The current business conditions are entirely different from ten years ago. Today, technology has advanced significantly, and while that presents more opportunities to companies, it also increases vulnerabilities in the system. Hacking into networks and stealing passwords is now easier than before. A hacker can crack a four-digit pin code in less than a second. Moreover, your private data could be compromised if it is not protected on a private server. This is why it is important to use an identity and access management system (IAM).
Identity and access management (IAM) is a set of business procedures, rules, and technologies that help organizations manage their electronic or digital identities. IAM frameworks allow IT managers to control user access to sensitive data within their organizations. IAM offers several benefits, and we have listed a few here.
1. Better User Experience
Employees, contractors, guests, third parties, vendors, customers, and partners can all utilize IAM systems to gain access to company systems, regardless of where they are or what device they are using.
IT managers can use IAM solutions to generate a unique digital identity for each user that includes just one set of credentials, rather than forcing users to manage hundreds of accounts for various business apps or services.
Users can employ a single sign-on (SSO) authentication mechanism to access all kinds of apps. This means that they will be able to login into various applications using a single login. This is how SSO can reduce the complexities of the authentication processes while improving the user experience.
2. Fewer Human Errors
Identity and access management systems allow companies to eliminate manual account and permission errors. The IT team does not have to manage the access rights of consumers to data because IAM handles this requirement. Moreover, human errors are eliminated since IAM manages everything.
3. Regulatory Compliance
Organizations are held accountable for managing consumer and employee information access under government data requirements such as the HIPAA, CCPA, and GDPR. Data security, privacy, and protection mandates, such as who has access to information and how that access is safeguarded, are all closely tied to IAM in the rules. As a result, IAM solutions assist companies in achieving regulatory compliance and industry best security practice standards.
4. Increased Security
Security administrators can enforce security protocols using IAM frameworks across all enterprise systems, platforms, apps, and devices. This is critical for implementing authentication and other security procedures and limiting privilege creep.
It’s easier to spot infractions, eliminate unsuitable access credentials, and revoke access as required with company-wide IAM services. Employees are only authorized to access systems they require to achieve their specific tasks, and they cannot acquire special privileges without approval, limiting possible internal risks. Many modern IAM systems employ automation, artificial intelligence (AI), machine learning, and identity analytics to detect and automatically prohibit suspicious activities.
In case of a data breach, an IAM system will alert the IT department and allow them to determine how, compromised user credentials are being used. It will also help determine the data that an unauthorized user has accessed.
Employee and company-owned devices and cloud-based devices are all supported by IAM systems. They’re also growing more important in the internet of things (IoT) systems as more connected devices get access to corporate networks. In IoT environments, IAM is vital for granting unique identities to linked peripherals and devices, monitoring the data accessed by them, and enforcing security protocols that would reduce vulnerabilities in the linked systems.
5. Reduced IT costs
Over half of Americans say that they execute at least five password resets every month on average, spending at least ten minutes each time. It is no surprise that a large number of calls to customer support agents of companies are for password resets.
Because IAM solutions make management easier for help desk personnel and administrators, time spent on ordinary tasks like helping users who have locked themselves out of their accounts may now be utilized for more important responsibilities.
Merging user accounts into single identities can reduce other organizational costs and prevent data breaches. For example, using federated identities helps reduce the expense of handling identities across many (sometimes legacy) applications. The need to buy and operate on-premises IAM systems can also be reduced or eliminated by using cloud-based IAM services.
6. Easier Information Sharing
IAM provides a shared platform for all access and identity management information. The same security policies can be applied across all operating devices and platforms the company uses. IAM framework can also help the IT manager enforce user privileges, authentication, and validation policies.
IT administrators can utilize IAM for granting access based on pre-defined roles. This reduces the chances of granting access rights to unauthorized users while cutting down user on-boarding and off-boarding times.
7. Increased Productivity
Identity Management (IAM) simplifies the onboarding of new employees and streamlines access to all aspects of the company’s IT infrastructure. This enables shorter access delivery times, allowing them to start working right away. As a result, a company’s productivity is improved by utilizing the benefits that technology provides to meet the demands of today’s world. Its implementation leads to increased business success.
If you are worried about breaches affecting your company’s data or the data of your customers, then consider implementing the IAM framework. It will offer a higher level of security, reducing the chances of human error and improving the productivity of your IT team. Moreover, you will be able to manage employees’ access to specific information and restrict them from viewing files or information unrelated to their assigned tasks.