Your organization’s management does what it takes to scale up its business and ensure the brand enjoys goodwill and valuable market standing. However, despite putting in undue efforts—from implementing brilliant business strategies, innovating products and services to spending enormous funds on marketing activities and embracing digitalization—business doesn’t achieve the desired scalability. This is exactly when the organization should ask critical question. Do we need a technology or a solution that invariably benefits the business?
In cyberspace, such technology or solution is known as Identity and Access Management solution.
We have listed down 5 parameters or signs that will help you assess if your organization needs to deploy one.
#1 Your business suffers frequent cyber attacks
Malicious actors are never at rest. They are always operating and scanning which company they should attack next. To make things difficult, they have improvised on their attacking techniques by leveraging technology.
Some loopholes in the organization like obsolete authentication, insider threats, inefficient cyber security assessment, etc. open doorway to massive cyberattacks.
As organizations deploy IAM, they can secure identities with new-age, passwordless authentication techniques like MFA, biometrics, soft-tokens, etc. This reduces insider threats and aids in better cyber security assessments.
#2 Inefficient management of cloud environment
Adoption of cloud technology by businesses is intriguing. Cloud businesses are gaining excellent momentum. Every business would like to experience cloud technology’s benefits such as scalability, better operational efficiency, reduced IT costs, etc. but they take a back step when securing and managing cloud environment is thought of.
Typically, cloud businesses need to opt for IDaaS (Identity as a Service). IDaaS is a third-party cloud environment where identities, data, business information, etc. is hosted. Our blog on IDaaS entails how businesses end up with an inefficient cloud environment due to unsuitable IDaaS providers, calling for the need for a good IAM solution for cloud business.
#3 Low productivity and operational efficiency
The management may recruit the best of minds who bring in innovative ideas and strategies that can work wonders for the business. However, it is not the easiest task provision accesses—on-board the employees, grant and manage accesses, revoke accesses when needed, etc.—It is a taxing process that dissipates productivity and efficiency.
An IAM solution will automate access provisioning and the identity governance capability will monitor accesses, this ensures only the right user has access to the right applications.
#4 The organization Incurred high IT costs
The IT department is primarily responsible to secure the organization from cyber threats. The funds allocated for IT security should typically not be rationed unreasonably. However, with growing cybercrimes and lack of IT work force, IT costs sometimes tend to go haywire. Also, should the organization get breached, high IT costs are incurred to remedy the after-affects.
So, investing in a robust IAM solution is profitable. It is mostly a one-time investment and ROI is high.
#5 Adherence to compliance is a struggle
As cybersecurity and privacy management gains importance, organizations are encouraged (and compelled) to adhere to certain security laws and standards such as GDPR, HIPAA, CCPA, etc.
Good IAM solutions are built as per the security standards. Implementing an IAM solution makes adherence to regulatory compliance a seamless process.
So, if your organization experiences one or more than one of the above-mentioned signs, you should consider deploying a comprehensive IAM solution.
Your business needs Compact Identity
Compact Identity is the ONLY cloud IAM in the world that offers 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, personalized dashboards, high powered analytics, and business intelligence in a single product.
Drop-in a line at email@example.com and talk to us about deploying Compact Identity.