With Digital Transformation, remote work acceptance and e-services becoming ubiquitous, Businesses’ and organizations – of all sizes – main concern is to keep its Information Technology (IT) up and running around the clock. This requires its various ingredients such as database and servers to be secure. This means they are always on the lookout for ways to achieve the most efficient way to be safe and secure. Typically, organizations follow basic protocols and use passwords to control and protect their digital assets from unauthorized access, however, statistics reveal that globally %58 of CISOs agree that human error is the number one cause of data breaches. Making the dependency on passwords solely insufficient, especially in today’s technology heightened world.  

This is where Identity and access management (IAM) concept comes in hand. It is anticipated that the global identity and access management market will generate revenue of over $13.92 billion in 2021. Therefore, many organizations are expected to resort to the use of this security solution for several reasons.  

Keep reading to know why. 

What is IAM?  

This is a technological term not familiar to all but when understood, beneficial for many. Identity and access management solution helps organizations to control and manage the roles and access privileges of individual users’ access to critical information within their organization. It consists of a set of business policies، procedures, and technologies that work in tandem. The implied users are not only employees and customers, but also includes devices and servers. IAM systems provide a digital identity for each participant to be managed and monitored to ensure safe activity. 

Such solution can achieve 3 main aspects. First, is regulating user access, second authenticating the user and their authorized actions, and third, is keeping track of all user activity with updated reports. IAM solutions guarantee that the information accessed is based on each user and device’s designated role and responsibility. This is not the case when it is manually operated, as it is more prone to human error.  

IAM systems can be executed via a variety of digital authentication methods:

– Multifactor authentication (MFA) or Two-factor authentication (2FA)

– Single sign-on (SSO), and

– Biometrics (Fingerprints, palms, voice identification, etc.)

These methods can help promote worker productivity and elevate the way of safely working and collaborating with other companies and businesses, in addition to providing a secure cyber environment for online customers. 

According to a Ping Identity survey, around 55% of the companies surveyed have invested in IAM solutions to help keep their systems secure since the beginning of the COVID-19 outbreak. And 85% agree on the importance of investing in identity security technologies. Any business needs to ensure the cyber safety of its workforce as it is connected to the business’s overall security. Therefore, researching and investing in IAM solutions will be a vital business step for the future.    

 

Four Benefits of using IAM Solutions:

– Helps reduce the chances of successful data breaches and threats, unlike passwords where 81% of companies experienced a data breach due to weak passwords. 

– An easy way to track and manage user access for both employee and customer activity. Actions with high-risk ratings are blocked and reported.

– Low cost for a secure system. It is a misconception that is financially out of reach for small organizations, when in fact the solution is affordable for businesses of all sizes.

– Much more operationally efficient than manually regulating user access especially with remote work adoption.

 

In conclusion: 

Technology is constantly evolving. Businesses and organizations should always be up to date with new ways to advance their systems and operations and using Identity and Access management solution is one of them. Having a secure database is a priority for all, as it could help businesses in having a smooth-running operation without facing cyber threats. 

 

Make the right choices for your business’s security!