In this day and age of rapid digitization, we cannot make do without digital data, but the effort put in protecting the data is taxing. The cyber attackers always figure out a way to get access to essential systems and intrude the data privacy affecting billions of internet users globally.
Essentially, data privacy means protecting unauthorized parties from accessing, using, modifying or distributing data, and given how digital data today is present in large volumes, it becomes impossible to protect all the data manually. This clearly brings in the need to opt for Identity Management- a set of processes and solutions that helps organizations achieve data privacy by providing the right access to the right individuals only.
How does Identity Management help?
#1. Secure Authentication: The fact is- passwords will soon be history. Cyber-attacks are getting sophisticated, and passwords, even the most complex ones, can be hacked easily. Identity management helps you explore faster and secure ways to authentication methods such as 2FA or MFA, biometrics or WebAuthn. The Multifactor Authentication market will grow from USD 6.0 billion in 2016 to USD 12.5 billion by 2022 and Biometric System Market will be worth $65.3 billion by 2024. The figures clearly state the demand for alternate authentication methods, and with identity management, you will end up moving over the traditional password authentication method to a much secure authentication that best suits your organization.
#2. Privileged Access Management: Applications or systems that store databases, business cases, or documents that are of critical importance to the organization should ideally not be freely accessible by anyone and everyone in the organization. Only the relevant employees or the ones who have been given the “privilege” to access such systems should be identified, and such privileged accesses should be managed efficiently. 74% of data breaches start with privileged credential abuse. Privileged Access Management is a significant part of Identity management that monitors and governs privileged accesses and protects the privacy of important data by barring entry of an irrelevant third party (including the internal network) from accessing it.
#3. Identity Governance and Administration: IGA perhaps is an integral and the most beneficial part of Identity Management. IGA solution creates flexible policies defining who should have access to what and creates workflows that give insights on the accesses, reviewing, and revoking accesses when needed. For instance, right from when an employee joins until he exits the organization the process of creating his accounts, giving him access, monitoring his access and terminating the same on his exit is complex. IGA helps in simplifying and streamlining it, reviewing “who has access to what,” provides business-friendly access certifications and thereby, invariably prevents unauthorized access from internal and external intruders.
#4. Cloud Identity Management: The adoption of Cloud technology today is incredible. 94% of enterprises already use a cloud service, and 83% of enterprise workloads will be in the cloud by 2020. But, managing identities, data, access rights, and connected information is a daunting process and is prone to security risks in comparison to on-prem identity management. However, identity management is evolving parallelly to technologies, and with IDaaS (Identity as a Service) as a part of Identity Management, organizations can enjoy the benefits of the Cloud technology while efficiently managing and securing the identities on Cloud.
#5. Adherence to cybersecurity regulations: Fundamentally, identity management is a framework of policies and solutions that are designed to protect digital identities and ensure data privacy. However, the highlight here is- the entire framework of identity management conforms with globally recognized and accepted security compliances such as GDPR, HIPAA, California Consumer Act, etc. Think of this- when you try and secure identities all by yourself, using conventional methods, given how many digital identities are there, how sophisticated cyber attacks have become, the organization, it’s partners, it’s customers are all at a risk of facing consequences should the data privacy be breached due to any sort of glitch in security management. However, opting for Identity Management, which is in tune with statutory compliance helps in building an efficient and cyber-resilient security infrastructure that is looked upon globally.
Identity Management with Compact Identity
Optimal data privacy can be achieved only with the right Identity Management solution.
Compact Identity is a disruptive cloud identity solution engineered to deliver Access Management, Identity Governance and Administration, Customer Identity and Access Management, Privileged Access Management, a robust Risk Engine, among other functions.
Drop-in a line at email@example.com and connect with us to know more about achieving exceptional data privacy with Compact Identity.