Levels of cyber debt — where investment in digital and cloud initiatives outpaces cybersecurity investment — in organizations around the world are at risk of compounding, driven by an economic squeeze, elevated levels of staff turnover, a consumer spend downturn and an uncertain global environment. This report examines how the interplay of all these factors will result in increased attacker opportunity. Indeed, as adversaries embrace artificial intelligence (AI) to enhance and scale their identity-based attacks, security teams are being asked to do more with less as budget cuts widen existing skills and resource gaps.