The importance of identity and access management in protecting your business

Posted on Monday January 30, 2023

No matter how well you protect your business from cyberattacks, there is always a risk that someone will find a way to break in. That's why it's essential to have a comprehensive security plan that includes a cutting-edge identity and access management (IAM) solution. In this blog, we will discuss the importance of IAM in protecting your business from cyberattacks.

IAM: An overview

IAM is a system that provides unified control within an organization over the digital identity of users. By utilizing IAM, organizations can ensure access to resources is limited only to those who are authorized. This helps mitigate the risk of unauthorized access and misuse of a company’s resources.

Additionally, IAM helps secure the onboarding and offboarding processes, as well as processes related to role or position changes within the organization. The goal of IAM is to protect data integrity while creating an efficient user experience.

Benefits of IAM to your business

Aside from providing additional layers of security, here are other benefits your business can enjoy when you use a reliable IAM solution:

Centralized access control To ensure security, productivity, and user satisfaction all at once, IAM is the answer. Through an IAM system, you can establish centralized policies based on each user's role and attributes. This lets your organization enjoy access privileges that are just right — not too little nor too much.

For example, with just a few clicks of a button, IAM enables you to control exactly who in your organization has access to financial systems or who can manage data and resources.

Reduced data breach incidents To ensure maximum security for digital assets, an IAM solution can include single sign-on (SSO) and multifactor authentication (MFA). SSO allows authorized users to access multiple applications under the same login details securely. Meanwhile, MFA requires additional user verification beyond passwords such as facial recognition or fingerprint scans, or a one-time SMS verification code.

With SSO and MFA, your employees will no longer have to remember multiple passwords. Instead, they’ll be able to prove their identity using evidence-based authorization such as answering a personal question that only they would know.

IAM also comes equipped with advanced encryption tools to protect sensitive data, reducing the risk of compromised user credentials.

Enhanced user experience for customers The security of a robust IAM system offers peace of mind for customers by safeguarding their data against unauthorized access. This, in turn, helps to create trust between the business and its customers, improving the overall user experience.

In addition, a well-maintained IAM system can help to streamline authentication and authorization processes, reducing waiting times and improving convenience for users. Furthermore, with an IAM system, businesses are able to gather contextual information related to their customers through login sessions. This allows them to gain valuable insights into user behavior and provide more tailored services that offer a better experience.

Security compliance Aside from providing secure access to digital assets, a robust IAM system can help you monitor user activity over both physical and networked systems, instantly alerting businesses of potential security threats and allowing them to quickly respond accordingly. By having an IAM system in place, you can rest assured that your organization is able to remain compliant with the regulations you are subject to and protect your business against data loss or breaches.

Cost savings A trusted IAM system can provide substantial savings to businesses both in terms of time and money. By having a centralized system for managing user roles and authentication, businesses can reduce the risk of human error that may lead to security breaches. This ensures that organizations can avoid costly legal liabilities.

Having an IAM system in place also makes identifying cost-saving opportunities much easier. An IAM solution does this by allowing companies to streamline systems that may no longer be necessary or available while further reducing tedious tasks associated with onboarding new employees or resetting passwords.

Lastly, by investing in an efficient IAM solution, businesses can free up resources that would otherwise be spent on time-consuming security tasks, enabling your IT team to focus on more important tasks.

By understanding the basics of IAM and how it can work for your company, you can take steps to ensure that your data and systems are secure. If you’re looking for help implementing IAM or other security solutions, we would be happy to assist you. Get in touch with us today to learn more about what we can do to protect your business.