Four Ways Identity Access Management Can Benefit Your Business

Keeping your data secure is a top priority for any organization, and identity access management (iam) can help ensure this. But, unfortunately, modern technology makes it easier for hackers to hack networks and steal passwords. In less than a second, a hacker can crack a four-letter, two-digit password and gain access to all of your data. OneLogin, for example, experienced a major security breach in 2017 that let a hacker browse through their infrastructure for seven hours, likely decrypting their customers’ data. Explore more about IAM in this article.

Multi-factor authentication

Multi-factor authentication (MFA) can help enterprises protect sensitive data from password compromise. A recent study shows that 81% of data breaches involved compromised or stolen passwords. In addition, it can prevent automated bots from accessing web applications while ensuring adequate protection of sensitive personal data. Multi-factor authentication may include two or more secondary mechanisms, such as a security token, fingerprint scan, or secure USB authenticator.

With MFA, organizations can make the user undergo authentication every time they log into an account. While MFA may be cumbersome for the end-user, it can help secure sensitive data. It can also be customized for various scenarios, such as when an employee logs on from a public WiFi network or a coffee shop. In addition, depending on the type of data they are accessing, MFA can be disabled entirely or only require certain authentication factors.

Limiting damage caused by malicious insiders

Malicious insiders are one of the greatest threats to businesses today. For example, in 2014, a disgruntled employee broke into a bank to steal personal information from 1.5 million bank customers. The thief then distributed the information to a criminal organization. While this type of insider has legitimate access to sensitive information, it should not be trusted. Malicious insiders could also be current or former employees authorized to access corporate resources but have malicious intents. Employees may store sensitive data on personal devices or in private clouds, thereby compromising the integrity of corporate data. 

Reducing the risk of data breaches

The latest innovations in IAM are designed to protect user identities and prevent unauthorized access. Integrated solutions authenticate workers in real-time, thwarting would-be attackers. Moreover, these solutions give companies visibility into access and authentication, which significantly reduces the risk of data breaches. So, why it is necessary to implement IAM in your organization.

A breach can severely damage an organization. Hackers may have different levels of interest in your company. Some will publish any information they can get their hands on. Others may choose to disclose every piece of sensitive information in your organization. Either way, everything will be exposed in cyberspace. Implementing IAM can minimize the risk of data breaches and protect your organization’s sensitive data. This is a critical element in ensuring the security of your organization’s data.

Helping companies meet stringent regulations

Increasingly, organizations are faced with the need to comply with security rules and regulations. To protect information and remain compliant with industry standards, proper Identity and Access Management is essential. IAM helps companies ensure that only the right people access sensitive information. IAM solutions also help organizations comply with stringent regulations. For an instance, GDPR: The European Union legislation focuses on data breaches and other issues related to data security. While the GDPR does not mention Identity Access Management specifically, it requires a strong IAM strategy for companies to meet GDPR compliance.