Defensive stats are definitely a work in progress for basketball, but there are getting better and are definitely enough to get a general view of a player's defense. As others have pointed out, looking only at the boxscore stats (i.e. rebounds, blocks, steals) can give a bit of a skewed ranking if they are the ONLY stats considered, since they don't look at all at how a player does at preventing the opponent from scoring (which, after all, is the primary goal of defense). But those stats aren't useless, just limited.
Defensive Rating and
Defensive Win Shares are two pretty popular defensive measures these days, and are kept up to date for every player at basketball-reference.com. I blogged on DRTG recently as part of a series on advanced basketball stats (
http://www.rotosynthesis.com/default.asp?display=569) and I'll be looking at Win Shares probably this week. But generally speaking, Defensive Rating is the number of points a team gives up per 100 possessions with a certain player on the floor. It's not a perfect measure because it is so teammate-influenced, but at the same time it tends to be useful. This year Dwight Howard and KG are fighting for the title, last year KG won outright, and in recent years it has been names like Duncan, Ben Wallace, and Marcus Camby near the top...in other words, it passes the sniff test for a defensive measure.
Defensive Win Shares takes DRTG a step further...it attempts to calculate the defensive contribution (based partially on defensive rating) of the average NBA player in wins, then does a similar calculation for the player in question. A defensive win share is basically the defensive contribution of an individual player divided by the contribution of the average player, giving a basketball defensive stat similar to VORP (value over replacement player) in baseball. Again, you can go to basketball-reference.com to look at the numbers, but the players that measure out the best again pass the sniff test for best defenders in the league.
Adjusted +/- is another good way to look at defense, and there are several out there that focus on that side of the ball. 82games.com did one for last season that again passed the sniff test, with Garnett clearly on top of the league
http://www.82games.com/ilardi2d.htm#table .
Finally, also on 82games.com, you can look at their calculations of
opponent's production (kind of like a PER of each opponent) or the individual statistics (shooting percentage, rebound rate, etc.) of each players' opponents. This is imperfect as well, because as others have pointed out it is hard to correct for switches and team defense specifically enough to do this perfectly. Nevertheless, it gives another set of defensive numbers to corroborate with the DRTG, Defensive Win Shares, adjusted +/-, and box score info to give a clearer idea of how an individual plays defense.
Like I said, defensive stats in basketball are still a work in progress. They aren't perfect. But they are at least reasonable, and if you look at a variety of stats you can get a pretty solid feel for who the better and worst defenders in the league are. And you get a MUCH clearer view than you would by simply looking at steals/blocks in box scores.