the top concerns as hackers and hacktivists (83%), low employee awareness (76%), corporate espionage (75%), and insider threats (75%). [Source: Infosys BFSI Cybersecurity report]
The IMF recommends a stronger approach to establishing cyber resilience and strengthened international norms to prevent cyberattacks targeting the finance and insurance industries. Most attacks on national and federal banks and financial services organizations in the US have an international “terror” link. Cyberattacks are a global issue, but while high-income countries often dominate the headlines, the growing threat to lower-income nations receives less attention. These countries, particularly in low- and lower-middle-income regions, have been rapidly advancing financial inclusion, with many skipping traditional banking systems and embracing digital financial services like mobile payment platforms.
While these innovations are crucial for expanding financial access, they also create a fertile ground for cybercriminals. A stark example is the October 2020 attack on Uganda’s largest mobile money networks, MTN and Airtel, which caused a significant four-day disruption in service transactions, highlighting the vulnerability of these systems.
The largest banks in the US trust Ping Identity to protect their assets against cyber attacks. Likewise, insurance carriers rely on Ping’s widely acclaimed IAM capabilities to not only prevent cyberattacks but also improve user experience through seamless deployment, personalized pricing, and access journey optimization across different stages. By providing streamlined dynamic authorization, MFA, SSO, and passwordless solutions, Ping has practically turned banking and insurance into a benchmark in cybersecurity technology adoption in 2024. As the digital economy continues to grow across regions, the need for robust, scalable, and flexible security solutions has never been greater. By prioritizing security without compromising user experience, Ping Identity is setting new standards for safeguarding identities, protecting critical data, and enabling businesses to thrive in a connected world for the banking, financial services, and insurance industries.
Conclusion: Securing the Future, Industry by Industry
Today, from healthcare to finance, Ping Identity is at the forefront, revolutionizing how organizations secure access, protect sensitive data, and ensure seamless experiences for users. With its cutting-edge identity and access management (IAM) solutions, Ping Identity, through its strong cyber technology capabilities and integration frameworks, empowers businesses across diverse sectors to adapt to the ever-evolving cyber threat landscape, empowering them to mitigate risks while driving innovation and delivering personalized, friction-free experiences.
For organizations navigating the complexities of modern cybersecurity, the message is clear: embracing advanced IAM solutions like those offered by Ping Identity is no longer optional—it’s essential for staying ahead of threats, ensuring compliance, and fostering trust with customers, partners, and stakeholders.
The future of secure, digital business is here, and Ping Identity is leading the way.
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