Identity and Access Management (IAM) has found its niche in the digital world. IAM is a solution that every company, at some point wishes to invest in to achieve optimal cybersecurity and scale up their business.
Essentially, IAM is a framework of set policies and procedures, designed to primarily enhance IT security of the organization. According to Gartner, “IAM addresses the mission-critical need to ensure appropriate access to resources across increasingly heterogeneous technology environments, and to meet increasingly rigorous compliance requirements”. You may read the complete definition of IAM by Gartner here.
The importance and adoption of IAM is has seen a significant growth. So, we have listed 5 interesting takeaways of Identity and Access Management.
#1 IAM is for EVERY business
ONLY Fortune 500 or major conglomerates should deploy an IAM solution. This easily is one of the biggest myths revolving around IAM! It is believed that large-scale businesses have crucial data, enormous capitals and make massive profits which is why, only they require an IAM solution. However, the fact is, IAM, irrespective of the nature and size, is crucial for every business.
Every business, particularly the one that embraces digitalization, is at a risk of cyber threat that damages the finances, reputation, and goodwill of the organization. So, IAM should become an inevitable part of every organization. There are no exemptions.
#2 IAM goes beyond cybersecurity
Of course, the main objective of implementing an IAM solution is to enhance the cybersecurity posture of the organization. However, the benefits of IAM extends beyond cybersecurity. For instance, deploying a good IAM solution will enable seamless compliance with regulations such as GDPR, CCPA, HIPPA, etc. IAM also aids in providing great customer experience, automates critical business workflows, streamlines IT processes, etc. for better operational efficiency and productivity along with strong cybersecurity.
#3 It’s an ever-evolving solution
IAM has seen different stages of innovation over the years. Initially, IAM was only about Access Management. Today, an IAM solution has multiple facets such as Privileged Access Management, Customer Identity, and Access Management, Identity Governance and Administration, Risk Engine, and a lot more. There are dedicated solutions such as CASB and IDaaS for cloud-first businesses. Year by year, IAM will scale up its functionality as per the businesses’ market needs.
#4 IAM is not the IT department’s requirement only
Yes. IAM is a business requirement. Upon investing in a good IAM solution, it is not just the IT department that benefits from it, but the entire organization enjoys the ROI. While IAM certainly streamlines IT processes and helps scale up IT security, the management of the organization will get a cohesive view of security policies, compliance status, and external governance.
#5 A strong foothold of IAM in the future is certain
The demand for IAM is certainly not going to die-down. It will see an exponential demand in the digital landscape. According to a Forrester report, the IAM Market Will Surpass $13 Billion By 2021! Organizations today are willing to invest in a technology that enhances the overall efficiency of business and IAM is it. So, there is no denying, IAM will have a strong foothold in the digital space.
Deploy Compact Identity- The world’s ONLY, all-in-one IAM solution.
Compact Identity is a cloud IAM, designed to deliver Access Management, Identity Governance and Administration, Customer Identity and Access Management, and Privileged Access Management. The solution also includes business to consumer functions, unified endpoint management, dashboards, high powered analytics, and business intelligence with a risk engine in a single product.
Drop-in a line at firstname.lastname@example.org and talk to us about deploying Compact Identity.