Do you know data breaches are on the rise and your business is at stake? According to a recent data breach report by IBM, approximately 51% of companies plan to increase their cybersecurity investments. This decision stems from the fact that businesses in the United States lost a staggering 4.45 million USD due to data breaches. Such losses can significantly impact a company’s operations, finances, and reputation. Therefore, businesses must prioritize cybersecurity efforts and invest in practical measures to safeguard sensitive information. By doing so, they can reduce the likelihood of data breaches and minimize the associated risks and costs.
These breaches encompassed a range of cyber threats, from insidious malware infections and unauthorized use of IT services to the alarming exposure of consumer data and credentials. Data Breaches on the Rise
The data from the EIMA-CIAM report of 2021 by Steve Brasen reveals that the repercussions of these breaches are far-reaching and severe. It indicates that an alarming 94% of organizations that fell victim to security breaches experienced business-impacting consequences. These consequences spanned the spectrum — from failing to meet regulatory compliance standards to enduring substantial damage to company reputations and, perhaps most devastatingly, suffering the loss of valued customers
Identity and Access Management - The Solution of Data Breach
The escalating prevalence of cyber threats and sophisticated data breach attempts has placed an onerous responsibility on IT managers and business decision-makers to establish a resilient security architecture capable of preempting any cyber attack.
To this end, identity and access management (IAM) plays a crucial role in facilitating cybersecurity experts to devise a framework that caters to the distinct identity needs of each business.
IAM is a solution that helps businesses to manage and regulate user access to critical organizational resources. Businesses can safeguard their crucial information assets from unauthorized access and potential data breaches by controlling user access and authentication. In sum, implementing IAM is essential for companies seeking to enhance their cybersecurity posture and protect against the ever-growing threat of cyber attacks.
The Best IAM Framework For Your Business
There is a common misunderstanding about the IAM framework that it is for big companies. However, this is not true (Learn why should a business care for IAM)
Access management can help businesses of all sizes avoid data breaches and identity leaks. It is only the framework that differs.
IAM comprises a set of processes, policies, and technologies that enable the management of digital identities. Implementing the IAM framework allows IT managers to exercise complete control over user access to critical organizational information, ensuring that sensitive data is protected from unauthorized access. .
Four Most Used IAM Systems
Since the data breaches on the rise, Access and identity management frameworks leverage diverse systems to establish a robust security architecture. Organizations can deploy one or multiple systems to fortify their identity security.
- single sign-on systems
- two-factor authentication
- multifactor authentication and
- privileged access management.
These technologies allow for the safe storage of identity and profile data. They also have functions to ensure that only necessary and relevant data is shared. It means your information is kept secure and only used when needed.
If you’re considering an IAM system, you have options. You can deploy the system on-premises, subscribe to a cloud-based service, or choose a hybrid model. Each option has benefits, so carefully weighing them is essential.
With an on-premises deployment, you have complete control over your system and data. Cloud-based services offer flexibility and scalability, while hybrid models provide the best of both worlds. Whatever your needs and goals, there’s an IAM solution that’s right for you.
The job of IAM Solutions
Access and identity management has the following job to do:
- Identify the individuals in the system to create a difference between identity management and authentication.
- Identify each role in the design and grant access to individuals according to that role.
- Keep Updating the job roles and their access.
- Determinate the access level of different employees or groups of employees and grant it accordingly.
- Keep the sensitive data safe in the system while taking measures to secure the system as well.
when data breaches are on the Rise, business owners and decision-makers must prioritize the protection of their company’s identity and access in light of the alarming statistics and data presented above. Failure to do so could result in severe financial losses, legal liabilities, reputational damage, and other adverse consequences. To avoid such outcomes, stakeholders must adopt a proactive and comprehensive approach to fortifying their security posture.
