Why is implementing Identity and Access Management important for your business?
The opportunity for cybercriminals to commit online fraud by stealing identities is widespread, with 37% of all breaches involving the use of stolen credentials. To avoid falling victim, we need to safeguard our digital footprint and identities. Keep your important data padlocked, by granting keys to strictly authorised users only. Don’t let intruders unlock access to your important assets…
Protect what matters the most by having a strong cyber security plan ready to go if an emergency strikes. An important part of that consists of implementing Identity and Access Management processes within your business, especially for large-scale workforces with growing teams. There’s no use in sharing sensitive data amongst staff without having secure user control and access management in place. The two should go hand in hand!
At a time when confidential business data is more likely to be exposed due to the rise in remote working and expanding staff bases, it’s now more important than ever to ensure your business is protected. There is greater risk involved in the new normal – utilising cloud-based, collaborative systems – than sharing and accessing data internally. And the risk of falling victim to cybercrime is hard for any business to bounce back from.
Identity and Access Management (IAM or IdAM) is a framework consisting of products, policies and processes that ensures the right users have appropriate access to internal systems and technology resources. In a nutshell, it’s checking that you are who you say you are (authentication) and granting you access to what you’re allowed to see (authorisation). It aims to prevent cybercriminals from breaking through business barriers, emphasising the importance of having effective IAM procedures in place.
Identity and Access Management systems have three key aims: to identify, authenticate and authorise. The core components that make up an IAM framework include:
• Users’ identities and access privileges database
• The ability to create, monitor, modify and delete access privileges
• A system for auditing login and access history
Failure to define and manage the roles and access privileges amongst network users can put you at risk of a security breach. It may be the case that Identity and Access Management is the missing link within your business’ security plan, causing system vulnerabilities.
Research shows that 44% of security professionals believe that an identity and access management (IAM) solution will address their current security gaps (Source: LogRhythm)
Whilst IAM is a useful tool, it might be one your organisation hasn’t considered. There are many risks involved if it is not put in place, with an increased likelihood of attack. Identity and Access related breaches result in huge negative consequences including data loss (60%), compromised accounts or credentials (52%), ransomware infections (47%), malware infections (29%) and financial loss (18%).
(Source: Expert Insights)
The benefits of Identity & Access Management
But, it’s not all bad news – these damages can be avoided. With secure user control and access management, businesses will see the advantages of keeping their digital data safe. Let’s take a look at the benefits of IAM:
• Enhances security – The most important benefit of IAM. By controlling user access, companies can eliminate the chances of a data breach, identity theft and illegal access to confidential information. IAM can prevent the escalation of compromised login details, avoid unauthorised entry to internal networks, and provide protection against potential cyber-attacks.
• Improves user experience – Reduce the need to enter multiple passwords to access systems by using a combination of the following: Single Sign-On (SSO) with one-time user verification, Multi-Factor Authentication (MFA) for added protection that requires codes to access; Biometric Authentication like fingerprints and facial recognition and Risk-Based Authentication where risks are detected due to differentiating IP addresses.
• Streamlines IT workloads and reduces IT costs – Access privileges can be changed altogether, at the same time, when security policies are updated. IAM can reduce password reset requests by creating automated procedures for tiresome IT tasks, therefore reducing internal costs required for additional IT staff.
• Increases productivity and collaboration – Organisations can provide users outside of their network with access to their systems safely without putting security on the line.
• Helps with compliance – Allowing businesses to meet the requirements of industry regulations or implement IAM best practices.
If you’re feeling a little lost with how to put IAM processes in place to protect your business data, see below on how to get started, featuring a combination of human-focused and technical solutions.
• Strengthen access – Ensure you have a strong password policy in place that all employees can view. It should include tips on how to create, store and share passwords safely. It’s a good idea to consider password management solutions that involve storing passwords within encrypted vaults and providing password generator tools.
Invest in Privileged Access Management (PAM) solutions to monitor and control the access and authorisation of users. PAM increases security by ensuring that only correct and verified users can access data based on their assigned roles and responsibilities. These accounts are targeted the most by hackers due to their higher-level control, so it is important to keep them extra secure.
• Authenticate users – Enforce Multi-Factor Authentication (MFA) methods. This requires users to prove their identities in two or more ways to ensure access is granted correctly, thus avoiding the chance of unauthorised, illegal access outside of your organisation.
• Educate employees – By teaching your employees how to be vigilant, they’ll be more alert when it comes to identifying areas within the business that may be vulnerable to attack. Adapting a more forward-thinking approach will keep organisations protected and encourage safe user activity, which is especially important with remote working. Investing in security training solutions will prove worthwhile for businesses as a way to increase safety awareness amongst staff and ensure good cyber hygiene.
(Source: Digital Guardian)
Wondering how to bring it all together? Look no further! With the guidance from our expert teams at Infosec K2K, we’ll help your business to streamline its Identity and Access Management solutions to better protect integral assets and digital identities.
Take the hassle out of investing in costly, confusing solutions, or weakening security barriers with internal ambiguous test-and-learn approaches. Our tools and technologies allow internal IT teams to manage IAM processes quickly and efficiently by removing the need for questions, leaving no room for error. With advanced solutions owing to our partnership with CyberArk, users can access and manage information securely using AI technology to monitor activity and keep systems bot-free.
Enlist the help from our specialist teams at Infosec K2K to implement effective Identity and Access Management solutions for your business. Contact us today!